• Like Microsoft's enterprise software tools for developing and managing business applications.
• Like IBM's middleware and data software divisions for building and integrating enterprise applications.

• Progress OpenEdge: An application development platform used to build, deploy, and manage mission-critical business applications.
• Progress Telerik & Kendo UI: Comprehensive suites of UI components and development tools that empower developers to build rich user interfaces across various platforms.
• Progress Sitefinity: A robust content management system (CMS) and digital experience platform (DXP) that helps organizations create, manage, and optimize engaging digital experiences.
• Kemp LoadMaster & Flowmon: Application delivery controllers (ADCs) and network visibility solutions that ensure application performance, high availability, and security.
• Progress DataDirect Connectors: Leading data connectivity solutions that provide universal access to a wide range of databases and data sources for applications and analytics.
• Progress WhatsUp Gold: An IT infrastructure monitoring software that provides visibility into network devices, servers, and applications to identify and resolve performance issues.
• Progress Chef: A suite of DevOps automation tools that enable companies to automate infrastructure, application, and compliance at scale.

Progress Software (symbol: PRGS) primarily sells its software products and services to other businesses (B2B), rather than directly to individuals. Their offerings include application development platforms, UI components, data connectivity solutions, and content management tools, which are utilized by companies to build, deploy, and manage their own applications and services.

Due to the nature of its business – providing underlying technology and components – Progress Software serves a very broad and diverse customer base consisting of thousands of organizations globally. These customers are typically Independent Software Vendors (ISVs) who embed Progress technology into their own products, or enterprises that use Progress solutions for their internal application development and data infrastructure needs. Progress's financial filings indicate that no single customer accounts for 10% or more of its revenue, highlighting the dispersed nature of its customer base.

While Progress does not have a concentrated list of "major customers" in terms of revenue contribution, several publicly traded companies have been identified as users of Progress Software products. These serve as examples of the types of organizations that leverage Progress technology:

• Tyler Technologies (symbol: TYL) - A leading provider of integrated software and technology services to the public sector. They are a long-standing user of Progress OpenEdge technology for some of their core applications.
• The Sage Group plc (symbol: SGE.L) - A British multinational enterprise software company. Sage utilizes Progress OpenEdge and DataDirect solutions within some of its product offerings.
• Siemens AG (symbol: SIE.DE or SMSN.US as ADR) - A German multinational conglomerate and Europe's largest industrial manufacturing company. Siemens has utilized Progress Telerik UI components for various application development needs.
• Honeywell International Inc. (symbol: HON) - An American multinational conglomerate primarily operating in the aerospace, building technologies, performance materials and technologies, and safety and productivity solutions sectors. Honeywell has also been noted as a user of Progress developer tools.

It is important to reiterate that these are examples of companies utilizing Progress products, and they represent a fraction of Progress Software's extensive and diversified customer base, which includes numerous private companies and ISVs across various industries worldwide.

• Amazon.com, Inc. (AMZN)
• Microsoft Corporation (MSFT)

Yogesh Gupta, Chief Executive Officer

Yogesh Gupta became President and Chief Executive Officer of Progress Software in October 2016. He has a strong background in leading private equity-backed software companies, having previously served as President and CEO of Kaseya, Inc., an IT management software company backed by private equity. Before Kaseya, he was President and CEO of FatWire Software, a VC-backed marketing automation software company, which he led through significant revenue growth and a successful acquisition by Oracle. Gupta also held several corporate officer roles at CA Inc., including Chief Technology Officer and Chief Strategy Officer, and head of M&A.

Anthony Folger, Chief Financial Officer

Anthony Folger joined Progress as Chief Financial Officer in January 2020. Prior to his role at Progress, he served as the CFO of Carbonite, Inc., which was acquired by OpenText Corporation. He also held CFO and other senior finance positions at Acronis, Starent Networks, and PricewaterhouseCoopers, bringing extensive operational and corporate development experience in high-growth global technology companies.

John Ainsworth, Executive Vice President, General Manager, Application and Data Platform

As Executive Vice President, General Manager for the Progress Application and Data Platform business, John Ainsworth leads teams in engineering, support, product management, and sales. With over 30 years in the software industry, he previously held positions of increasing seniority at CA Technologies, where he was responsible for delivering horizontal engineering services and driving various R&D initiatives.

Loren Jarrett, Executive Vice President, General Manager, Digital Experience

Loren Jarrett serves as the Executive Vice President and General Manager for Digital Experience at Progress. She has been with Progress since January 2017.

YuFan Stephanie Wang, Chief Legal Officer and Secretary

YuFan Stephanie Wang serves as the Chief Legal Officer and Secretary for Progress Software. She manages the company's legal affairs, compliance, risk management, and corporate governance.

1. Cybersecurity Vulnerabilities and Litigation Risk: Progress Software has experienced significant cybersecurity incidents, particularly with its MOVEit Transfer and WS_FTP Server products. These vulnerabilities have led to critical security flaws, data breaches impacting numerous organizations and individuals, and subsequent class-action lawsuits. The ongoing legal and financial exposure, along with potential reputational harm, represents a substantial risk to the company.
2. Acquisition Integration Challenges and Increased Indebtedness: A core part of Progress Software's growth strategy involves acquiring other software companies. This strategy introduces risks related to the successful integration of acquired businesses, including operational disruptions, challenges in realizing expected synergies, and the potential for acquired assets not performing as anticipated. Acquisitions also significantly increase the company's debt, which requires careful management and deleveraging efforts. The recent ShareFile acquisition highlights these integration and debt-related risks.
3. Intense Competition and Slower Organic Growth: Progress Software operates in a highly competitive software industry where it faces larger competitors with greater resources. Its products are often smaller than those of rivals in key areas, making it challenging to gain market share. The company has also experienced a relatively slower organic growth profile and a dependence on older product lines like OpenEdge, which could be impacted by rapid technological changes and evolving customer requirements. Failure to continually innovate and adapt to market demands, including the integration of AI capabilities, poses a risk to its competitive position.

