Progress snags software automation platform Chef for $220M – TechCrunch

Progress, a Boston area developer tool company, boosted its offerings in a big way today when it announced it was acquiring software automation platform Chef for $220 Chef, which went 100% open source last year, had annual recurring revenue (ARR) of $70 million from the commercial side of …

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Chef CEO Barry Crist offered a typical argument for an acquired company, that Progress offered  a better path to future growth, while sending a message to the open source community and customers that Progress would be a good steward of the startup’s vision. “For Chef, this acquisition is our next chapter, and Progress will help enhance our growth potential, support our Open Source vision, and provide broader opportunities for our customers, partners, employees and community,” Crist said in a statement.

Gupta said that Chef fits with his company’s acquisition philosophy. “This acquisition perfectly aligns with our growth strategy and meets the requirements that we’ve previously laid out: a strong recurring revenue model, technology that complements our business, a loyal customer base and the ability to leverage our operating model and infrastructure to run the business more efficiently,” he said in a statement.

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