“Summit is much more than an investor – they are wise advisors, reasonable challengers and most importantly, true friends.”
Acquired by Progress Software 2014
More than 5x revenue growth since 2008
Expanded from two software development tools to a broad platform
Added 650+ new employees while remaining profitable
Grew customer base from 13,000 to 100,000+
Telerik began as a vendor of user interface component tools focused on Microsoft frameworks. With a community-based sales model and incredible management team, the employee-owned company was growing rapidly and sought to expand its innovative product set as the industry moved to agile methodologies.
How Summit helped:
- Identified and recruited a world class board of directors and management team
- Helped expanded Telerik’s geographic reach, opening nine offices across the United States, Europe, Australia and India
- Sourced, evaluated and closed three acquisitions
- Provided follow-on financing to support Telerik’s continued growth initiatives
Since Summit’s investment, Telerik has broadened its product portfolio to a full suite of tools and platforms used during software development – from traditional enterprise web and desktop development to mobile and cloud. Today, more than 100,000 organizations across 90 countries rely on Telerik’s products to improve their productivity every day. The company continues its high-growth trajectory, and Summit remains Telerik’s only outside investor.