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) recently announced that its network monitoring software, WhatsUp Gold, has been recognized as a Leader in G2’s Winter 2021 Grid Report for Network Management, ranking first among 18 vendors. The software has garnered multiple accolades, including a 89% ROI within 12 months and rankings in various reports. Notably, it ranked third in the Mid-Market Grid for Network Monitoring and sixth in the general Grid report. This recognition underscores Progress's commitment to enhancing customer value and ensuring robust IT infrastructure management.
Progress Software Corporation (NASDAQ: PRGS) has priced its private offering of $325 million of 1.00% Convertible Senior Notes due 2026. The offering size increased from $300 million, with an option for initial purchasers to buy an additional $50 million. The Notes will bear interest at 1.00%, payable semi-annually, and have an initial conversion rate of 17.4525 shares per $1,000 principal. Proceeds are estimated at $316.1 million and will fund share repurchases and acquisitions. The Notes will close on April 13, 2021.
Progress Software, trading as PRGS, announced a $300 million offering of Convertible Senior Notes due 2026, aimed at qualified institutional buyers. An additional $45 million may be offered. The notes are unsecured and will mature on April 15, 2026, with conversion options including cash and stock. Proceeds will fund capped call transactions, stock repurchases of up to $20 million, and general corporate purposes. The offering is subject to market conditions, and the notes have not been registered under U.S. securities laws.
Progress (NASDAQ: PRGS) has launched The Worthy Web, a six-week global hackathon aiming to inspire developers to create impactful web applications during the COVID-19 pandemic. Kicking off April 7 and concluding May 24, the event offers $40,000 in cash prizes across multiple categories.
Winners will be announced on June 9, based on criteria such as community impact and execution quality. Additionally, a Weekly Worthy Web Show will provide insights on creating apps for societal betterment, promoting collaboration among participants.
Progress (NASDAQ: PRGS) has launched its Telerik UI for WinUI, offering day-zero support for Microsoft's new WinUI 3 framework. This development tool enables .NET developers to create modern, high-performing Windows applications. The UI controls enhance performance and unify the user experience across over 1 billion Windows 10 devices. Key features include accessibility, intuitive API, document processing, and improved navigation.
The product aims to facilitate rapid app development, marking a significant advancement in the company's product offerings.
Progress (NASDAQ: PRGS) has published its 2020 Corporate Social Responsibility (CSR) Report, focusing on advancement through its Progress for Tomorrow initiative. The report emphasizes three pillars: Our People (employee development and diversity), Our Community (charitable contributions exceeding a quarter million dollars), and Our World (environmental sustainability efforts). Highlights include new employee resource groups and significant donations for social justice. CEO Yogesh Gupta praised employees for their commitment to societal impact during a challenging year.
Progress reported fiscal Q1 2021 results showing revenue of $121.3 million, an 11% increase year-over-year, exceeding guidance. Non-GAAP revenue reached $131.8 million, a 16% rise. Annualized Recurring Revenue (ARR) grew by 22%, driven by the acquisition of Chef Software. Operating margin was 23%, while Non-GAAP operating margin was 43%. Although diluted EPS saw a 9% decline to $0.42, it rose 25% on a Non-GAAP basis to $0.95. The company has revised guidance upwards for the full year and Q2.
Progress (NASDAQ: PRGS) announced enhancements to the Chef Enterprise Automation Stack and Chef Infra Client 17, aiming to improve enterprise DevOps automation. New features include compliance audits integration, state management dashboards, and a unified developer experience. Chef Infra Client 17 offers streamlined developer experiences and expanded platform support, enhancing ease of use across various environments. A recognition program for Chef Community contributors will culminate in an April 28 launch event, highlighting the importance of community collaboration in product development.
Aquarion Water Company, New England's largest private water utility, has revamped its web presence through Progress® Sitefinity® Digital Experience Platform (DXP). This modernization enables Aquarion to consolidate 65% of its content and enhance user experience for over 700,000 customers across Connecticut, Massachusetts, and New Hampshire. The effort, in collaboration with Chateaux, won the Progress Sitefinity 2020 Website of the Year Award. As a result, Aquarion can better engage customers with a mobile-friendly, easy-to-navigate website, meeting modern digital interaction demands.
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