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Bulgarian developer acquired by Progress

US-based software and platform house Progress has entered into a definitive agreement to acquire privately-held Bulgarian provider of application development tools Telerik for $262.5m. Telerik is headquartered in Sofia, but has over 200,000 paying developer customers worldwide, including over 450 of the mainly US Fortune 500. Telerik tools enable developers to create cross-platform user experiences across Cloud, web, mobile and desktop applications.