Progress Software Corp. agreed to acquire privately held Telerik AD for $263 million, a deal the company says will allow it to form a comprehensive cloud platform for developers to create applications for any device.

The business-software company, which makes software for developing and managing business applications, has been aiming to transform itself into a preferred destination for application developers.

Progress said Telerik had revenue of more than $60 million over the past 12 months and annual bookings growth of over 20%. The company expects the deal, which is seen closing in December, to boost its earnings slightly in the first year.

Telerik’s founders and key management will join Progress.

Last month Progress Software reported stronger-than-expected earnings excluding one-time items such as stock-based compensation impacts and restructuring expenses for the quarter ended Aug. 31. The growth was driven by an increase in revenue and lower operating expenses.