Progressive Software buys Iona Technologies

Iona Technologies, known for their specialization in service oriented architecture and middleware specialties, was bought by Progressive Software for $162 million, which equals $4.05 per share, according to this article at EWeek. The deal was announced on Wednesday, June 25. Board members at Iona universally approved the buy. Progressive hopes this purchase will put them into a key position to battle for the SOA market with their current status and the expertise of their newly acquired purchase.

Iona will be operated as a subsidiary according to this article at Information Week, and Iona will continue to sell the Artix Web integration and Fuse SOA lines.