This was our second investor call with Progress this year – and we had plenty to talk about!
We spent the bulk of our time discussing their recently announced $875M acquisition of ShareFile. Something PRGS is very good at is acquiring companies, integrating them, and extracting higher margins. ShareFile is currently operating at 15-20% margins and PRGS believes they can take that to 40% – lots of synergies and they have the experience to make it happen.
I asked for 3 Key Takeaways:
- Consistent Performance – Beats Expectations
- MOVEit Security Breach from 2023 is largely behind them – Favorable outcomes from various regulators
- Growth/M&A – ShareFile Acquisition is a great example. More to come!
Take a look at them here: https://www.progress.com/
“Thank You” to Anthony Folger and Michael R. Micciche for giving us your time today and “thank you” to all of the investors that joined us! Our friends at Seaport Research Partners opened this call up to their client base – we appreciate the partnership.