Progress Completes Acquisition of ShareFile
Progress (PRGS) has completed the acquisition of ShareFile, a SaaS-native, AI-powered document collaboration platform, from Cloud Software Group for $875 million. The acquisition, funded through cash and existing credit facility, aligns with Progress' Total Growth Strategy focused on investment, innovation, acquisition, integration, and customer success. ShareFile is expected to contribute over $240M in annual revenue and bring more than 86,000 customers to Progress. The platform serves various industries including business services, financial services, industrial, and healthcare sectors, enhancing Progress' Digital Experience portfolio with improved document sharing and collaboration capabilities.
Progress (PRGS) ha completato l'acquisizione di ShareFile, una piattaforma di collaborazione documentale basata su SaaS e alimentata dall'IA, dal Cloud Software Group per 875 milioni di dollari. L'acquisizione, finanziata tramite liquidità e una linea di credito esistente, è in linea con la Strategia di Crescita Totale di Progress, focalizzata su investimento, innovazione, acquisizioni, integrazione e successo del cliente. Si prevede che ShareFile contribuirà con oltre 240 milioni di dollari di entrate annuali e porterà più di 86.000 clienti a Progress. La piattaforma serve vari settori, tra cui servizi aziendali, servizi finanziari, industriali e sanitari, migliorando il portafoglio Esperienza Digitale di Progress con funzionalità avanzate di condivisione e collaborazione documentale.
Progress (PRGS) ha completado la adquisición de ShareFile, una plataforma de colaboración de documentos basada en SaaS y potenciada por IA, del Cloud Software Group por 875 millones de dólares. La adquisición, financiada a través de efectivo y una línea de crédito existente, se alinea con la Estrategia de Crecimiento Total de Progress, centrada en la inversión, la innovación, la adquisición, la integración y el éxito del cliente. Se espera que ShareFile contribuya con más de 240 millones de dólares en ingresos anuales y traiga más de 86,000 clientes a Progress. La plataforma sirve a diversas industrias, incluidos servicios empresariales, servicios financieros, industriales y de atención médica, mejorando el portafolio de Experiencia Digital de Progress con capacidades mejoradas de compartición y colaboración de documentos.
Progress (PRGS)는 Cloud Software Group으로부터 $8억 7천5백만 달러에 SaaS 기반의 AI 구동 문서 협업 플랫폼인 ShareFile을 인수했다고 발표했습니다. 이번 인수는 현금 및 기존 신용 시설을 통해 자금을 조달했으며, Progress의 총 성장 전략과 일치합니다. 이 전략은 투자, 혁신, 인수, 통합 및 고객 성공에 중점을 두고 있습니다. ShareFile은 연간 2억 4천만 달러 이상의 수익에 기여하고 86,000명 이상의 고객을 Progress에 가져올 것으로 예상됩니다. 이 플랫폼은 비즈니스 서비스, 금융 서비스, 산업 및 의료 부문을 포함한 다양한 산업에 서비스를 제공하며, 문서 공유 및 협업 기능을 개선하여 Progress의 디지털 경험 포트폴리오를 강화합니다.
Progress (PRGS) a finalisé l'acquisition de ShareFile, une plateforme de collaboration documentaire native SaaS et alimentée par l'IA, auprès de Cloud Software Group pour 875 millions de dollars. L'acquisition, financée par des liquidités et une ligne de crédit existante, s'inscrit dans la stratégie de croissance totale de Progress, axée sur l'investissement, l'innovation, les acquisitions, l'intégration et la réussite des clients. ShareFile devrait contribuer à plus de 240 millions de dollars de revenus annuels et apporter plus de 86 000 clients à Progress. La plateforme sert divers secteurs, y compris les services aux entreprises, les services financiers, l'industrie et la santé, en renforçant le portefeuille d'expériences numériques de Progress avec des capacités améliorées de partage et de collaboration de documents.
Progress (PRGS) hat die Übernahme von ShareFile, einer SaaS-basierten, KI-gestützten Dokumenten-Zusammenarbeitsplattform, von der Cloud Software Group für 875 Millionen Dollar abgeschlossen. Die Übernahme, die aus Barmitteln und vorhandenen Kreditlinien finanziert wurde, steht im Einklang mit der Gesamtwachstumsstrategie von Progress, die sich auf Investitionen, Innovationen, Übernahmen, Integration und Kundenerfolg konzentriert. Es wird erwartet, dass ShareFile über 240 Millionen Dollar an jährlichen Einnahmen beitragen und mehr als 86.000 Kunden zu Progress bringen wird. Die Plattform bedient verschiedene Branchen, darunter Unternehmensdienstleistungen, Finanzdienstleistungen, Industrie und Gesundheitswesen, und verbessert das Portfolio von Progress im Bereich digitale Erfahrung mit erweiterten Dokumentenfreigabe- und Kollaborationsfunktionen.
