Progress Software Corp (DE) - PRGS STOCK NEWS

Progress (Nasdaq: PRGS) has announced enhancements to its Progress LoadMaster 360, a cloud-based unified application delivery platform. The update features advanced Web Application Firewall (WAF) capabilities to improve security insights, reduce false positives, and enhance application performance. This enhancement is aimed at helping organizations protect their web applications from sophisticated cyberattacks. Users can now benefit from intelligent false positive identification and smart rule tuning, ensuring better application security without compromising performance. The new functionalities include precise WAF configuration based on smart traffic analysis, which balances security measures with application performance. The latest release of LoadMaster 360 is available as of July 11, 2024.

Progress (Nasdaq: PRGS) announced its Q2 2024 financial results, showing revenues of $175 million, a 2% year-over-year decrease. However, diluted EPS saw a 37% increase to $0.37, and non-GAAP diluted EPS rose by 3% to $1.09. The company reported an ARR of $579 million, up 1% year-over-year. Operating margins were 16% GAAP and 38% non-GAAP. Net income increased by 34% to $16.2 million. The cash position at the end of the quarter stood at $190.4 million. Progress raised its full-year revenue and EPS outlook, expecting GAAP revenue between $725-$735 million and non-GAAP diluted EPS between $4.70-$4.80. The updated guidance for Q3 2024 expects GAAP revenue between $174-$178 million and non-GAAP diluted EPS between $1.11-$1.15. The Board declared a dividend of $0.175 per share, payable on September 16, 2024.

Progress (Nasdaq: PRGS) has been recognized with multiple awards in the first half of 2024 for its leadership, inclusive workplace culture, and contributions to the tech community. Notable accolades include being named one of Boston Business Journal’s Best Places to Work for the fourth consecutive year, ranking fourth in the large category. Progress also received honors from Forbes Business Awards, MassTLC, and USA Today for its commitment to inclusion, diversity, and sustainability. Key leaders were highlighted for their exemplary contributions, including Shirley Knowles and Jeremy Segal. Progress was also named a 2024 Middle Market Leader by the Boston Business Journal and ranked #13 in the Largest Software Developers in Massachusetts list.

Progress Software (Nasdaq: PRGS) will release its second quarter 2024 financial results on June 25, 2024, after market close. The results will cover the fiscal period ending May 31, 2024. A conference call will follow at 5:00 p.m. ET to discuss the outcomes. The call will be webcast live, with a replay available shortly after. Detailed dial-in information and supporting materials will be posted on the Progress Investor Relations webpage.

Progress (Nasdaq: PRGS) has announced its latest Q2 2024 release featuring enhanced capabilities in its Telerik and Kendo UI libraries. The release includes new UI components for Generative AI integration, enabling developers to create applications with AI-driven content and features. Additionally, improvements in design-to-production workflows with enhanced Figma UI Kits and a new unified rendering across different frameworks are introduced. The update also emphasizes accessibility with compliance to Section 508, WCAG 2.2, and WAI Aria standards. Further, Progress has added new capabilities for data visualization and legacy project modernization.

Progress announced that PruTech, a global IT services company, used Progress DataDirect to speed up and scale cloud migration for a healthcare insurer, saving months of development time. The solution, called Secure Database Gateway, exceeded expectations and is now available for other organizations. DataDirect technology helped create a centralized management capability, saving time and ensuring data security. Progress believes PruTech's solution will benefit their business and customers in the long run.

Progress Software Corp. (Nasdaq: PRGS) has announced that it will not be making an offer for MariaDB plc, confirming their compliance with Rule 2.8 of the Irish Takeover Rules. Progress reserves the right to reconsider this decision within the next 6 months if permitted under the rules. This announcement marks Progress's clear stance on their intentions regarding potential offers.

Progress Software Corp. is considering a possible cash offer to acquire MariaDB plc, valuing the company at approximately $40.6 million. The offer represents a premium of 9% compared to a previous offer by K1 Capital and 216% to MariaDB's closing share price on February 5, 2024. Progress also plans to repay the Senior Secured Promissory Note issued by MariaDB to RP Ventures, totaling $40 million, implying an enterprise value of $100.6 million.

Progress (PRGS) announces new AI-powered capabilities in Sitefinity 15.1 release, enhancing conversion optimization, content classification, and ASP.NET Core support. The update aims to improve customer data modeling, productivity, and ROI, offering personalized digital interactions and consistent brand experiences across touchpoints.