SOFIA, Bulgaria and NEWTON, Massachusetts and BOSTON, September 3 /PRNewswire/ --     Telerik, a leading vendor of software tools and components which allow
developers to rapidly build cutting-edge web and desktop applications, today
announced that it has received an investment from Summit Partners, a private
equity and venture capital firm that has raised more than US$11 billion since
inception. The investment will be used to fund both organic growth and
acquisitions.

Founded in 2002, Telerik offers a dynamic portfolio of products which can
be used to build powerful web and desktop applications that are run using the
latest Microsoft technologies, such as ASP.NET, Windows Forms, Windows
Presentation Foundation, and Silverlight. Building on the company's expertise
in interface development and Microsoft frameworks, Telerik's software helps
customers build applications with unparalleled richness, responsiveness and
interactivity-quickly and inexpensively.

Telerik also provides Sitefinity, a rapidly growing web content
management system that substantially reduces the amount of time required to
produce and manage websites, portals, and intranets.

More than 20,000 organizations in more than 70 countries -- including
Fortune 500 companies such as Vodafone, Citigroup, Kodak, and Nike, as well
as renowned educational, governmental and not-for-profit institutions
including NASA, The World Bank, and Harvard University -- rely on Telerik's
products.

Telerik has won numerous technical and business awards. The company was
named to the Red Herring 100 list for Europe in 2008, and was recognized as
the Best Employer in Bulgaria for small to medium sized companies by Hewitt
Associates.

Vassil Terziev, Co-founder and Co-CEO of Telerik, said, "Telerik has been
100 percent employee-owned and profitable throughout our rapid growth. The
decision to raise outside capital was an important and strategic move for
Telerik, and we believe that Summit will assist us in achieving even greater
results." Svetozar Georgiev, Telerik's Co-founder and Co-CEO, added, "With
Summit's strategic guidance and global network of contacts, we are now
uniquely positioned to expand Telerik's product offering and achieve
continued optimal growth -- allowing us to become the sole source of a
software developer's needs."

Tom Jennings, a Managing Director with Summit Partners, said, "We have
been impressed by Telerik's track record and exceptional management team, as
well as the company's unwavering focus on delivering technologically
innovative and reliable products to developers." "Summit has a twenty-year
track record of investing in software companies, and Telerik shares many
attributes that have helped other companies become market leaders. We look
forward to working with the management team to help Telerik achieve even
greater success."

About Telerik

Telerik (http://www.telerik.com) provides the leading suite of software
tools for developers building applications using Microsoft technologies. The
company's development tools and components are used by software developers
from most of the Fortune 2000 companies, many of the world's leading
educational and non-profit organizations and thousands of consultants.
Telerik also provides Sitefinity, a rapidly growing web content management
system that substantially reduces the amount of time required to produce and
manage websites, portals, and intranets.

Telerik's global customer base relies on its award-winning products to
build applications with unparalleled richness, responsiveness and
interactivity. Telerik is headquartered in Sofia, Bulgaria and its US
division is based in Newton, Massachusetts

About Summit Partners

Summit Partners (http://www.summitpartners.com) provides private equity
and venture capital for growth companies. Founded in 1984, Summit has raised
more than $11 billion in capital and has provided equity, recapitalization,
and management buyout financing to more than 300 growing companies across a
range of industries. These companies have completed nearly 125 public
offerings and more than 110 have been acquired through strategic mergers and
sales. Summit Partners has offices in Boston, Palo Alto, and London.

Summit Partners works with outstanding management teams that have
self-financed their companies to profitability and market leadership.
Summit's notable software investments include AvePoint, Hyperion Software,
McAfee, OPNET Technologies, Postini, RightNow Technologies, SafeBoot, and
Sybari Software.

The business of Summit Partners in the UK is regulated by the Financial
Services Authority. Summit Partners Limited is registered in England and
Wales. The registered number is 4141197, and the registered office is located
at 20-22 Bedford Row in London, WC1R 4JS, UK. In the US, Summit Partners
operates as an SEC-registered investment advisor. This document is intended
solely to provide information regarding Summit Partners' potential financing
capabilities for prospective portfolio companies.