Welcome to our dedicated page for Progress Software (DE) news (Ticker: PRGS), a resource for investors and traders seeking the latest updates and insights on Progress Software (DE) stock.
Progress Software Corporation (Nasdaq: PRGS) is a global leader in providing software solutions that simplify the development, deployment, and management of business applications. Headquartered in Bedford, MA, the company offers a comprehensive suite of products designed to operate on-premise, in the cloud, on any platform, and on any device with minimal IT complexity and low total cost of ownership.
Progress' flagship product, OpenEdge, powers applications for over 400,000 end-user customers globally and more than 1,400 ISVs (Independent Software Vendors). The company also offers a variety of other robust products, including Chef, Developer Tools, Kemp LoadMaster, MOVEit, DataDirect, WhatsUp Gold, Sitefinity, Flowmon, and Corticon. These tools are designed to enhance application development, business continuity, data connectivity, network performance, and IT infrastructure management.
Progress derives revenue through perpetual licenses, term licensing models, and subscription-based models for its cloud-based offerings. The majority of its revenue comes from the United States, with significant additional revenue streams from Canada, EMEA (Europe, Middle East, and Africa), Latin America, and the Asia Pacific region.
Recent Achievements and Partnerships:
- In March 2024, Progress announced a strategic partnership with Veeam® Software to provide enterprise-ready cybersecurity solutions, combining Progress' Flowmon® Anomaly Detection System (ADS) with Veeam’s Data Protection and Ransomware Recovery capabilities.
- Flowmon ADS was recognized as a Technology Leader in the 2023 SPARK Matrix™: Network Detection and Response (NDR) report and won gold in the 2023 Globee® Cybersecurity Awards.
- In May 2024, Progress released the latest versions of Progress® Telerik® and Progress® Kendo UI®, enhancing AI integration, design-to-code productivity, and accessibility features across its .NET and JavaScript UI libraries.
Progress' continued innovation and strategic alliances underline its commitment to providing top-tier solutions that address modern IT challenges. Over 4 million developers and technologists across hundreds of thousands of enterprises depend on Progress to enhance their technology landscapes and drive business success.
Progress has announced the acquisition of MarkLogic for $355 million, enhancing its product suite with a NoSQL database and semantic metadata management capabilities. The deal is anticipated to close in early 2023, pending regulatory approvals. This acquisition aligns with Progress' Total Growth Strategy and is expected to generate over $100 million in annual revenue. Preliminary fourth quarter 2022 results indicate an ARR of approximately $497 million, marking a 3.5% year-over-year growth. The financial call detailing further insights is scheduled for January 17, 2023.
Progress (Nasdaq: PRGS) has been recognized by The Boston Club in its 2022 Census of Women Directors and Executive Officers as one of nine companies with a 'critical mass of Women Directors and Executive Officers' in Massachusetts. This recognition highlights Progress' commitment to inclusion and diversity, as it aligns with the census' findings that women now hold nearly 30% of board positions among the largest public companies in the state. CEO Yogesh Gupta emphasizes the company’s focus on gender parity and social responsibility.
Progress (Nasdaq: PRGS) will celebrate its commitment to customers and community by ringing the Nasdaq opening bell on November 4 at 9:15 a.m. ET. CEO Yogesh Gupta emphasizes the company's focus on fostering an inclusive culture that drives business success. Progress is recognized as the 6th best-performing stock in the iShares Expanded-Tech Software Sector ETF year-to-date. The company prides itself on its Corporate Social Responsibility initiatives, receiving nearly 50 awards for its employer practices and contributions to social justice and economic equality.
Progress (Nasdaq: PRGS) reported strong financial results for Q3 2022, with revenue of $151.2 million, a 3% increase year-over-year. Annualized Recurring Revenue reached $495 million, up 13%. Despite this growth, diluted EPS fell to $0.50, a 29% decrease from last year. The company maintained solid cash flow, with $39.7 million from operations and a quarterly dividend of $0.175 declared. For FY 2022, Progress updated guidance to $601-$609 million in revenue and $2.12-$2.20 in diluted EPS, reflecting the impact of foreign exchange headwinds.
Progress (Nasdaq: PRGS) has appointed YuFan Stephanie Wang as the new Executive Vice President, Chief Legal Officer, and Secretary. Stephanie will oversee legal, compliance, and corporate governance efforts. Having joined Progress in May 2022, she previously held a senior legal role at W. P. Carey Inc. and has made significant contributions to Progress's corporate governance and M&A strategies. CEO Yogesh Gupta expressed confidence in her capabilities to drive future growth and stability for the company.
Progress (Nasdaq: PRGS) has announced the expansion of its Chef DevSecOps portfolio to India, enhancing Microsoft Azure customers' access to automation tools for secure cloud migration. This initiative supports the trend of increased cloud adoption, with nearly 70% of companies accelerating their migration over the past year. Progress emphasizes the importance of integrating security in the development process to reduce risks during cloud transitions. The collaboration with Microsoft aims to provide comprehensive solutions for application development, infrastructure management, and continuous compliance.
Progress (Nasdaq: PRGS) has announced the R3 2022 release of its developer tools portfolio, enhancing offerings like Telerik and Kendo UI. New features include the Progress ThemeBuilder Pro, which simplifies the implementation of design systems for web applications. The release adds new components across various frameworks such as Angular, Blazor, and .NET MAUI, boosting the total to 100 for Blazor alone. These updates focus on improving user experience and developer productivity, aligning with the growing demand for high-quality, accessible UI development.
Progress (Nasdaq: PRGS) announced it will release its fiscal third quarter financial results on September 27, 2022, after market close. The quarter ended on August 31, 2022. Following the release, the company will conduct a conference call at 5:00 p.m. ET to discuss the results. Interested parties can access the call via Progress' investor relations website or by phone. The archived call and supporting materials will also be available on the same site.
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