- Expected addition of over $240M in annual revenue
- Addition of more than 86,000 customers to existing base
- Strategic expansion of Digital Experience portfolio
- Diversification into new industry segments
- Significant capital expenditure of $875 million
- Increased debt burden through use of credit facility
Insights
The
The transaction's funding structure, combining cash and credit facility, indicates strong financial planning while maintaining flexibility. This acquisition will materially impact Progress' financial metrics, potentially increasing total annual revenue by approximately 25-30% based on current run rates. The focus on regulated industries like financial services and healthcare suggests stable, recurring revenue streams with potential for upselling across the expanded customer base.
This strategic acquisition positions Progress strongly in the rapidly growing document collaboration and AI-powered workflow automation market. ShareFile's SaaS platform, particularly its focus on regulated industries, complements Progress' existing infrastructure software portfolio. The integration of ShareFile's AI capabilities with Progress' Digital Experience suite creates significant cross-selling opportunities and technological synergies.
The deal strengthens Progress' competitive position against other enterprise software providers and expands their addressable market in high-value sectors. The emphasis on security and efficient document sharing addresses critical enterprise needs, particularly in regulated industries where compliance and secure collaboration are paramount.
ShareFile’s AI-powered, document-centric collaboration platform expands Progress’ industry-leading product portfolio and marks a major milestone in the company’s Total Growth Strategy
BURLINGTON, Mass., Oct. 31, 2024 (GLOBE NEWSWIRE) -- Progress (Nasdaq: PRGS), the trusted provider of AI-powered infrastructure software, today announced the completion of the acquisition of ShareFile, a business unit of Cloud Software Group, Inc., providing a SaaS-native, AI-powered, document-centric collaboration platform, focusing on industry segments including business and professional services, financial services, industrial and healthcare.
“This acquisition marks the latest major milestone in Progress’ Total Growth Strategy, which is built on three pillars: Invest and Innovate, Acquire and Integrate and Drive Customer Success. The addition of ShareFile significantly enhances our product capabilities, benefiting our customers and meaningfully expanding the customer base we serve,” said Yogesh Gupta, CEO of Progress. “We are thrilled to welcome ShareFile customers and employees to the Progress community and look forward to a bright future with ShareFile now part of Progress."
Progress products help organizations to develop, deploy and manage responsible AI-powered applications and experiences. ShareFile fits strategically with Progress’ Digital Experience portfolio to enable customers to deliver more efficient and effective client and team collaboration, while simplifying the sharing of documents and prioritizing security.
As previously announced, Progress acquired ShareFile for a purchase price of
About Progress
Progress (Nasdaq: PRGS) empowers organizations to achieve transformational success in the face of disruptive change. Our software enables our customers to develop, deploy and manage responsible AI-powered applications and experiences with agility and ease. Customers get a trusted provider in Progress, with the products, expertise and vision they need to succeed. Over 4 million developers and technologists at hundreds of thousands of enterprises depend on Progress. Learn more at www.progress.com.
Note Regarding Forward-Looking Statements
This press release contains statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Progress has identified some of these forward-looking statements with words like “believe,” “may,” “could,” “would,” “might,” “should,” “expect,” “intend,” “plan,” “target,” “anticipate” and “continue,” the negative of these words, other terms of similar meaning or the use of future dates. Risks, uncertainties and other important factors that could cause actual results to differ from those expressed or implied in the forward-looking statements include: uncertainties as to the effects of disruption from the acquisition of ShareFile (i.e., making it more difficult to maintain relationships with employees, licensees, other business partners or governmental entities); other business effects, including the effects of industry, economic or political conditions outside of Progress’ or ShareFile’s control; transaction costs; actual or contingent liabilities; uncertainties as to whether anticipated synergies will be realized; and uncertainties as to whether ShareFile’s business will be successfully integrated with Progress' business. For further information regarding risks and uncertainties associated with Progress' business, please refer to Progress' filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended November 30, 2023. Progress undertakes no obligation to update any forward-looking statements, which speak only as of the date of this press release.
| Press Inquiries: Erica McShane VP, Corporate Communications Progress Software +1 781-280-4000 pr@progress.com | Investor Relations: Mike Micciche SVP, Investor Relations Progress Software +1 781-280-4000 Investor-relations@progress.com |
FAQ
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