Progress Software's Big Bet: Acquires ShareFile For $875M While Hitting Pause On Dividends
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Progress Software Corporation is set to acquire ShareFile for an undisclosed amount, slowing dividends to focus on debt repayment and future mergers. ShareFile, specializing in AI-powered document collaboration, is projected to generate over $20 million in annual revenue and gain 86,000 customers. Progress anticipates meeting or exceeding its third-quarter revenue and adjusted EPS guidance ranging from $125 million to $130 million and $0.11 to $0.15, respectively. PRGS shares fell 1.59% to $50.74 on the news. The deal is expected to close within the company's fiscal year ending November 30, 2024, pending regulatory approvals.
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