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Progress Announces Acquisition of ShareFile to Expand Digital Experience Offering

Posted on by darion

Progress announced that it has entered into a definitive agreement to acquire ShareFile, a business unit of Cloud Software Group. ShareFile offers native, AI-powered, document-centric SaaS collaboration services focused on industry segments such as business and professional services, financial services, healthcare, and construction.

Once the transaction closes, ShareFile will enhance Progress’ capabilities with SaaS-native, AI-powered collaboration and document-based workflow capabilities, a customer portal, secure file sync and sharing, and e-signatures.

5G Industrial Metaverse
5G Industrial Metaverse

The proposed acquisition of ShareFile is consistent with Progress’ Total Growth Strategy, which focuses on acquiring strong businesses with complementary products, strong customer bases, high retention rates, and solid recurring revenue. ShareFile is expected to add more than $240 million in annual revenue and more than 86,000 customers to Progress.

Yogesh Gupta, CEO, Progress

Today, businesses need to improve their customer experience while continually streamlining their operations to increase efficiency, security, and compliance. ShareFile strategically fits into Progress’s Digital Experience portfolio to enable organizations to deliver more effective customer and team collaboration while simplifying the secure sharing of documents and other content. ShareFile customers will benefit from Progress’ strong customer focus, extensive product portfolio, and expertise, as well as its unmatched track record of customer success.

Thomas Krause, CEO, Cloud Software Group

ShareFile has a long history of success in the secure content collaboration and customer interaction space, and with this transaction, as part of Progress, it will be better positioned to continue that record, long into the future. For ShareFile customers, we are confident that they will benefit from Progress’ deep commitment to customer service, broad product portfolio, expertise, and extensive user community.