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Progress Software Corp. (PRGS) provides AI-powered digital experience and infrastructure software used to develop, deploy and manage applications, content, data movement and network operations. Its product portfolio spans Sitefinity, ShareFile, MOVEit, OpenEdge, Chef, Kemp LoadMaster, MarkLogic, DataDirect, Corticon, Flowmon and WhatsUp Gold, covering areas such as content management, document collaboration, managed file transfer, DevOps automation, application development, data connectivity and network security.
Company news commonly covers quarterly financial results, product releases, AI capabilities, security and compliance features, and global workforce operations. Recent recurring themes include Sitefinity Generative CMS, ShareFile document workflows, expansion of engineering and customer operations in India, corporate social responsibility reporting and STEM scholarship initiatives.
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.
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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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Progress (Nasdaq: PRGS) will celebrate its commitment to customers and community by ringing the Nasdaq opening bell on November 4 at 9:15 a.m. ET. CEO Yogesh Gupta emphasizes the company's focus on fostering an inclusive culture that drives business success. Progress is recognized as the 6th best-performing stock in the iShares Expanded-Tech Software Sector ETF year-to-date. The company prides itself on its Corporate Social Responsibility initiatives, receiving nearly 50 awards for its employer practices and contributions to social justice and economic equality.
Progress (Nasdaq: PRGS) reported strong financial results for Q3 2022, with revenue of $151.2 million, a 3% increase year-over-year. Annualized Recurring Revenue reached $495 million, up 13%. Despite this growth, diluted EPS fell to $0.50, a 29% decrease from last year. The company maintained solid cash flow, with $39.7 million from operations and a quarterly dividend of $0.175 declared. For FY 2022, Progress updated guidance to $601-$609 million in revenue and $2.12-$2.20 in diluted EPS, reflecting the impact of foreign exchange headwinds.
Progress (Nasdaq: PRGS) has appointed YuFan Stephanie Wang as the new Executive Vice President, Chief Legal Officer, and Secretary. Stephanie will oversee legal, compliance, and corporate governance efforts. Having joined Progress in May 2022, she previously held a senior legal role at W. P. Carey Inc. and has made significant contributions to Progress's corporate governance and M&A strategies. CEO Yogesh Gupta expressed confidence in her capabilities to drive future growth and stability for the company.
Progress (Nasdaq: PRGS) has announced the expansion of its Chef DevSecOps portfolio to India, enhancing Microsoft Azure customers' access to automation tools for secure cloud migration. This initiative supports the trend of increased cloud adoption, with nearly 70% of companies accelerating their migration over the past year. Progress emphasizes the importance of integrating security in the development process to reduce risks during cloud transitions. The collaboration with Microsoft aims to provide comprehensive solutions for application development, infrastructure management, and continuous compliance.
Progress (Nasdaq: PRGS) has announced the R3 2022 release of its developer tools portfolio, enhancing offerings like Telerik and Kendo UI. New features include the Progress ThemeBuilder Pro, which simplifies the implementation of design systems for web applications. The release adds new components across various frameworks such as Angular, Blazor, and .NET MAUI, boosting the total to 100 for Blazor alone. These updates focus on improving user experience and developer productivity, aligning with the growing demand for high-quality, accessible UI development.