Progress announced the completion of its acquisition of ShareFile, a business unit of Cloud Software Group, Inc., for a purchase price of $875 million in cash. The acquisition was funded through a combination of cash on hand and Progress's existing revolving credit facility.
ShareFile, a SaaS-native, AI-powered, document-centric collaboration platform, is expected to add more than $240 million in annual revenue and over 86,000 customers to Progress. This acquisition significantly enhances Progress's product capabilities and expands its customer base, aligning with its 'Total Growth Strategy'.
In connection with the ShareFile acquisition, Progress's Board of Directors suspended the quarterly cash dividend. This capital reallocation prioritizes aggressive debt repayment and opportunistic share repurchases, aiming to increase liquidity and capacity for future M&A activities.
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