Progress Software Completes Acquisition of ShareFile

On October 31, 2024, Progress Software Corporation (NASDAQ: PRGS) finalized the acquisition of ShareFile, a business unit of Cloud Software Group, Inc. The acquisition was completed following the terms outlined in the Asset Purchase Agreement dated September 9, 2024, between Progress Software Corporation and Cloud Software Group, Inc.

Under this agreement, Progress Software acquired substantially all of the assets and undertook certain liabilities related to ShareFile’s leading collaboration software tailored for document-centric use cases. The acquisition, totaling $875 million in cash (with a $25 million working capital credit), was funded through a combination of existing cash reserves and a revolving credit facility.

In compliance with Rule 3-05 and Article 11 of Regulation S-X, Progress Software Corporation will be filing financial statements and pro forma financial information regarding the transaction at a later date through an amendment to the Form 8-K.

It is important to note that the descriptions of the Purchase Agreement and the Transaction are not exhaustive and reference to the complete Purchase Agreement is available in Exhibit 2.1 of Progress’ Previous Current Report on Form 8-K submitted to the Securities and Exchange Commission on September 9, 2024.

Furthermore, on the same day, October 31, 2024, Progress Software Corporation issued a press release regarding the completion of the acquisition. The press release emphasizes that ShareFile’s AI-powered, document-centric collaboration platform aligns with Progress Software’s focus on AI-powered infrastructure software and expands its product portfolio significantly.

Yogesh Gupta, the CEO of Progress Software, stated, “This acquisition marks the latest major milestone in Progress’ Total Growth Strategy, which is built on three pillars: Invest and Innovate, Acquire and Integrate, and Drive Customer Success.” He expressed excitement about welcoming ShareFile customers and employees into the Progress community, noting the strategic enhancement this acquisition brings to their product capabilities.

ShareFile, serving various industry segments including business and professional services, financial services, industrial, and healthcare industries, is anticipated to contribute over $240 million in annual revenue and bring more than 86,000 customers to Progress Software.

About Progress Software:
Progress Software empowers organizations to achieve transformative success in the midst of disruptive changes by providing AI-powered infrastructure software. The company enables customers to develop, deploy, and monitor responsible AI-driven applications and experiences with agility and simplicity, catering to over 4 million developers and technologists in countless enterprises worldwide.

For further information regarding risks and uncertainties associated with Progress’ business and this acquisition, please refer to Progress’ filings with the Securities and Exchange Commission.

Press Inquiries: Erica McShane, VP Corporate Communications, +1 781-280-4000, [email protected]
Investor Relations: Mike Micciche, SVP Investor Relations, +1 781-280-4000, [email protected].

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Progress Software’s 8K filing here.

Progress Software Company Profile

Progress Software Corporation develops, deploys, and manages business applications in the United States and internationally. The company offers OpenEdge, an application development platform for running business-critical applications; Chef, a DevOps/DevSecOps automation software; Developer Tools that consists of software development tooling collection, including .NET and JavaScript UI components for web, desktop and mobile applications, reporting and report management tools, and automated testing and mocking tools; Kemp LoadMaster, an application delivery and security product offering cloud-native, and virtual and hardware load balancers; and Sitefinity, a digital experience platform foundation delivering intelligent and ROI-driving tools for marketers.