Progress Software Corp (DE) - PRGS STOCK NEWS

Progress (NASDAQ: PRGS) announced the R3 2020 release of its developer tools, including over 50 Blazor-native components and support for the latest .NET 5 Preview. The release enhances Telerik UI for Blazor, offering new features like Column Menu, Custom Filtering, and advanced Grid functionalities. Additionally, Progress is the first to provide zero-day support for .NET 5, enhancing its product suite for ASP.NET, WPF, and more. The R3 2020 release also introduces updates across frameworks like Angular 10 and Vue 3.0.

Progress (NASDAQ: PRGS) announced preliminary financial results for Q3 2020, indicating a revenue range of $108 - $110 million and diluted EPS between $0.50 - $0.53, surpassing previous guidance. The improved results are attributed to better-than-expected performance in several product lines and a commitment to cost management. For the full year 2020, the revenue outlook has been revised to $438 - $442 million (GAAP), including an expected contribution from the acquisition of Chef Software, which will increase revenues by $5 - $7 million but negatively impact GAAP EPS by $0.27 - $0.31.

Progress (NASDAQ: PRGS) has announced the acquisition of Chef, a leader in DevOps and DevSecOps, for $220 million in cash. This acquisition is expected to enhance Progress's product offerings in infrastructure automation and will be funded using existing cash and credit facilities. Chef, with over $70 million in annual recurring revenue, brings a strong customer base and innovative technologies. The deal is anticipated to be accretive to non-GAAP earnings and cash flow starting Q1 FY2021 and is set to close in October 2020, subject to regulatory approvals.

Progress (NASDAQ: PRGS) announced that State Electric Supply Co. has launched a revamped B2B ecommerce platform using Progress Sitefinity, enhancing user experience and integration with Infor SX.e ERP. This transformation resulted in significant growth metrics, including a 25% increase in new user registrations, over 40% organic traffic growth, a 120% rise in conversion rates, and a 244% boost in revenue from site searches. The initiative has garnered industry recognition, winning awards at the AD eContent Summit and tED magazine's 2019 Best Website awards.

Progress (NASDAQ: PRGS) announced a strategic partnership with Sigma Software Distribution on August 17, 2020. This collaboration aims to enhance analytics, integration, and data management solutions for organizations. Sigma will utilize Progress DataDirect products to connect cloud applications with on-premises data across hybrid environments. The partnership will benefit over 850 resellers, enabling them to leverage high-performing data connectivity to enhance business insights. Progress DataDirect is already trusted by 350 independent software vendors and over 10,000 enterprises.

Progress (NASDAQ: PRGS) launched Corticon.js, a serverless rules engine designed for quick integration into JavaScript applications. This release allows developers to implement rules without server-side processing, enhancing efficiency and reducing operational costs. Corticon.js supports lightweight architectures and enables faster decision-making in mobile deployments. The solution empowers business analysts to create business logic without coding, ensures regulatory compliance, and can be deployed as callable web services or embedded directly within applications.

Progress (NASDAQ: PRGS) announced that its WhatsUp Gold has been awarded the “2020 Network Monitoring Emotional Footprint Award” by SoftwareReviews. This award recognizes the product for its superior usability, intuitiveness, and customization capabilities, achieving an emotional footprint score of +80 out of 16 solutions evaluated. The award is based on user feedback, affirming the product's value in network monitoring for businesses. Progress aims to continue innovating to enhance customer experience and address IT management needs.

Progress (NASDAQ: PRGS) reported its fiscal Q2 2020 results with revenue of $100.4 million, remaining flat year-over-year. Diluted earnings per share increased 106% to $0.37. Non-GAAP revenue saw a 1% decline while non-GAAP earnings per share decreased 3% to $0.63. The company raised its 2020 guidance for revenue to a range of $425 - $435 million and for diluted EPS to $1.81 - $1.85. Despite anticipated impacts from COVID-19, Progress maintains confidence in a strong business model and plans for potential M&A activities.

Progress (NASDAQ: PRGS) announced the first recipient of the Mary Székely Scholarship for Women in STEM, awarded to Kaya Dorogi from Marlborough, MA. The scholarship, honoring Progress' co-founder, provides $10,000 annually for women pursuing degrees in computer science and related fields. Kaya, a graduate of the Bancroft School, is recognized for her outstanding academic achievement and involvement in technology startups and STEM leadership initiatives. She will study computer science at Columbia University, embodying the entrepreneurial spirit celebrated by the scholarship.