Progress Software Corp (DE) - PRGS STOCK NEWS

M-Files has appointed Jay Bhatt as CEO, following the closing of a majority recapitalization led by Haveli Investments and Bregal Milestone. Bhatt brings extensive operational experience from his previous CEO roles at Alfresco Software, Blackboard, and Progress Software. Former CEO Antti Nivala will transition to Chief Innovation Officer and continue as Chairman of the Board. The leadership change coincides with the completion of the recapitalization deal on November 29, which included participation from CrossParadigm Capital, an investment firm led by Bhatt.

Progress (PRGS) has announced the Q4 2024 release of its Telerik and Kendo UI component libraries, featuring significant updates to enhance design-to-code processes and framework support. The release introduces over 70 new Page Templates and Building Blocks, along with day-zero compatibility for .NET 9 and Angular 19. Key improvements include expanded ThemeBuilder capabilities, new data visualization features including DataGrid-Chart integration, and enhanced reporting capabilities with RTL text support. The update focuses on streamlining UI customization and minimizing CSS work, while providing comprehensive tools for modern user experience development.

Progress (PRGS) has announced new capabilities in its Sitefinity 15.2 release, featuring native support for Next.js, a React framework. This addition allows organizations to utilize one of the fastest-growing frontend frameworks alongside ASP.NET Core. The update includes Gen AI-powered content workflows and customizable business user interfaces through micro-apps in Sitefinity SaaS.

Racing and Wagering Western Australia has already implemented Sitefinity with Next.js to consolidate 12 websites into a single platform. The release makes Sitefinity SaaS the industry's first SaaS CMS to feature integrated multi-technology frontend hosting while maintaining upgradeability and backend customization capabilities.

Progress (PRGS) and emt Distribution mark their 10-year partnership anniversary in providing cybersecurity solutions across the Middle East and Africa. The collaboration has supported hundreds of organizations in sectors including government, finance, oil and gas, and education.

According to Gartner, the Middle East region is expected to see a 15% annual growth in cybersecurity spending. Through this partnership, organizations gain access to Progress' Infrastructure Management and Digital Experience portfolios, including Flowmon, Kemp LoadMaster, WhatsUp Gold, Chef, and MOVEit solutions for network observability, load balancing, infrastructure monitoring, automation, and secure file transfer.

Progress (PRGS) has completed the acquisition of ShareFile, a SaaS-native, AI-powered document collaboration platform, from Cloud Software Group for $875 million. The acquisition, funded through cash and existing credit facility, aligns with Progress' Total Growth Strategy focused on investment, innovation, acquisition, integration, and customer success. ShareFile is expected to contribute over $240M in annual revenue and bring more than 86,000 customers to Progress. The platform serves various industries including business services, financial services, industrial, and healthcare sectors, enhancing Progress' Digital Experience portfolio with improved document sharing and collaboration capabilities.

Progress (PRGS) has appointed Amanda Arria as Chief People Officer (CPO), effective October 28, 2024. Reporting to CEO Yogesh Gupta, Arria will oversee the global People Team function for the AI-powered infrastructure software provider. She will lead the organization's cultural evolution to support Progress' Total Growth Strategy across three pillars: Invest and Innovate, Acquire and Integrate, and Drive Customer Success. With experience from EFI, Schneider Electric, and EMC, Arria brings expertise in managing HR functions for global organizations and leading M&A integrations. She will manage a workforce of over 2,500 employees globally.

Progress (Nasdaq: PRGS) has announced a major update to its Flowmon network observability platform. The latest release introduces IP Address Indexing, which enhances IP search efficiency by up to 10 times. This feature allows network administrators to quickly track activities tied to specific IP addresses, significantly reducing data analysis and troubleshooting time.

Key improvements include:

• Near-immediate answers for retrospective analysis of compromise indicators
• Enhanced usability with IP Conversation as the standard selection for important statistics
• Updated Analysis chart for customized view of network performance monitoring metrics
• Improved Monitoring Center, Dashboards, and Reports with new application information icons
• Flexible event reporting with Syslog messages over TCP for targeted and reliable event reporting

These enhancements aim to address the challenges of growing telemetry data volumes in expanding networks, providing faster cyberthreat hunting and network troubleshooting capabilities.

Progress announced the winners of its 2024 OpenEdge North America Partner Awards during the OpenEdge World Tour and PUG Challenge Americas event in Boston. The awards recognize partners who have made significant impacts using Progress® OpenEdge®, the company's flagship application development platform. John Ainsworth, EVP and GM of Application and Data Platform at Progress, emphasized the integral role partners play in customer success.

The award winners include:

• Vermont Systems: Software Vendor of the Year
• ISCorp: Cloud Services Provider of the Year
• FDM4: Industry Achievement Award
• DMSi: Innovation & Advancement Award
• Carrier Logistics: SaaS Growth Award
• The PICAS Group: Rising Star Award

These partners were recognized for their innovative use of OpenEdge technology, commitment to customer success, and contributions to various industries including recreation management, cloud services, apparel and sporting goods, transportation, and horticulture.

Progress (Nasdaq: PRGS) announced its Q3 2024 financial results, reporting revenue of $179 million, a 2% increase year-over-year. The company achieved a non-GAAP operating margin of 41% and a GAAP operating margin of 23%. Diluted EPS rose by 55% to $0.65, while non-GAAP diluted EPS increased by 17% to $1.26. The company's ARR remained flat at $582 million. Cash and cash equivalents were $232.7 million.

Progress announced the acquisition of ShareFile for $875 million, expected to close by fiscal year-end. Consequently, the company will suspend its quarterly dividend and redirect capital to debt repayment and share repurchases. For FY 2024, Progress projects revenue of $745-$755 million and GAAP EPS of $1.69-$1.81. Q4 2024 guidance includes revenue of $207-$217 million and GAAP EPS of $0.17-$0.27.