Progress, a provider of application development and infrastructure software, announced it has entered into a definitive agreement to acquire MarkLogic, specialists in managing complex data and metadata, and a Vector Capital portfolio company. Upon closing of the planned transaction, MarkLogic is expected to enhance Progress’ ability to deliver products to develop, deploy and manage high-impact applications by providing a unified enterprise-grade semantic data platform that helps customers derive value from complex data.

MarkLogic offers a proprietary, multi-model NoSQL database, along with semantic metadata management and AI capabilities, complementing the larger Progress product portfolio. MarkLogic also aligns with Progress’ Total Growth Strategy, adhering to Progress’ acquisition criteria, offering scale, a strong recurring revenue model and products with high customer retention. The acquisition is also expected to provide an opportunity for Progress to leverage its operating model and infrastructure to maximize efficiency. When closed, the acquisition is expected to add more than $100 million in annual revenue and contribute strong cash flows. Subject to the satisfaction of the terms and conditions set forth in the definitive agreement, Progress is expected to acquire MarkLogic for $355 million. The acquisition is currently expected to close in early 2023.