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AI brief of an SEC Form 8-K · Progress Software (PRGS)

Progress to buy ShareFile for $875 million and suspend its quarterly dividend

Mixed Impact 4 of 5 m&a Written later

Progress Software agreed to acquire substantially all assets of ShareFile, a business unit of Cloud Software Group, for about $875 million in cash and revolving credit, with closing expected within fiscal 2024. The company also said its third-quarter revenue and non-GAAP earnings per share are expected to be within or above the high end of prior guidance, and that it will suspend its quarterly dividend at closing to repay debt and fund future M&A and share repurchases.

Key points

  • Purchase price is approximately $875 million, subject to a $25 million working capital credit, with no financing condition.
  • ShareFile is expected to add more than $240 million in annual revenue and more than 86,000 customers.
  • Q3 revenue and non-GAAP EPS are expected within or above the high end of guidance issued June 25, 2024; full Q3 results are due September 24, 2024.
  • Quarterly dividend will be suspended as of the closing of the acquisition, with capital redirected to debt repayment, M&A and share repurchases.

The filing

CompanyProgress Software (PRGS)
Form8-K, current report
Filed with the SECSep 9, 2024, 6:00 AM ET
Accession number0001552781-24-000522

Items reported: 1.01 Material Definitive Agreement2.02 Results of Operations7.01 Regulation FD Disclosure

Read the filing on SEC.gov ↗

Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:54 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 09, 2024.

Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.