Progress Software Explained

Progress Software
Type:Public
Traded As:NASDAQ:
S&P 600 Component
Key People:Yogesh Gupta (president & CEO)
Industry:Computer software
Revenue:$602 million (2022)
Num Employees:2,100
Former Name:Data Language Corporation
Location City:Burlington, Massachusetts
Location Country:U.S.

Progress Software Corporation is an American public company that produces software for creating and deploying business applications. Founded in Burlington, Massachusetts with offices in 16 countries, the company posted revenues of $531.3 million (USD) in 2021 and employs approximately 2100 people.[1]

History

Progress Software was co-founded by several MIT graduates, including Joseph W. Alsop, Clyde Kessel, and Chip Ziering in 1981.[2] Originally called Data Language Corporation (DLC), the company changed its name to Progress Software in 1987, the same name of its main product, Progress. In May 2016, Progress Software re-branded as "Progress" in an effort to "shed any doubts it was not living up to its name".[3]

In 2002, Progress Software acquired Stylus Studio developer eXcelon Corporation for approximately $24 million.[4] In 2003, Progress Software acquired DataDirect Technologies for $88 million.[5] In 2004, Progress Software acquired Persistence Software for $16 million.[6] In 2005, Progress acquired complex event processing company Apama.[7] In January 2006, Progress Software acquired Actional Corporation.[8] In 2006, Progress Software acquired Neon Systems, a company specializing in modernizing 3270 applications.[9]

In 2008, Progress Software acquired Xcalia, a data integration company, and Mindreef, which developed SOAPscope products. In September 2008, Progress acquired IONA Technologies, developer of service-oriented architecture platforms Artix and Orbix, for $146 million.[10] [11] In April 2011, Progress Software sold their SWIFT integration product "ADS" (formally Iona's "Artix Data Services") to C24 Technologies Ltd. The product was re-branded to its former name "Integration Objects". In 2010, Progress Software acquired business process management vendor Savvion Inc.[12] [13]

In 2012, Progress announced its shift to become a much more narrowly focused specialist vendor, looking to sell or decommission most of their existing products.[14] [15] In June 2012, the company sold its open source division FuseSource, which was spun out from the IONA business in October 2010, to Red Hat. In October 2012, Progress Software sold the brands Sonic, Savvion, Actional and DataXtend (DXSI) to Trilogy which created the company Aurea Software.[16] In December 2012, the Orbix, Orbacus and Artix product lines were sold to Micro Focus International for $15 million.[17]

In 2013, Progress Software acquired Rollbase Inc. and Software AG acquired Apama activities from Progress Software.[18]

In 2014, Progress acquired Cincinnati-based Modulus.[19] Also in 2014, Progress acquired Telerik, a provider of application development tools.[20]

In 2019, Progress Software acquired Ipswitch, Inc., an IT management vendor known for its MOVEit managed file transfer platform.[21] [22]

In 2020, Progress Software announced the acquisition of Chef Software Inc., the developers of the Chef configuration management tool. The acquisition was completed by October 2020.[23] [24] [25]

In 2021, Progress Software acquired Kemp Technologies, who build load balancing products.[26] The acquisition was completed on November 1, 2021.[27]

In 2023, Progress Software acquired database vendor MarkLogic Corporation.[28]

Products

The Progress portfolio includes solutions for enterprise integration, data interoperability, and application development, including Software as a Service (SaaS) enablement and delivery.

Current products

Data breaches

In 2023, a security vulnerability in Progress-owned file transfer software MOVEit was exploited in a data breach affecting various companies and government organizations.[38] A running total maintained by cybersecurity company Emsisoft showed that more than 2,500 organizations were known to have been impacted as of October 25, 2023 with more than 80 percent of those organizations being US-based.[39] The cybercriminal organization Clop was alleged to have been partially responsible for the attacks,[40] and claimed responsibility for breaches of 1st Source, the BBC, British Airways, the New York City Department of Education,[41] Putnam Investments, and Shell among others.[42] [43]

