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 strong Q3 2021 results, with revenue of $147.4 million, up 34% year-over-year, and non-GAAP revenue reaching $152.6 million, reflecting a 38% increase. Diluted earnings per share rose to $0.70 from $0.53, marking a 32% growth. The company also signed an agreement to acquire Kemp for $258 million. Progress raised its full-year revenue guidance to $520 - $524 million and EPS to $1.56 - $1.58, showcasing confidence in its growth strategy.
Progress (NASDAQ: PRGS) announced the acquisition of Kemp for $258 million in cash, expected to close in October 2021. The acquisition aims to enhance Progress' offerings in Application Experience Management by integrating Kemp's solutions, known for optimizing application performance across cloud environments. This strategic move is set to boost recurring revenue, increase cash flow, and create shareholder value. The deal aligns with Progress' total growth strategy, emphasizing complementary technologies and robust customer bases.
Progress (NASDAQ: PRGS) has released an updated version of its network monitoring software, WhatsUp Gold, which features enhanced usability and security improvements. Key updates include log management archiving, allowing businesses to adhere to compliance requirements and improve security audits, and support for OpenID Connect for user authentication across applications. Additionally, the software now supports Cisco Meraki devices and Microsoft Edge, addressing the needs of modern network administrators. These enhancements aim to optimize network monitoring and reduce troubleshooting times.
Progress (NASDAQ: PRGS) announced the R3 2021 release, enhancing their Telerik and Kendo UI product lines with over 50 new UI components and features. Key updates include more than 85 components for Blazor, new Telerik UI for MAUI, and multiple enhancements for WinUI. The Telerik and Kendo UI Kits for Figma aim to streamline collaboration between designers and developers. Enhanced support for .NET 6 is also included. The release is designed to help developers create applications faster and more efficiently.
Progress (NASDAQ: PRGS) announced the launch of Sitefinity DX 14.0, a digital experience platform that enhances multichannel content, integration, and analytics capabilities. This new platform supports low-code integration and chat-driven engagement, allowing organizations to craft tailored digital experiences. Recent research revealed that 35% of businesses have yet to adopt a DXP due to complexity and cost. Sitefinity DX 14.0 aims to simplify these challenges, enabling data-driven marketing and efficient content delivery, while recently being recognized as a leader in the digital experience platform space.
Progress (NASDAQ: PRGS) announced its upcoming financial results for the fiscal third quarter on September 23, 2021, after market close. This quarter ended August 31, 2021. A conference call to discuss the results will begin at 5:00 PM ET the same day. Interested investors can access the call via the investor relations website or by dialing in. The company emphasizes its role as a provider of critical business application products, serving over 100,000 enterprise customers and a vast developer community.
Progress (NASDAQ: PRGS) announced the winners of the 2021 Chef Awards during ChefConf 2021, recognizing excellence in DevOps. SAP received the Continuous Compliance Champion award for using Chef InSpec to ensure security compliance across cloud environments. Bluestem Brands was honored as the Continuous Delivery Trailblazer for integrating Chef in their CI/CD pipelines. AHEAD was named Partner of the Year for its DevSecOps solutions. The event gathered over 2,000 DevOps professionals, highlighting community contributions and innovations in the field.
Progress (NASDAQ: PRGS) has enhanced its Chef portfolio to support multi-cloud compliance and operator productivity, facilitating DevOps acceleration. New features include automation for cloud resources across AWS, Azure, and GCP, improved integration for operator productivity, and SaaS-based access to Chef products. Sundar Subramanian emphasized the importance of a DevSecOps approach for secure delivery. These updates aim to simplify the adoption of DevSecOps practices, responding to increasing organizational needs for security and compliance automation in cloud environments.
Progress (NASDAQ: PRGS) announced its 10th annual ChefConf, to be held virtually on September 7-9, 2021. The conference will unite industry leaders and DevOps professionals to discuss advancements in DevOps and DevSecOps. Notable speakers include experts from Google, Netflix, SAP, and UBS. The event aims to enhance skills and foster innovation in the DevOps space, featuring keynotes, workshops, and networking opportunities. Attendees will delve into topics such as infrastructure compliance and automation, helping them navigate the evolving landscape of technology.
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