Progress Software Lands DataDirectProgress Software Lands DataDirect

Progress Software Corp. is acquiring DataDirect Technologies Ltd., a privately held supplier of data-access software, for approximately $88 million, the companies said Friday. Both companies' boards of directors have approved the deal, and it's expected to close within 60 days, subject to regulatory approvals.

DataDirect provides data connectivity drivers--software components based on the Open Database Connectivity and Java Database Connectivity standards that developers add to applications so they can access information stored in databases from Oracle, IBM, Microsoft, Sybase, and Progress. The vendor also provides software for exchanging data between XML and relational formats. DataDirect's software is used by corporate developers and by such major application vendors as IBM, SAP, and Siebel.

DataDirect has about $45 million in annual revenue and, according to the companies, will operate as a separate subsidiary after the buyout.