Notes and References

  1. Web site: 0000876167-22-000038 10-K Progress Software Corporation . 2022-06-06 . investors.progress.com . en.
  2. Web site: MIT-Related Companies with 10,000 Employees or More . . 2007-04-02 . https://web.archive.org/web/20070323202900/http://web.mit.edu/newsoffice/founders/Table1.html . March 23, 2007.
  3. Web site: Hofherr . Justine . November 8, 2016 . After 35 years, Progress Software introduces a new name and vision . 2022-10-21 . Builtinboston.com.
  4. Web site: Service . Scarlet Pruitt, IDG News . 2002-10-21 . Progress buys XML tool maker eXcelon . 2020-09-29 . Computerworld . en.
  5. Web site: December 5, 2003 . SEC Form 8-K: Progress Software Corporation . United States Securities and Exchange Commission.
  6. Web site: September 28, 2004 . PROGRESS SOFTWARE CORPORATION TO ACQUIRE PERSISTENCE SOFTWARE TO ACCELERATE GROWTH OF OBJECTSTORE OPERATING COMPANY . 2020-09-29 . bobsguide . en.
  7. Web site: 2005-04-07 . Progress Software acquires algorithmic technology vendor Apama . 2020-09-29 . Finextra Research . en.
  8. Web site: Gardner . W. David . January 1, 2006 . Progress Software acquires Actional for US$32 million . dead . https://web.archive.org/web/20060917212019/http://www.itnews.com.au/newsstory.aspx?CIaNID=23684 . September 17, 2006 . 2007-04-02 . itnews.com.au.
  9. Web site: March 23, 2006 . Progress Software Acquires NEON Systems . dead . https://web.archive.org/web/20120223235343/http://www.forrester.com/rb/Research/progress_software_acquires_neon_systems/q/id/39158/t/2 . February 23, 2012.
  10. News: Phelan . Andrew . 26 June 2008 . Trinity boys sell college firm for $162m . Irish Independent . 13 April 2021.
  11. http://www.eweek.com/c/a/Application-Development/Progress-Software-Acquires-Iona eWeek
  12. Web site: Progress Software Corporation Acquiring BPM Leader, Savvion Inc. - PC World Australia . 2020-09-29 . PC World . en-AU.
  13. Web site: Reading 1/12/2010 . News Wire Feed Light . Progress Buys Savvion . 2020-09-29 . Light Reading . en.
  14. Web site: Empowering Organizations Through Digital Transformation - Progress . dead . https://web.archive.org/web/20130114230733/http://www.progress.com/en/inthenews/progress-announces-s-58698.html . January 14, 2013 . 2016-10-14 . Progress.com . mdy-all.
  15. Web site: April 29, 2012 . John R. Rymer's Blog . 2016-10-14 . blogs.forrester.com.
  16. Web site: Progress Software Announces Agreement to Sell Four Non-Core Product Lines to Investment Arm of Trilogy Enterprises (NASDAQ:PRGS) . 2016-10-14 . investors.progress.com.
  17. http://www.microfocus.com/aboutmicrofocus/pressroom/releases/pr20121224275101.asp Micro Focus International plc
  18. Web site: 2013-06-13 . Software AG buys complex-event processing technology from Progress . 2020-09-29 . PCWorld . en.
  19. Web site: Progress Acquires Modulus; Enables Fast, Scalable Node.js and MongoDB App Development and Deployment (NASDAQ:PRGS) . 2016-10-14 . investors.progress.com.
  20. Web site: Progress Completes Acquisition of Telerik and Expands Executive Management Team (NASDAQ:PRGS) . 2016-10-14 . investors.progress.com.
  21. Web site: Progress acquires Ipswitch for $225 million, tops first quarter targets . ZDNet.
  22. Web site: Progress Completes Acquisition of Ipswitch, Inc .
  23. Web site: . 2020-09-08 . Progress Announces Acquisition of Chef . 2020-09-08 . Progress.
  24. Web site: 2020-09-08 . The Fourth Chapter of Chef Has Arrived: Progress to Purchase Chef . 2020-09-08 . Chef Blog.
  25. Web site: Progress snags software automation platform Chef for $220M . 2020-09-29 . TechCrunch . en-US.
  26. Web site: Yogesh Gupta . 2021-09-23 . Progress To Acquire Kemp . 2020-11-05 . Progress.
  27. Web site: . 2021-11-01 . Progress Completes Acquisition of Kemp . 2020-11-05 . Progress.
  28. Web site: Yogesh Gupta . 2023-01-03 . Progress to Acquire NoSQL Database Pioneer, MarkLogic . 2023-01-20 . Progress.
  29. Web site: Progress ups front-end & back-end developer tools - CW Developer Network . www.computerweekly.com . en.
  30. News: Bridgwater . Adrian . March 20, 2018 . Progress Teaches Chatbots To Talk . Forbes . 4 September 2018.
  31. Web site: Progress: Pennsylvania automates IT processes and modernizes human services systems . www.americancityandcounty.com.
  32. News: September 15, 2018 . Progress Adds Support for React and Vue in Newest Release of Kendo UI . 4 September 2018.
  33. News: Bridgewater . Adrian . February 9, 2018 . Progress Goes on Louder on React, Xamarin & Fluent – themed design . ComputerWeekly . 4 September 2018.
  34. Web site: Progress Test Studio: Automated Testing Made Easy . Telerik.com . en.
  35. December 12, 2016 . Progress Releases New DataDirect Connector for Apache Cassandra . en.
  36. Web site: Deploying Progress DataDirect Hybrid Data Pipeline on Amazon Lightsail - DZone Big Data . dzone.com . en.
  37. Web site: Progress OpenEdge 11.7 Delivers New Capabilities to Strengthen Mission-Critical Business Applications . Database Trends and Applications . 6 April 2017.
  38. Web site: Goodin . Dan . June 5, 2023 . Mass exploitation of critical MOVEit flaw is ransacking orgs big and small . June 15, 2023 . Ars Technica.
  39. Web site: Simas . Zach . 2023-07-18 . Unpacking the MOVEit Breach: Statistics and Analysis . 2023-11-23 . Emsisoft Cybersecurity Blog . en-US.
  40. Web site: Service . CISA . 2023-06-07 . CL0P Ransomware Gang Exploits CVE-2023-34362 MOVEit Vulnerability . 2023-11-22 . CISA.gov . en.
  41. Web site: Clop ransomware gang obtained personal data of 45,000 New York City students in MOVEit hack . 2023-07-24 . Engadget . en-US.
  42. Web site: Lyngaas . Sean . 2023-06-07 . Russian-speaking cyber gang claims credit for hack of BBC and British Airways employee data CNN Business . 2023-07-05 . CNN . en.
  43. Web site: Page . Carly . 2023-06-15 . Ransomware gang lists first victims of MOVEit mass-hacks, including US banks and universities . 2023-07-24 . TechCrunch . en-US.

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