FX.co ★ Progress To Acquire ShareFile; Reiterates Guidance

Progress Software Corporation (NASDAQ: PRGS) has signed a definitive agreement to acquire ShareFile, a division of Cloud Software Group specializing in SaaS-native, AI-driven, document-centric collaboration. This strategic acquisition will enhance Progress's presence in sectors such as business and professional services, financial services, healthcare, and construction. ShareFile is anticipated to contribute over $240 million in annual revenue and expand Progress's customer base by more than 86,000 clients.

For the third quarter, Progress forecasts that revenue and non-GAAP earnings per share will meet or exceed the high end of the guidance issued on June 25, 2024.

Additionally, Progress's Board of Directors has approved the suspension of quarterly dividend payments effective upon the closure of the ShareFile acquisition. The reallocated funds will be used to repay debt, thereby increasing liquidity for future mergers and acquisitions as well as share repurchase initiatives.