Progress Software Corp (DE) - PRGS STOCK NEWS

Progress (Nasdaq: PRGS) has announced a major update to its Flowmon network observability platform. The latest release introduces IP Address Indexing, which enhances IP search efficiency by up to 10 times. This feature allows network administrators to quickly track activities tied to specific IP addresses, significantly reducing data analysis and troubleshooting time.

Key improvements include:

• Near-immediate answers for retrospective analysis of compromise indicators
• Enhanced usability with IP Conversation as the standard selection for important statistics
• Updated Analysis chart for customized view of network performance monitoring metrics
• Improved Monitoring Center, Dashboards, and Reports with new application information icons
• Flexible event reporting with Syslog messages over TCP for targeted and reliable event reporting

These enhancements aim to address the challenges of growing telemetry data volumes in expanding networks, providing faster cyberthreat hunting and network troubleshooting capabilities.

Progress announced the winners of its 2024 OpenEdge North America Partner Awards during the OpenEdge World Tour and PUG Challenge Americas event in Boston. The awards recognize partners who have made significant impacts using Progress® OpenEdge®, the company's flagship application development platform. John Ainsworth, EVP and GM of Application and Data Platform at Progress, emphasized the integral role partners play in customer success.

The award winners include:

• Vermont Systems: Software Vendor of the Year
• ISCorp: Cloud Services Provider of the Year
• FDM4: Industry Achievement Award
• DMSi: Innovation & Advancement Award
• Carrier Logistics: SaaS Growth Award
• The PICAS Group: Rising Star Award

These partners were recognized for their innovative use of OpenEdge technology, commitment to customer success, and contributions to various industries including recreation management, cloud services, apparel and sporting goods, transportation, and horticulture.

Progress (Nasdaq: PRGS) announced its Q3 2024 financial results, reporting revenue of $179 million, a 2% increase year-over-year. The company achieved a non-GAAP operating margin of 41% and a GAAP operating margin of 23%. Diluted EPS rose by 55% to $0.65, while non-GAAP diluted EPS increased by 17% to $1.26. The company's ARR remained flat at $582 million. Cash and cash equivalents were $232.7 million.

Progress announced the acquisition of ShareFile for $875 million, expected to close by fiscal year-end. Consequently, the company will suspend its quarterly dividend and redirect capital to debt repayment and share repurchases. For FY 2024, Progress projects revenue of $745-$755 million and GAAP EPS of $1.69-$1.81. Q4 2024 guidance includes revenue of $207-$217 million and GAAP EPS of $0.17-$0.27.

Progress (Nasdaq: PRGS) has announced the recipients of its 2024 Women in STEM Scholarship Series. The program, established in 2019, aims to support women pursuing computer science, software engineering, IT, and computer information systems in the US, Bulgaria, and India. This year, the company expanded the scholarship to seven recipients, including two for the Mary Székely Scholarship in the US, two for the Women in Tech Scholarships in Bulgaria, and three for the Akanksha Scholarship in India.

The scholarships were awarded based on academic achievements, accomplishments in STEM, and financial need. Recipients include students with diverse backgrounds and impressive achievements, such as developing robots, excelling in mathematics competitions, and founding coding groups. Progress CEO Yogesh Gupta expressed pride in supporting these talented young women who aim to use their STEM skills to advance their communities and the tech industry.

Progress (Nasdaq: PRGS) has announced the speaker lineup for the MarkLogic World Tour US 2024, scheduled for September 23-25 in Maryland. The event will bring together industry leaders to discuss the future of data, generative AI, and knowledge management. With nearly 20 sessions, workshops, and roundtables, attendees will explore topics such as the business value of GenAI, data visualization, and semantic knowledge modeling.

Speakers include executives and experts from companies like DuPont, Salesforce, Yale University, and Progress itself. The event aims to address real-world data challenges and showcase how organizations are creating value from data. Progress's MarkLogic platform, which combines multi-model data management with search and semantic capabilities, will be highlighted as a foundation for enterprise GenAI solutions.

Progress Software (Nasdaq: PRGS) has announced the release of its fiscal third quarter 2024 financial results on September 24, 2024, after market close. The company's Q3 FY2024 ended on August 31, 2024. Progress will host a conference call at 5:00 p.m. ET on the same day to discuss the results.

Investors can access a live webcast of the conference call, which will be listen-only. A replay will be available shortly after the call concludes. For those wishing to join by phone, dial-in details can be retrieved through a provided link. Participants are encouraged to dial in 15 minutes before the scheduled start time to avoid delays. An archived version of the call and supporting materials will be available on the Progress Investor Relations webpage after the live event.

Progress (Nasdaq: PRGS) has announced a definitive agreement to acquire ShareFile, a business unit of Cloud Software Group, Inc. ShareFile provides SaaS-native, AI-powered, document-centric collaboration solutions for various industries. The acquisition, valued at $875 million, is expected to add over $240 million in annual revenue and more than 86,000 customers to Progress. This move aligns with Progress' Total Growth Strategy, enhancing its Digital Experience portfolio.

Key points:

• Acquisition price: $875 million
• Expected annual revenue addition: $240+ million
• New customers: 86,000+
• Dividend suspension planned upon closing
• Expected closing: within Progress' fiscal year (ending November 30, 2024)

Progress (Nasdaq: PRGS) has announced the early-access release of MarkLogic Server 12, featuring powerful new generative AI capabilities. This update significantly enhances the platform's ability to integrate AI into enterprise applications, offering:

1. Native vector support for improved similarity searches
2. BM25 relevance ranking for better document ranking
3. Graph shortest path functionality for optimized recommendation systems

The release also introduces MarkLogic Flux, a new application for enhanced data movement and transformation. These improvements aim to double the accuracy of AI responses while simplifying the development of secure, AI-enhanced applications. The MarkLogic platform now provides a more flexible Retrieval Augmented Generation (RAG) pattern, allowing enterprises to ground LLM models in their private data for fact-based query responses.

Progress Semaphore, a metadata management and semantic AI platform, has been named the Leader and Gold Medalist in Info-Tech Research Group's 2024 Metadata Management Data Quadrant for the fourth consecutive year. The platform achieved an impressive 8.4/10 composite satisfaction score on SoftwareReviews, ranking first across all vendor capability categories.

Key highlights include:

• Business Value Created: 92%
• Breadth of Features: 91%
• Quality of Features: 89%
• Usability and Intuitiveness: 90%
• Vendor Support: 92%

Users praised Semaphore for its power, scalability, and robust integration capabilities. The platform enables organizations to manage knowledge models, extract and classify data, and generate rich semantic metadata, helping businesses act faster with data-driven wisdom.