Progress Software Corp (DE) - PRGS STOCK NEWS

Progress (PRGS) reported strong Q4 and full-year 2024 results, with Q4 revenue reaching $215 million, up 21% year-over-year. The company's Annualized Recurring Revenue (ARR) grew significantly by 46% to $842 million. Q4 operating margin was 10% GAAP and 37% non-GAAP, while diluted EPS was $0.03 GAAP (down 91%) and $1.33 non-GAAP (up 30%).

For the full year 2024, revenue increased 8% to $753 million, with operating margin at 16% GAAP and 40% non-GAAP. Cash flow from operations grew 22% to $211 million. The company completed the acquisition of ShareFile, an AI-powered SaaS content collaboration platform. Progress suspended its quarterly dividend to prioritize debt repayment and future M&A.

For FY2025, Progress guides revenue between $958-$970 million with non-GAAP EPS of $5.00-$5.12.

Progress (PRGS) has received multiple awards in late 2024 for its workplace culture and corporate social responsibility initiatives. The company ranked #5 in The Boston Globe's Top Places to Work in Massachusetts for the fourth consecutive year and was named a 2024 DEI Champion. Progress also earned recognition from Newsweek as one of America's Most Responsible Companies 2025 and America's Greenest Companies 2025.

The company's Corporate Social Responsibility program, 'Progress for Tomorrow', focuses on people, global community, and environmental initiatives. Notable achievements include winning the USA National Gold title at the International CSR Excellence Awards and receiving multiple accolades for its diversity and inclusion efforts, including a Silver Globee® Award for Achievement in Diversity, Equity and Inclusion.

Progress maintains workplace programs focused on talent development, leadership growth, comprehensive benefits, and employee resource groups (ERGs). The company also supports Women in STEM scholarships and promotes volunteerism among employees.

Progress Software (PRGS) has announced it will release its Q4 and fiscal year 2024 financial results on January 21, 2025, after market close. The company's fiscal year concluded on November 30, 2024. A conference call to discuss the results is scheduled for 5:00 p.m. ET on the same day. Participants are encouraged to join the call 15 minutes before the scheduled start time to avoid delays. The company will provide access to a live webcast and phone-in options, with archived versions of the call and supporting materials to be made available on the Progress Investor Relations webpage afterward.

Progress (PRGS) announced a partnership with the American Institute of CPAs (AICPA), making Progress® ShareFile® the exclusive document workflow and secure file-sharing solution in AICPA's Member Discount Program. ShareFile, an AI-powered document-centric collaboration platform, offers AICPA members features including workflow streamlining, standardized tax preparation processes, and enhanced client experience through a centralized portal.

The platform provides native e-signature capabilities, knowledge-based authentication, and automated reminders to improve operational efficiency. Through this partnership, AICPA members gain access to secure workflow technology that can enhance their operations and improve client experience, regardless of firm size.

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.