Progress Completes Acquisition of ShareFile

Progress, a leading provider of AI-powered infrastructure software, has completed the acquisition of ShareFile, a document-centric collaboration platform previously belonging to Cloud Software Group, Inc. This move is a significant milestone in Progress's Total Growth Strategy, which includes goals of investment in innovation, strategic acquisitions, and driving customer success. The acquisition, valued at $875 million and funded through cash and a revolving credit facility, is expected to add over $240 million in annual revenue and expand Progress's customer base by more than 86,000. ShareFile's integration into Progress is anticipated to enhance the digital experience portfolio of the company, increasing efficiencies in team and client collaboration while ensuring document security. This acquisition aligns with Progress's commitment to developing responsible AI-powered applications and experiences. CEO Yogesh Gupta expressed enthusiasm for welcoming ShareFile customers and employees to the Progress community, highlighting the strategic fit of ShareFile within Progress's product suite. However, there are cautions regarding forward-looking statements about the integration process, possible uncertainties, and risks associated with the acquisition.