Telerik

• Helped identify and recruit a board of directors and management team
• Supported management in expanding product from two software development tools to a broad platform
• Helped expand Telerik’s geographic reach, opening nine offices across the United States, Europe, Australia and India
• Assisted the company with sourcing, evaluating and closing three acquisitions
• Provided follow-on financing to support Telerik’s continued growth initiatives

During Summit’s investment, Telerik broadened its product portfolio to a full suite of tools and platforms used during software development—from traditional enterprise web and desktop development to mobile and cloud. The company continued its rapid growth trajectory, building its customer base to more than 130,000 organizations—including 450 of the Fortune 500—across 90 countries. Summit remained Telerik’s only outside investor until the company was acquired by Progress Software Corporation in 2014.

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_{The Portfolio Company Executives quoted herein did not receive compensation for any statements regarding Summit Partners. However, since Telerik is a former portfolio company of Summit, these individuals did not receive general compensation in connection with their employment by the company. In addition, Mr. Georgiev is not an investor in a Summit fund and Mr. Terziev is an investor in a Summit Fund; both may have conflicts arising from their past roles with Telerik due to the company’s relationship with Summit.}