Progress Software Corp (DE) - PRGS STOCK NEWS

Progress (NASDAQ: PRGS) has announced that the Danville Area School District (DASD) in Pennsylvania implemented WhatsUp Gold for effective network monitoring amid the challenges of remote learning. The software supports 2,500 users and tracks 600GB of daily network traffic. Key benefits include easy implementation, comprehensive network visibility, and the ability to proactively manage devices. The IT team reports enhanced confidence in handling increased network demands as DASD transitions to a hybrid learning model.

On October 20, 2020, Progress (NASDAQ: PRGS) announced the launch of new DataDirect connectors aimed at bridging data gaps for marketing effectiveness. These connectors facilitate access to data across popular platforms like Google Analytics, HubSpot, Microsoft Dynamics 365, and Oracle Eloqua, enabling near real-time insights into campaign performance. Designed to ease the burden on IT and marketing teams, they reduce the time spent on data discovery and custom coding, thus enhancing productivity and decision-making capabilities.

Progress announced a significant upgrade to its OpenEdge development platform, improving data throughput speed by 3x and enhancing security and scalability. This upgrade, utilized by Constellation Financial Software, transitions their Lease & Loan Portfolio Management solution from Win32 to a web-based application, meeting the demand for fast and secure services in the financial sector. The new features include multi-threaded database capabilities and robust security with OpenSSL and Spring Security, ensuring the application can handle increased loads efficiently.

Progress (NASDAQ: PRGS) announces its DevReach conference, expecting over 1,600 software professionals to attend. The event will be held virtually from October 19-23 and streamed live on Twitch. Registration is free. Attendees will engage in live coding with industry experts, recognize community contributions, and participate in exclusive VR social events. Director of Developer Relations, Sara Faatz, emphasizes the importance of community connection during this virtual format. The conference aims to foster interaction and share the latest development trends.

Progress (NASDAQ: PRGS) has successfully acquired Chef Software for $220 million in cash, enhancing its position in the DevOps and DevSecOps markets. This acquisition aims to bolster Progress's offerings in application automation and compliance across multi-cloud and hybrid environments. CEO Yogesh Gupta expressed confidence that Chef will contribute positively to their growth strategy, starting from Q1 FY2021, with expected accretive effects on earnings per share and cash flow. The acquisition follows Progress's previous purchase of Ipswitch in 2019.

Progress (NASDAQ: PRGS) has launched Progress Fiddler™ Everywhere, a web debugging proxy tool supporting Windows, macOS, and Linux. This tool enhances API management, allowing developers to capture all HTTP(S) traffic, troubleshoot issues, and collaborate efficiently across teams. The updated interface simplifies usage while new sharing features enable easy communication and resolution of tasks among developers. Fiddler's product line also includes Fiddler Classic, FiddlerCore, Fiddler Cap, and Fiddler Jam, catering to various development needs.

Progress (NASDAQ: PRGS) reported Q3 2020 revenues of $109.7 million, a 3% increase year-over-year, exceeding previous guidance. Non-GAAP revenue of $110.9 million fell 4%. The company achieved a remarkable 77% increase in diluted EPS, reaching $0.53, while non-GAAP diluted EPS rose 4% to $0.78. Progress announced plans to acquire Chef Software, enhancing its growth strategy. The updated guidance projects FY 2020 revenue between $433-$443 million and diluted EPS of $2.82-$2.86, reflecting resilience amid the COVID-19 crisis.

Progress (NASDAQ: PRGS) reported financial results for its fiscal third quarter ending August 31, 2020, showcasing revenue of $109.7 million, a 3% year-over-year increase, but Non-GAAP revenue of $110.9 million, reflecting a 4% decline. Diluted EPS rose to $0.53, up 77% from last year. The operating margin stood at 30%, with a non-GAAP margin of 42%. Progress announced the pending acquisition of Chef Software while raising its 2020 revenue and EPS outlook due to strong performance amidst COVID-19 challenges.

Progress (NASDAQ: PRGS) is set to release its financial results for the fiscal third quarter, ending August 31, 2020, after market close on September 29, 2020. A conference call will follow at 5:00 p.m. ET to discuss these results in detail. Investors can access the call via the Progress Investor Relations webpage or by dialing 888-204-4368. With over 100,000 enterprise customers and 1,700 independent software vendors, Progress continues to empower significant digital transformation across various sectors.