Quick Take
Enterprise software firm Progress (PRGS) announced that it has acquired backend software developer Kinvey for $49 million in cash.
Kinvey has developed a BaaS system, or Backend-as-a-Service platform that simplifies cognitive mobile app developer back end creation and operations.
Progress is combining Kinvey with its recent DataRPM acquisition to move more forcefully into cognitive and IoT (Internet of Things) mobile application markets.
