“Summit is much more than an investor – they are wise advisors, reasonable challengers and most importantly, true friends.”
Vassil Terziev and Svetozar Georgiev, Cofounders and Co-CEOs
Acquired by Progress Software Corporation 2014
More than 5x revenue growth during Summit's 6-year investment
Expanded from two software development tools to a broad platform
Added 650+ new employees
Grew customer base from 13,000 to 130,000+
Acquired by Progress Software Corporation
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 expand 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
During Summit’s investment, Telerik 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. The company continued its rapid growth trajectory, building its customer base to more than 130,000 organizations—including 450 of the Fortune 500—across 90 countries. Summit remained Telerik’s only outside investor until the company was acquired by Progress Software Corporation in 2014.