Progress Software Corp (DE) - PRGS STOCK NEWS

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.

Progress (Nasdaq: PRGS) has announced the recipients of its 2024 Women in STEM Scholarship Series. The program, established in 2019, aims to support women pursuing computer science, software engineering, IT, and computer information systems in the US, Bulgaria, and India. This year, the company expanded the scholarship to seven recipients, including two for the Mary Székely Scholarship in the US, two for the Women in Tech Scholarships in Bulgaria, and three for the Akanksha Scholarship in India.

The scholarships were awarded based on academic achievements, accomplishments in STEM, and financial need. Recipients include students with diverse backgrounds and impressive achievements, such as developing robots, excelling in mathematics competitions, and founding coding groups. Progress CEO Yogesh Gupta expressed pride in supporting these talented young women who aim to use their STEM skills to advance their communities and the tech industry.

Progress (Nasdaq: PRGS) has announced the speaker lineup for the MarkLogic World Tour US 2024, scheduled for September 23-25 in Maryland. The event will bring together industry leaders to discuss the future of data, generative AI, and knowledge management. With nearly 20 sessions, workshops, and roundtables, attendees will explore topics such as the business value of GenAI, data visualization, and semantic knowledge modeling.

Speakers include executives and experts from companies like DuPont, Salesforce, Yale University, and Progress itself. The event aims to address real-world data challenges and showcase how organizations are creating value from data. Progress's MarkLogic platform, which combines multi-model data management with search and semantic capabilities, will be highlighted as a foundation for enterprise GenAI solutions.

Progress Software (Nasdaq: PRGS) has announced the release of its fiscal third quarter 2024 financial results on September 24, 2024, after market close. The company's Q3 FY2024 ended on August 31, 2024. Progress will host a conference call at 5:00 p.m. ET on the same day to discuss the results.

Investors can access a live webcast of the conference call, which will be listen-only. A replay will be available shortly after the call concludes. For those wishing to join by phone, dial-in details can be retrieved through a provided link. Participants are encouraged to dial in 15 minutes before the scheduled start time to avoid delays. An archived version of the call and supporting materials will be available on the Progress Investor Relations webpage after the live event.