Sacco will be responsible for further extending Progress' leadership position within the capital markets segment as well as growing the banking and insurance segments.

Christopher Larsen, executive vice president, Global Field Operations, Progress Software, said: "We are extremely pleased with the appointment of Frank to the Progress Software Financial Services business unit. This business unit is an integrated group of sales, pre-sales, professional services and alliance team members with a dedicated focus on ensuring success for all of our financial services customers. We have been experiencing significant growth in the financial sector, especially in capital markets, driven by demand for our high velocity capital markets applications for high-frequency trading, market surveillance and risk management, FX trading and other sophisticated multi-asset trading solutions. Frank's deep-rooted knowledge in this sector coupled with his experience in scaling organizations to best meet the needs of our enterprise customers will enable Progress to capitalize on its leadership position."

Sacco has over 25 years of global field management experience in the financial sector and is accomplished in developing organizations to meet increasing growth. In recent years, he successfully built a Capital Markets alliance eco-system at Sun Financial Services and doubled revenues during 2008 and 2009. While at Mercator Software, Sacco built a successful Financial Services sales force.

Frank Sacco noted: "I've followed and even competed against Progress Software and its market-leading Apama platform for many years and have continually been impressed with the company's people, offerings, and market strategy. Progress Software is extremely well positioned in the technology space and has tremendous brand presence with traders around the world with its powerful Apama platform and solutions."