Progress to acquire ShareFile for $875M; suspends dividend; Q3 guidance above high end

PROGRESS SOFTWARE CORP /MA

Acquisition from Cloud Software Group for $875M (cash + revolver); expected close by Nov 30, 2024.
ShareFile adds ~$240M annual revenue and >86K customers; AI-powered document collaboration platform.
Board suspends quarterly dividend after close; capital redirected to debt repayment, M&A, and buybacks.
Q3 FY2024 revenue and non-GAAP EPS expected within or above high end of prior guidance (full results Sep 24).

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