Progress Apama Expands Global Footprint

Dubai - 25 May 2009

Progress Software Corporation (NASDAQ: PRGS), a global supplier of application infrastructure software used to develop, deploy, integrate and manage business applications, has today announced it will extend its operations with dedicated sales teams for Progress® Apama® products into the Middle East. The move comes in response to existing Progress clients of Apama products increasing their activities within the region, and the wealth of new opportunities for electronic trading, risk management and surveillance as the Middle East market develops.

Eyad Abedalrazek, Sales Director- Middle East, Apama, Progress Software said, “Over the last few years we’ve seen the market for electronic-based trading in established locations such as New York, Chicago, London and Frankfurt flourish. This is a trend that is being replicated in the less established markets as competition heats up across the globe and because the benefits of electronic trading are being increasingly recognised and deployed. Having established the footprint of Apama products successfully in Latin America and Asia Pacific in recent years, it’s now an opportune time to engage with new markets.”

Dubai, Abu Dhabi, Bahrain and Saudi Arabia, will form the focus for the first phase of expansion within the Middle East, because of the recent growth of these financial centres within the region. Progress has customer activity in the region through global deployments of Apama products and wants to build on that base.

Abedalrazek added: “Empowering the trader to build their own unique trading strategies has always been our philosophy. With our complex event processing (CEP) platform, traders have the ability to do just this and it will have a tremendous affect in rapidly developing markets like the Middle East.”

Bob McDowall, Research Director, Europe, TowerGroup: “The growth of electronic trading in emerging markets reflects their growing maturity and investment opportunities across asset classes. Local exchange investment in electronic trading is complemented by international banks and brokers as well as Multi-lateral Trading Platforms importing their own trading platforms to these markets. Real time electronic trading and surveillance contributes to the efficiency, transparency and liquidity of emerging markets.”

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development