Progress To Acquire ShareFile; Reiterates Guidance

(RTTNews) - Progress (PRGS) has entered into a definitive agreement to acquire ShareFile, a business unit of Cloud Software Group, providing SaaS-native, AI-powered, document-centric collaboration, focusing on industry segments including business and professional services, financial services, healthcare and construction. ShareFile is projected to add more than $240 million in annual revenue and more than 86,000 customers to Progress.

Progress expects revenue and non-GAAP earnings per share for third quarter to be within or above the high end of previously issued guidance provided on June 25, 2024.

Progress' Board has approved the suspension of quarterly dividend as of the closing of the ShareFile acquisition and plans to redirect such capital toward the repayment of debt to increase liquidity for future M&A and for share repurchases.