In September, Progress Software announced it was acquiring the infrastructure-as-code pioneer Chef for $220 million in cash.
“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,” CEO Yogesh Gupta said in a statement.
“Chef and Progress share a vision for the future of DevSecOps and Progress will provide the scale to further drive Chef’s platform forward and deliver additional value to our customers,” said Chef CEO Barry Crist.
The price tag shows that Chef has had a hard time maintaining its early momentum in the highly competitive open source DevOps tooling space. When it last raised funding in 2015 the company was valued at $360 million.
SOURCE Computer World