Progress Software closes $400M Domo AI deal
Progress Software Corporation (PRGS) completed its previously announced acquisition of substantially all assets and employees of Domo, Inc.’s AI and data platform business on September 22, 2026, under a July 22, 2026 Asset Purchase Agreement.
Rhea-AI Filing Summary
Progress Software Corporation (PRGS) completed its previously announced acquisition of substantially all assets and employees of Domo, Inc.’s AI and data platform business on September 22, 2026, under a July 22, 2026 Asset Purchase Agreement. The acquired business includes cloud-native software for business intelligence, data visualization, reporting, data integration and analytics, embedded and distributed analytics, workflow and process automation, AI-powered data products and agents, and data governance and management for enterprise, commercial and governmental customers.
Progress paid an aggregate purchase price of $400 million in cash, funded through a combination of cash on hand and its existing revolving credit facility. Domo’s AI and data platform business will be integrated into Progress’ existing data platform offerings, adding a customer base of over 2,400 businesses and global strategic partners, including leading cloud data warehouse providers. Progress plans to provide additional details on the financial impact of the acquisition during its upcoming third quarter earnings conference call on Wednesday, September 30, 2026, at 5:00 p.m. ET.
Positive
- $400 million acquisition of Domo’s AI and data platform business expands Progress’ data platform portfolio and AI capabilities, adding over 2,400 customer relationships and strategic cloud partners.
- Deal funded with cash on hand and an existing revolving credit facility, indicating access to liquidity to complete a sizable strategic transaction.
Negative
- None.
Filing Explained
The acquired scope excludes Domo’s net operating loss carryforwards, while transaction-related financial statements and pro forma information remain due by amendment.
The September 22 filing confirms the transaction closed and specifies that Progress acquired substantially all of Domo’s assets and employees, excluding the seller’s net operating loss carryforwards, while assuming certain liabilities.
Progress also states that it will provide financial statements and pro forma financial information for the transaction in a later amendment, leaving the deal’s transaction-specific financial presentation unresolved in this filing.
8-K Event Classification
Key Figures
Key Terms
Asset Purchase Agreement regulatory
revolving credit facility financial
pro forma financial information financial
Regulation S-X regulatory
forward-looking statements regulatory
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What transaction did Progress Software (PRGS) complete with Domo?
How much did Progress Software (PRGS) pay for Domo’s AI and data platform business?
How will Domo’s business be integrated into Progress Software (PRGS)?
What customer base does the Domo acquisition add to Progress Software (PRGS)?
When will Progress Software (PRGS) discuss the financial impact of the Domo acquisition?
Will Progress Software (PRGS) provide pro forma financial information for this acquisition?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
____________________
Progress Software Corporation
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (Commission file number) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices, including zip code)
(Registrant’s telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.01. | Completion of Acquisition or Disposition of Assets. |
On September 22, 2026, pursuant to the terms of that certain Asset Purchase Agreement dated as of July 22, 2026 (the “Purchase Agreement”), by and between Progress Software Corporation, a Delaware corporation (“Progress”) and Domo, Inc., a Delaware corporation (the “Seller”), Progress completed the previously announced purchase of substantially all of the assets and employees, excluding the Seller’s net operating loss carryforwards, and assumption of certain liabilities of the Seller used in the operation of its business of providing software platforms, applications, tools and related technologies for business intelligence, data visualization, reporting and dashboarding, data integration and analytics, embedded and distributed analytics, workflow and process automation, AI-powered data products and AI agents, and data governance and data management, in each case delivered on a cloud-based, hosted, on premises or hybrid basis to enterprise, commercial and governmental customers. The transactions contemplated by the Purchase Agreement are collectively referred to as the “Transaction”.
Upon the closing of the Transaction, Progress paid an aggregate purchase price of $400 million in cash funded via a combination of cash on hand and an existing revolving credit facility.
Pursuant to Rule 3-05 and Article 11 of Regulation S-X, Progress will file financial statements and pro forma financial information related to the Transaction by an amendment to this Current Report on Form 8-K.
