Progress Acquires Sravish Sridhar-Founded Kinvey for $49 Million in Cash

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Sravish Sridhar (Photo: Linkedin)

BEDFORD, MA– Progress announced that it has acquired Kinvey, a privately-held company based in Boston and founded by Sravish Sridhar, for $49 million in cash.

“Kinvey was an early pioneer in the BaaS space and brought to market a leading-edge solution that enables developers to operate a serverless and compliant cloud backend for any native, hybrid, web or IoT app,” said Yogesh Gupta, CEO, Progress. “By bringing together Kinvey’s leading Backend as a Service with our front-end development, predictive analytics and data connectivity technologies, we are doing something unique; we are offering customers the only complete, open stack for building and deploying cognitive applications.”

Kinvey is used by organizations across industries to build and deploy modern applications including, Schneider Electric, VMware, Bell and Howell, and Thomas Jefferson University and Jefferson Health. From mission-critical consumer and business experiences for global insurance, manufacturing and media companies, to HIPAA-compliant and life-critical apps for healthcare, health implant manufacturers and pharma, Kinvey powers more than 31,000 apps, used by more than 100 million end-users.

Sravish Sridhar (Photo: Linkedin)

“At Kinvey, we pride ourselves on providing an unparalleled developer and operational experience for building and deploying modern applications, while staying ahead of the feature curve to support our customers as they think of innovations for their digital business,” said Sridhar, founder and CEO, Kinvey. “Cognitive-first is the future of new application experiences, and we are thrilled to join Progress as a core component of their leading product portfolio for delivering on this future for our customers.”

Progress acquired Kinvey for a purchase price of $49 million in cash.

Wilmer Cutler Pickering Hale and Dorr LLP served as Progress’ legal counsel and Cooley LLP served as Kinvey’s legal counsel with respect to the transaction. Union Square Advisors LLC served as Kinvey’s financial advisor with respect to the transaction.

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