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 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.
Progress (Nasdaq: PRGS) announced that Emovis UK upgraded to WhatsUp Gold network monitoring software to enhance its IT operations across a 400-server environment. The previous solution lacked detailed alerts, causing missed performance issues and financial penalties. With WhatsUp Gold, Emovis can now monitor its entire infrastructure continuously, improving issue detection and response. This transition has significantly reduced operational costs and improved service reliability, empowering Emovis to avoid SLA violations and enhance customer experience.
Progress (Nasdaq: PRGS) has opened registration for its upcoming event, Progress360, scheduled for September 11-14, 2022, in Boston. This multi-dimensional event aims to tackle significant challenges in technology and information security, featuring speakers from leading organizations like Amazon and Google. Attendees will benefit from tailored content across various sectors, including developers, IT operations, and executive decision-makers. Keynote speaker Jason Pontin will address technology's role in solving major global issues. For registration and more information, visit www.progress.com/progress360.
On May 31, 2022, Americaneagle.com announced that five of its clients received awards in the 2022 Progress Sitefinity Website of the Year competition. This marks a significant achievement for Americaneagle.com as a Progress Titanium Partner, recognizing their exceptional digital experiences across various categories. The awarded clients include P.F. Chang's, RDO Equipment Co., Affinity Plus Credit Union, NECA, and Legal & General America. Over the past decade, 16 clients from Americaneagle.com have been honored in this prestigious program.
Progress (Nasdaq: PRGS) has announced the winners of the 2022 Sitefinity Website of the Year Awards, celebrating exceptional digital experiences created by partners and customers. Over 6,200 votes were cast to recognize winners across various categories, including Associations, Consumer Goods, and Healthcare. Highlighted successes include a 40% visitor increase for Diamant Zucker and a 6% session increase for Affinity Plus Federal Credit Union. Progress emphasizes its Sitefinity platform as a cloud-enabled solution that enhances customer engagement and delivers personalized experiences, recently honored by Gartner in its 2022 Magic Quadrant.
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