The foregoing descriptions of the Purchase Agreement and the Transaction do not purport to be complete and are qualified in their entirety by reference to the Purchase Agreement, a copy of which was filed as Exhibit 2.1 of Progress’ Current Report on Form 8-K filed with the Securities and Exchange Commission on July 22, 2026, and is incorporated herein by reference.
| Item 7.01. | Regulation FD Disclosure. |
On September 22, 2026, the Company issued a press release with respect to the closing of the Transaction, a copy of which is attached hereto and furnished as Exhibit 99.1.
The information furnished pursuant to this Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any other filing by Progress under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
|
Exhibit No. |
Description | |
|
2.1 |
Asset Purchase Agreement, dated as of July 22, 2026, by and between and Progress Software Corporation and Domo, Inc. (incorporated by reference to Exhibit 2.1 to Progress’ Current Report on Form 8-K filed July 22, 2026)* | |
|
99.1 |
Press Release, dated September 22, 2026 | |
|
104 |
Cover Page Interactive Data file (embedded within the Inline XBRL document) |
* The schedules to the Purchase Agreement have been omitted from this filing pursuant to Item 601(a)(5) of Regulation S-K. Registrant will furnish copies of such schedules to the Securities and Exchange Commission upon request by the Commission.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: September 22, 2026 | Progress Software Corporation | |
| By: | /s/ YUFAN STEPHANIE WANG | |
| YuFan Stephanie Wang | ||
| Chief Legal Officer and Corporate Secretary | ||
Exhibit 99.1
Progress Software Completes Acquisition of Domo's AI and Data Platform Business
Acquisition advances Progress’ strategy to deliver the context and control organizations need to achieve trusted AI and agentic outcomes with confidence
Burlington, Mass., September 22, 2026—Progress Software (Nasdaq: PRGS), an AI infrastructure software leader, today announced it has completed its acquisition of substantially all the assets of Domo’s AI and data platform business, as well as assumed certain liabilities.
“As organizations pursue AI initiatives, the challenge is no longer simply access to AI technology,” said Yogesh Gupta, CEO of Progress Software. “It is creating the right context, grounded in trusted data and knowledge, and maintaining the right control through governance, security and oversight. Together, context and control enable organizations to adopt and scale AI with confidence. We are excited to welcome Domo to Progress because it strengthens our ability to help customers build that foundation.”
Domo's cloud-native AI and data platform business will become part of Progress’ existing data platform offerings, further strengthening Progress’ ability to help customers connect, govern and activate enterprise data for secure, scalable AI and agentic initiatives.
Domo adds a customer base of over 2,400 businesses to Progress as well as global strategic partners including leading cloud data warehouse providers.
Continued Gupta, “Domo brings innovative technology, a talented team, a passionate customer base and a shared belief that organizations should be able to unlock the full value of their data. We see exciting opportunities ahead to build on our respective strengths and to continue helping organizations thrive in a world powered by AI.”
As previously announced, Progress paid $400M for the acquisition, funded with a combination of cash and its existing revolving credit facility. Progress will provide additional information on the financial impact of this acquisition on its upcoming third quarter earnings conference call on Wednesday, September 30th at 5:00pm ET.
About Progress Software
Progress Software (Nasdaq: PRGS) provides the context and control organizations need to reliably extract value from AI—context drawn from an organization's data, content and workflows, and control over the security, governance and cost of their AI initiatives. Learn how hundreds of thousands of businesses, powering the work of tens of millions of professionals worldwide, realize value from trusted, enterprise-ready AI 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 Domo 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’ control; transaction costs; actual or contingent liabilities; uncertainties as to whether anticipated synergies or tax benefits will be realized; and uncertainties as to whether Domo’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, 2025. Progress undertakes no obligation to update any forward-looking statements, which speak only as of the date of this press release.
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Progress is a trademark or registered trademark of Progress Software Corporation and/or its subsidiaries or affiliates in the U.S. and other countries. Any other names contained herein may be trademarks of their respective owners.
| Press Contact: Jeff Young 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 |