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 (NASDAQ: PRGS) reported Q4 2021 revenue of $140.1 million, a 14% increase year-over-year, exceeding guidance. The annualized recurring revenue (ARR) reached $486 million, up 12% year-over-year. However, diluted EPS declined to $0.33, down 15% from Q4 2020. Full-year revenue rose 20% to $531.3 million, with net income down 2% to $78.4 million. For FY 2022, revenue guidance is $597 - $607 million. Despite positive metrics, currency translation is expected to negatively impact results.
Progress has announced that the City of Pleasanton, California, has upgraded its network management with WhatsUp Gold software, enhancing monitoring capabilities for over 200 infrastructure devices and 1,200 endpoints. This upgrade integrates log management, allowing for quicker identification and troubleshooting of network issues. The Pleasanton IT team reports significant time savings and improved network transparency, thanks to the streamlined capabilities introduced by WhatsUp Gold 2021. The software was recognized as a leader in the Network Monitoring-Enterprise Data Quadrant by Info-Tech Research Group.
Progress (NASDAQ: PRGS) announces collaboration with BAYOOTEC, a software provider in the DACH region, utilizing Kendo UI JavaScript libraries. This partnership enables BAYOOTEC to develop user-friendly applications efficiently, cutting frontend development time by 15%. The intuitive interface has enhanced customer satisfaction and streamlined digitalization across over 800 organizations. Progress's Kendo UI supports the creation of rapid, feature-rich applications using popular frameworks like Angular and Vue, driving innovation and business growth.
Progress (NASDAQ: PRGS) announced it will release its financial results for the fiscal fourth quarter and fiscal 2021 on January 18, 2022, after market close. The fiscal fourth quarter ended on November 30, 2021. A conference call will follow at 5:00 p.m. ET to discuss these results. Investors can access the call via the Progress Investor Relations webpage or by phone. Progress is known for providing tools that enhance productivity for technology teams and supports over 100,000 enterprise customers globally.
Progress (NASDAQ: PRGS) has announced the enhanced release of Fiddler Everywhere, a web debugging proxy tool, now supporting HTTP/2. This upgrade allows developers to debug applications with improved efficiency across Windows, macOS, and Linux, utilizing fewer resources. The tool captures all HTTP(S) traffic and enables comprehensive performance analysis, including WebSocket support and advanced filtering capabilities. By simplifying the debugging process, Progress aims to enhance developer productivity significantly.
FileCloud has successfully raised $30 million in Series A funding, led by Savant Growth Fund I LP, with additional participation from Kennet Partners. The company has also secured a $10 million growth capital facility from Avidbank. This funding aims to accelerate innovation and support global market expansion. Notably, Ray Downes has been appointed as CEO and Peter Melerud as Chief Revenue Officer, both hailing from Kemp Technologies, which was recently acquired for $258 million by Progress Software (NASDAQ: PRGS).
Progress (NASDAQ: PRGS) has been recognized as one of the top employers in Massachusetts by The Boston Globe, ranking 12th in the Large Company category. The award, based on confidential employee surveys, highlights leadership, career development, and a supportive work environment. Additionally, Progress has earned Great Place to Work® certification in India, reflecting its commitment to employee satisfaction and a positive workplace culture. This year, Progress received 25 global recognitions for workplace excellence, emphasizing its focus on employee engagement and corporate social responsibility initiatives.
Progress (NASDAQ: PRGS) announced that Milwaukee County, Wisconsin has implemented Progress MOVEit to centralize and streamline secure file transfers across various departments.
The initiative addresses the challenges of disparate systems and ensures compliance with regulations like HIPAA. MOVEit enhances efficiency by allowing secure management of sensitive data, reducing manual transfers. The county expects to triple its usage of MOVEit in the next year, leveraging its workflow automation capabilities and improving collaboration.
Progress (NASDAQ: PRGS) has completed its acquisition of Kemp for $258 million in cash. This strategic move enhances Progress' capabilities in application experience management, optimizing application performance across cloud environments. The acquisition aims to strengthen Progress' existing offerings, including DevOps and network performance monitoring tools. The deal is anticipated to positively impact non-GAAP earnings per share and cash flow starting in Q4 2021. CEO Yogesh Gupta emphasized the growth potential and synergies this acquisition brings to their portfolio.
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