Progress Soft Stock Price, News & Analysis

Progress (Nasdaq: PRGS) has expanded its partnership with Ingram Micro to enhance its application experience products across Sweden, Finland, Denmark, and Norway. This collaboration aims to increase the access of channel partners and resellers to Progress® MOVEit® file transfer and Progress® WhatsUp® Gold network monitoring software. The partnership responds to the growing need for secure and efficient management of business operations amidst rising cyber threats, enabling businesses to improve security and infrastructure visibility.

Progress (Nasdaq: PRGS) announced that Bechtle IT System House Bonn/Cologne is utilizing its WhatsUp Gold software to enhance network monitoring and device detection. This integration allows Bechtle to reduce operational risks and improve client satisfaction by automatically identifying unmonitored devices. With the rise of hybrid work and increased cloud usage, effective infrastructure visibility is now crucial for IT operations teams. WhatsUp Gold's REST API facilitates continuous discovery of new endpoints, ensuring robust network security and performance.

Progress (NASDAQ: PRGS) announced the inaugural recipient of the Progress Software Akanksha Scholarship for Women in STEM, aimed at supporting female students in India pursuing degrees in technology-related fields. The scholarship covers tuition and educational expenses for four years. The first awardee, Akhila Karanam, is a second-year student at Keshav Memorial Institute of Technology, chosen for her academic excellence and personal attributes. Additionally, applications are open for the Mary Székely Scholarship for women in the U.S., honoring Progress's co-founder.

Progress (NASDAQ: PRGS) announced an amended secured credit facility totaling $575 million, encompassing a $275 million senior secured term loan and a $300 million revolving line of credit. This facility can be expanded by an additional $260 million, contingent on specific leverage ratio tests. The facility replaces the prior agreement from April 2019 and matures on January 25, 2027. CFO Anthony Folger emphasized the benefits of lower costs and increased liquidity, positioning the company for future growth.

Progress (NASDAQ: PRGS) announced the R1 2022 release of Progress® Telerik® and Progress® Kendo UI®, introducing over 50 new components and day-one support for .NET 6, Visual Studio 2022, and Angular 13. Key enhancements include new UI components for Blazor and ASP.NET Core, expanding collaboration tools for developers and designers, and support across the entire Telerik product suite. The release solidifies Progress's position in the developer tools market by offering the largest native UI component libraries for multiple frameworks, aimed at improving developer productivity.

Progress (NASDAQ: PRGS) reported Q4 2021 revenue of $140.1 million, a 14% increase year-over-year, exceeding guidance. The annualized recurring revenue (ARR) reached $486 million, up 12% year-over-year. However, diluted EPS declined to $0.33, down 15% from Q4 2020. Full-year revenue rose 20% to $531.3 million, with net income down 2% to $78.4 million. For FY 2022, revenue guidance is $597 - $607 million. Despite positive metrics, currency translation is expected to negatively impact results.

Progress has announced that the City of Pleasanton, California, has upgraded its network management with WhatsUp Gold software, enhancing monitoring capabilities for over 200 infrastructure devices and 1,200 endpoints. This upgrade integrates log management, allowing for quicker identification and troubleshooting of network issues. The Pleasanton IT team reports significant time savings and improved network transparency, thanks to the streamlined capabilities introduced by WhatsUp Gold 2021. The software was recognized as a leader in the Network Monitoring-Enterprise Data Quadrant by Info-Tech Research Group.

Progress (NASDAQ: PRGS) announces collaboration with BAYOOTEC, a software provider in the DACH region, utilizing Kendo UI JavaScript libraries. This partnership enables BAYOOTEC to develop user-friendly applications efficiently, cutting frontend development time by 15%. The intuitive interface has enhanced customer satisfaction and streamlined digitalization across over 800 organizations. Progress's Kendo UI supports the creation of rapid, feature-rich applications using popular frameworks like Angular and Vue, driving innovation and business growth.