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.
On September 12, 2022, Progress (Nasdaq: PRGS) announced the winners of the 2022 Chef Partner Awards during ChefConf 2022, acknowledging partners who excelled in delivering client outcomes through the Progress Chef portfolio. The awards recognize three key categories: Emerging Partner of the Year won by Bluechip, Technology Partner of the Year awarded to tecRacer, and Public Sector Partner of the Year earned by TapHere! These partners have demonstrated exceptional commitment to customer success and innovation in DevSecOps solutions.
Progress (Nasdaq: PRGS) announced that Nanyang Technological University Singapore (NTU Singapore) has transformed its digital brand presence by utilizing the Progress Sitefinity DX platform. This initiative centralizes management of over 150 subsites, ensuring consistent branding and improved user experience. The project involved 100 departments and 400 users, resulting in a 11% decrease in bounce rates and an 18.5% rise in organic searches. Approximately 82% of users rated the new site as an improvement. NTU's efforts were recognized with the 2022 Progress Sitefinity Website of the Year Award.
Progress (Nasdaq: PRGS) announced the speaker lineup for Progress360, taking place from September 11-14, 2022, in Boston. This hybrid event aims to empower professionals in development, DevOps, IT, and information security. Key features include over 40 technical sessions and notable speakers from top companies like Amazon, Google, and H&R Block. The event combines elements of DevReach, ChefConf, and the Executive Forum, focusing on the latest trends and challenges in technology.
Progress has achieved certification for its Kemp LoadMaster load balancer from the U.S. Department of Defense (DoD). This places the LoadMaster on the DoDIN APL, ensuring its deployment is secure and reliable within the DoD's technology infrastructure. The DoD's stringent testing criteria are increasingly being recognized by federal agencies, indicating a growing trust in the product. Jason Dover, VP of Product Strategy, emphasized Progress's commitment to enhancing federal IT systems, which is vital for delivering scalable applications in government organizations.
Progress announced the opening of applications for the 2022 Akanksha Scholarship for Women in STEM, aimed at empowering women in technology fields in India. The scholarship offers up to INR 160,000 (approximately $2,000) annually for four years to support eligible candidates pursuing degrees in computer science and related disciplines. Selection criteria include academic excellence and demonstrated interest in technology. Applications will be accepted until August 22, 2022, with recipients announced in September.
Progress (Nasdaq: PRGS) announced the launch of Flowmon 12, enhancing network visibility and security solutions for hybrid cloud environments. This release introduces support for Google Cloud and Microsoft Azure flow logs, enabling organizations to monitor their entire infrastructure from a single interface. Key features include advanced anomaly detection using machine learning and improved reporting for easier access to network insights. This innovation aims to bolster cybersecurity and operational efficiency amidst growing data volumes and complex IT infrastructure management challenges.
Progress (Nasdaq: PRGS) reported its fiscal second quarter results for the period ended May 31, 2022. The company achieved a revenue of $148.7 million, reflecting a 21% year-over-year increase. Non-GAAP revenue was $150.9 million, up 17%. Diluted EPS reached $0.66, up 120%, and non-GAAP diluted EPS was $1.04, a 27% rise. Annualized Recurring Revenue (ARR) increased to $486 million, a 13% growth. The company raised its 2022 guidance, projecting a revenue range of $601-$609 million and diluted EPS of $2.11-$2.21.
Progress (Nasdaq: PRGS) announced the 2022 recipients of its Women in STEM scholarships aimed at increasing female representation in tech fields. The Mary Székely Scholarship was awarded to Yiming Fang, who will double major in computer science and business administration at Carnegie Mellon. The Women in Tech Scholarship in Bulgaria recognized Vasilena Krazheva and Tsvetelina Stefanova. Additionally, the Akanksha Scholarship for Women in STEM in India was awarded to Akhila Karanam. These scholarships support educational costs for women pursuing careers in STEM, aligning with Progress's commitment to diversity and innovation.
Progress (Nasdaq: PRGS) will announce its fiscal second quarter financial results on June 28, 2022, after market close. The quarter ended on May 31, 2022. A conference call is scheduled for the same day at 5:00 p.m. ET to discuss the results. Investors can access the call at investors.progress.com or by dialing in at 866-374-5140. An archived version of the call will be available post-event.
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