Progress Software Corporation and eXcelon Corporation jointly announced they have signed a definitive agreement pursuant to which Progress Software will acquire eXcelon in an all-cash transaction for a purchase price of $3.19 per share or approximately $24 million in the aggregate. The acquisition has been unanimously approved by the boards of directors of Progress Software and eXcelon and is subject to the approval of eXcelon’s stockholders. The acquisition is expected to close within 90 days, subject to satisfaction of customary closing conditions. All of the directors, certain officers and the largest stockholder of eXcelon, holding approximately 9% of eXcelon’s outstanding common stock in the aggregate, have entered into stockholders agreements with PSC agreeing to vote in favor of the merger. www.exln.com, www.progress.com

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