Progress Software Corporation

What Progress does

• Provides software products that enable customers to develop, deploy, and manage responsible AI-powered applications and digital experiences.
• Helps organizations build modern, strategic business applications with tools for development, deployment, and management across AI, data, and workflow domains.

Global footprint and development presence

• Operates in North America, Latin America, Europe, the Middle East and Africa (EMEA), and Asia and Australia (Asia Pacific) through local subsidiaries and independent distributors.
• Primary development offices: Sofia (Bulgaria); Brno (Czech Republic); Bengaluru and Hyderabad (India); Limerick (Ireland); Manresa (Spain); Alpharetta, GA; Burlington, MA; Madison, WI; and Raleigh, NC.

Growth strategy and capital allocation

• Pursues growth through accretive acquisitions of businesses and products that meet defined strategic, financial, and operating criteria.
• Notable acquisitions:
  • Ipswitch (April 2019)
  • Chef Software (October 2020)
  • Kemp Technologies (November 2021)
  • MarkLogic (February 2023)
  • ShareFile (October 2024)
  • Nuclia (June 2025)
• Uses share repurchases to return capital to stockholders and intends to continue repurchases to offset dilution from equity plans; may conduct additional repurchases based on market conditions.

Product portfolio

• Progress Agentic RAG: Agentic RAG-as-a-Service platform offering modular retrieval for AI agents from diverse unstructured data formats.
• Progress Automate MFT: Scalable, cloud-native SaaS platform for automated and secure file transfers.
• Progress Chef: DevOps/DevSecOps automation for secure, continuous delivery of applications and infrastructure.
• Progress Corticon: Decision automation platform to streamline and automate complex business rules without coding.
• Progress DataDirect: Secure data connectivity across relational, NoSQL, big data, and SaaS sources.
• Progress Developer Tools: Tooling suite including UI components, AI-prompt components, reporting, and testing/mocking tools.
• Progress Flowmon: AI-powered network security and visibility with automated response in hybrid cloud environments.
• Progress Kemp LoadMaster: Load balancer and application delivery/security product for cloud-native, virtual, and hardware environments.
• Progress MarkLogic: Data agility platform for secure data/metadata connectivity, interpretation, and contextualized data consumption.
• Progress MOVEit: Managed file transfer solution for secure movement of sensitive files, with at-rest and in-transit protection and compliance.
• Progress OpenEdge: Application development platform for high-performance, high-availability enterprise apps with flexible deployment.
• Progress Semaphore: Semantic AI platform for knowledge extraction, context, and generative AI responses.
• Progress ShareFile: AI-powered, document-centric collaboration with workflow, client portals, file syncing/sharing, and integrated eSignature.
• Progress Sitefinity: Digital experience platform with AI-powered marketing tools and an extensible development framework.
• Progress WhatsUp Gold: Network infrastructure monitoring for visibility across hybrid environments.

Customers, sales model, and channel structure

• Sells directly to end users and through indirect channels.
• Revenue model includes perpetual licenses, term licenses, and subscription licenses; cloud/SaaS offerings are generally subscription-based and include maintenance and support.
• Channel ecosystem includes independent software vendors (ISVs), original equipment manufacturers (OEMs), distributors, resellers, and systems integrators.
• No single customer accounted for more than 10% of total revenue in the last three fiscal years.
• Approximately half of worldwide revenue is realized through relationships with indirect channel partners (ISVs, OEMs, distributors, VARs).

Customer support, services, and delivery

• Customer support is provided from multiple regional centers, including Sofia (Bulgaria); San Jose (Costa Rica); Brno (Czech Republic); Bengaluru and Hyderabad (India); Limerick (Ireland); Rotterdam (Netherlands); Singapore; Alpharetta, GA; Burlington, MA; Madison, WI; and Raleigh, NC.
• Professional services organization delivers project management, implementation, custom development, and education services, including modernization, automation, data management, performance tuning, and analytics.

Intellectual property and open source considerations

• Protects proprietary rights through copyright, patents, trademarks, and trade secrets; products are generally licensed rather than sold outright.
• Chef offerings incorporate components licensed under open source licenses, which can affect the value of software copyrights.
• Relies on trade secrets, unpublished works, and developer talent to maintain product leadership; open source use introduces exposure and compliance considerations.

Competitive landscape

• Competes in a highly competitive software market where factors include reputation, performance, price, platform availability, scalability, integration, functionality, ease of use, services quality, and the ability to address specific business problems.
• Faces competition from vendors offering proprietary licenses as well as open-source alternatives.

Financial reporting and segment structure

• Operates as one software-based operating segment; consolidated financial reporting is the basis for performance assessment.
• The Chief Executive Officer is the Chief Operating Decision Maker (CODM).