Progress to Buy Seattle Automation Firm Chef for $220M in Cash; Chef Reports $72M TTM Revenue

Progress, the Bedford, Mass.–based business application platform, will acquire Seattle automation company Chef for $220 million in cash; Chef reported over $72 million in trailing 12-month revenue with more than 95% recurring revenue and about 270 employees. Chef CEO Barry Crist said the deal provides scale to advance Chef’s platform after the company became cash-flow positive and neared full-year profitability.