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Progress Completes Acquisition of ShareFile
ShareFile's AI-powered, document-centric collaboration platform expands Progress' industry-leading product portfolio and marks a major milestone in the company's Total Growth Strategy
November 04, 2024
Progress announced the completion of the acquisition of ShareFile, a business unit of Cloud Software Group, providing a SaaS-native, AI-powered, document-centric collaboration platform, focusing on industry segments including business and professional services, financial services, industrial and healthcare.
“This acquisition marks the latest major milestone in Progress’ Total Growth Strategy, which is built on three pillars: Invest and Innovate, Acquire and Integrate and Drive Customer Success. The addition of ShareFile significantly enhances our product capabilities, benefiting our customers and meaningfully expanding the customer base we serve,” said Yogesh Gupta, CEO of Progress. “We are thrilled to welcome ShareFile customers and employees to the Progress community and look forward to a bright future with ShareFile now part of Progress."
Progress products help organizations to develop, deploy and manage responsible AI-powered applications and experiences. ShareFile fits strategically with Progress’ Digital Experience portfolio to enable customers to deliver more efficient and effective client and team collaboration, while simplifying the sharing of documents and prioritizing security.
As previously announced, Progress acquired ShareFile for a purchase price of $875 million, funded with a combination of cash and Progress’ existing revolving credit facility. ShareFile is expected to add more than $240M in annual revenue and more than 86,000 customers to Progress.
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