• The accelerating shift towards cloud-native application development, microservices architectures, containerization (e.g., Kubernetes), and serverless computing. This trend offers companies alternative pathways to build and modernize business applications that often bypass proprietary development platforms like Progress OpenEdge, potentially diminishing its long-term market growth and relevance for new development initiatives.
• The continuous proliferation and increasing maturity of free and open-source UI component libraries and frameworks (e.g., React, Angular, Vue along with Material-UI, Ant Design, Vuetify). These robust and community-backed alternatives directly compete with Progress's commercial UI/UX tools like Telerik and Kendo UI, potentially leading to price pressure and market share erosion as developers increasingly opt for cost-effective, flexible, and widely supported open-source options.

Progress Software (NASDAQ: PRGS) offers a diverse portfolio of products and services for developing, deploying, and managing business applications. While specific total addressable market (TAM) sizes for each individual product are not consistently available in the search results, here's an overview of the market information found for their main offerings:

• Progress OpenEdge: This is a business application development platform. Progress has been identified as a leader in the Software Construction Components (SCC) market, holding a 9.6% market share in a 2017-2021 forecast. Companies using Progress OpenEdge are primarily located in the United States.
• Progress Sitefinity: A web content management (WCM) and digital experience platform. Progress Sitefinity has an estimated market share of 0.71% in the web content management market. Over 4,053 companies worldwide use Sitefinity, with the majority (67.09%) being in the United States. Progress Sitefinity generates an estimated $16.2 million in revenue.
• Progress Chef: This offering provides infrastructure automation for DevOps and DevSecOps. At the time of its acquisition by Progress in 2020, Chef had over $70 million in annual recurring revenue. Post-acquisition, Chef expanded its market visibility and sales to regions including Germany, France, Australia, and Central America/Latin America.
• Progress Telerik (including Kendo UI and Fiddler): Telerik encompasses UI tools for .NET development, while Kendo UI is a UI toolkit for web development, and Fiddler is a web debugging proxy. At the time of its acquisition by Progress in 2014, Telerik had over $60 million in revenue. Fiddler holds a significant market share of 44.82% in the debugging tools market globally, with 68.09% of its more than 1,206 customers located in the United States.
• Progress MOVEit: This is secure file transfer software. In 2023, a security vulnerability in MOVEit impacted over 2,500 organizations, with more than 80% of those organizations being US-based.

For other main products or services offered by Progress Software, such as Corticon (business rules engine), DataDirect (data connectivity), Kemp LoadMaster (load balancing), and MarkLogic (database), specific addressable market sizes in monetary terms were not found in the provided information.

Overall, Progress Software's total revenue (TTM) was $0.94 billion USD in 2025.

Expected Drivers of Future Revenue Growth for Progress Software (PRGS)

• Strategic Acquisitions and Integration: A primary driver of future revenue growth for Progress Software is its strategy of acquiring and integrating complementary businesses. The acquisition of ShareFile, finalized in October 2024, is consistently highlighted as a significant contributor to both recent and projected Annualized Recurring Revenue (ARR) and overall revenue growth, with strong demand and successful integration already noted. The company also explicitly states its ongoing corporate development efforts to seek additional strategic acquisitions that will add value to its portfolio, indicating continued inorganic growth as a key component of its strategy.
• AI-Powered Product Innovation and Demand: Progress Software is actively investing in and leveraging artificial intelligence across its product portfolio. The company has highlighted "AI-fueled demand" and has launched new AI webpages and products, such as "Agentic RAG for OpenEdge" and an AI platform for chatbots (NativeChat). This focus on developing responsible AI-powered applications and experiences, and integrating AI into its data platform and digital experience offerings, is expected to drive customer adoption and revenue expansion.
• Growth of Core and Recently Launched Products: Beyond major acquisitions, ongoing product innovation fueled by significant research and development investments is a consistent driver. Specific products like OpenEdge, DevTools products, Sitefinity, LoadMaster, and WhatsUp Gold have been noted for contributing to ARR growth. The continuous evolution of products to meet customer needs for application performance, availability, security, and environment management, along with the introduction of new features and capabilities, is crucial for retaining existing customers and attracting new ones.
• Strong Customer Retention and Expansion: Progress Software consistently reports a net retention rate at or above 100%. This indicates that existing customers are not only renewing their subscriptions but are also expanding their usage of Progress Software's products and services. Strong customer relationship management and smart investments in its product portfolio are cited as foundations for these robust retention rates, contributing steadily to recurring revenue.

Share Repurchases

• Progress Software repurchased approximately $19.97 million in shares in 2021, $60.88 million in 2022, $8.01 million in 2023, and $59.02 million in 2024.
• In the third quarter of fiscal year 2025, the company repurchased an additional $15 million in shares.
• As of the third quarter of fiscal year 2025, Progress Software's Board of Directors increased the share repurchase authorization by $200 million, bringing the total authorized amount to $242.2 million.

Outbound Investments

• Progress Software acquired Kemp Technologies in November 2021.
• In February 2023, the company acquired MarkLogic for $355 million.
• Progress Software completed the acquisition of ShareFile in October 2024 for $875 million.

Capital Expenditures

• Progress Software's capital expenditures were approximately $5.63 million in 2021, $4.65 million in 2022, $5.57 million in 2023, and $5.21 million in 2024.
• For the fiscal year 2025, capital expenditures were approximately $2.84 million year-to-date as of the third quarter.