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) has completed the acquisition of MarkLogic for $355 million, reinforcing its Total Growth Strategy aimed at enhancing its product portfolio and customer relationships. The acquisition adds a powerful NoSQL database and semantic AI capabilities to Progress, enabling the management of complex, contextual data from a unified platform. CEO Yogesh Gupta emphasized the strategic importance of this move in driving customer success and expanding market reach. The transaction is expected to positively impact non-GAAP earnings and cash flow starting Q2 2023, marking a significant growth opportunity for Progress.
Progress has been recognized as a Technology Leader in the 2022 SPARK Matrix™ for Network Detection and Response (NDR) by Quadrant Knowledge Solutions. This accolade highlights the effectiveness of Flowmon Anomaly Detection System (ADS)
Progress (Nasdaq: PRGS) announced the R1 2023 release of its Telerik and Kendo UI libraries, enhancing support for .NET 7 and Angular 15. Key updates include new UI components such as Signature and Avatar, improved customization tools like ThemeBuilder Pro, and significant accessibility enhancements. The libraries now comply with standards such as WAI-ARIA and WCAG 2.1. Notably, the release features over 100 components for Blazor and updates across various platforms, showcasing Progress's commitment to empowering developers with tools for inclusive app development.
Progress (NASDAQ: PRGS) reported strong financial results for Q4 2022, with revenue of $157.1 million, a 12% increase year-over-year. Non-GAAP revenue reached $159.2 million, growing 11% year-over-year. Diluted EPS improved 64% to $0.54, surpassing guidance, while non-GAAP diluted EPS increased 22% to $1.12. The company achieved an operating margin of 19% (non-GAAP: 39%). Annualized Recurring Revenue (ARR) stood at $497 million, up 3.5% year-over-year. Additionally, Progress announced a definitive agreement to acquire MarkLogic, anticipated to enhance annualized sales beyond $700 million. Guidance for FY 2023 projects revenue of $671 - $681 million.
Progress (NASDAQ: PRGS) announced the recipient of the 2022 Akanksha Scholarship for Women in STEM in India, awarded to Latha Bethelli, a computer science student. This four-year renewable scholarship supports women pursuing degrees in technology fields. Applications for the 2023 Mary Székély Scholarship in the U.S. are open until March 10, 2023. This initiative is part of Progress’s commitment to gender equity and empowering women in STEM. CEO Yogesh Gupta emphasized the importance of diverse perspectives in fostering innovation.
Progress (Nasdaq: PRGS) will release its fiscal fourth quarter and year 2022 financial results on January 17, 2023, after market close. The fiscal year ended on November 30, 2022. A conference call to discuss the results will follow at 5:00 p.m. ET on the same day, available via webcast on the investor relations page of Progress' website. An archive will be accessible after the call. Progress provides application development and infrastructure software, supporting hundreds of thousands of enterprises globally.
Progress has announced the acquisition of MarkLogic for $355 million, enhancing its product suite with a NoSQL database and semantic metadata management capabilities. The deal is anticipated to close in early 2023, pending regulatory approvals. This acquisition aligns with Progress' Total Growth Strategy and is expected to generate over $100 million in annual revenue. Preliminary fourth quarter 2022 results indicate an ARR of approximately $497 million, marking a 3.5% year-over-year growth. The financial call detailing further insights is scheduled for January 17, 2023.
Progress (Nasdaq: PRGS) has been recognized by The Boston Club in its 2022 Census of Women Directors and Executive Officers as one of nine companies with a 'critical mass of Women Directors and Executive Officers' in Massachusetts. This recognition highlights Progress' commitment to inclusion and diversity, as it aligns with the census' findings that women now hold nearly 30% of board positions among the largest public companies in the state. CEO Yogesh Gupta emphasizes the company’s focus on gender parity and social responsibility.
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