Progress Software Corp. is selling its Apama product to Software AG so that it can concentrate on cloud and mobile application development technologies.
Apama helps companies to build processing applications that help them monitor events, detect complex patterns, and take immediate action, according to Progress’ web site.
Financial terms of the deal were not disclosed.
‘‘The Apama target market, deployment and sales model differ significantly from those of Progress’ application development platform and we feel this agreement protects our customers’ existing investments in the Apama solution,’’ president and CEO Phil Pead said in a statement.
Progress’ chief technology officer and co-founder of Apama, John Bates, is expected to join Software AG and lead the Apama division.
Progress, based in Bedford, makes software to simplify the deployment and management of cloud-based platforms.
The deal is expected to close in Progress’ fiscal third quarter.
Its shares finished at $22.62 on Wednesday. That is near the higher end of their 52-week range of $17.45 to $24.50.