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Progress Buys PeerDirect

Adding database backup to its e-business suite, Progress Software , a Bedford, Mass., e-business applications maker, has bought PeerDirect, of Toronto, for an undisclosed sum.

All PeerDirect employees have accepted jobs with one of Progress' three business units -- Progress Company, NuSphere, Sonic Software. The workers will continue to enhance PeerDirect's technology, including adding support for the Progress database, and support customers.

"PeerDirect's sophisticated system for distributing and synchronizing relational databases, delivers powerful industry-leading replication capabilities to our own products," said Rick Reidy, a Progress vice president.

"We share many synergies with Progress and a common vision for data replication and effective e-business technologies," said Lawrence W. Palmer, PeerDirect's CEO. "We are enthusiastic about the opportunity of working with Progress and combining their expertise with our own."

Shares of PRGS traded down 0.26, or nearly 2 percent, to 15.26 on Monday. In the last 52 weeks, the issue has ranged from 11.625 to 17.8. Recently analysts at H.C. Wainwright initiated coverage on the stock with a "buy" rating.