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) announced a partnership with P.F. Chang’s, enhancing its digital presence through a new website powered by Progress Sitefinity. This transformation has significantly improved site performance, yielding a 41% increase in page views, a 40% increase in top-ranked keywords on Google, and a 20% growth in organic impressions on menu pages year-over-year. The revamped site focuses on ADA compliance and accessibility, enhancing usability for various users. The collaboration with Americaneagle.com has reduced the dependency on frontend developers, thereby streamlining updates and decreasing maintenance costs. P.F. Chang's digital experience aligns with its omnichannel strategy, emphasizing customer engagement. The efforts earned recognition in the 2022 Progress Sitefinity Website of the Year Awards.
Progress (Nasdaq: PRGS) announced the release of Sitefinity 14.4, enhancing its composable digital experience platform. Key updates include refined AI algorithms for better customer behavior analysis, an upgraded frontend to .NET 7 for improved performance, and expanded conversational interfaces. These advancements aim to support organizations in their digital transformation efforts, allowing for faster and more personalized digital experiences. Additionally, the platform offers long-term support for stability and security, reaffirming Progress’s commitment to its customers' success.
Progress (Nasdaq: PRGS) reported strong fiscal Q1 2023 results, with revenue of $164.2 million, up 13% year-over-year. Non-GAAP revenue was $165.6 million, a 12% increase. The company achieved an Annualized Recurring Revenue (ARR) of $569 million, a 20% increase. Diluted earnings per share rose to $0.53, up 15%, while non-GAAP earnings per share increased by 23% to $1.19. Progress's operating margin improved to 22% GAAP and 44% non-GAAP. Guidance for FY 2023 projects revenue between $676 million and $684 million, with EPS between $1.32 and $1.40.
Progress (Nasdaq: PRGS) announced a virtual Investor Day on April 4, 2023, at 10:00 a.m. Eastern Time. The event will feature presentations from CEO Yogesh Gupta, CFO Anthony Folger, and EVP Jeremy Segal, focusing on the company’s Total Growth Strategy and fiscal year 2023 plans. A Q&A session will follow the presentations. Interested parties can join via a live webcast or by phone. A replay will be available on the Investor Relations section of the Progress website post-event.
Progress provides application development and infrastructure software, serving over 1,700 software companies and millions of developers worldwide.
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