Progress Announces Acquisition of ShareFile to Expand Its Digital Experiences Portfolio

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

Upon closing of the transaction, ShareFile will add to Progress’ capabilities document-centric, AI-powered workflow and collaboration features, a client portal, secure file sync and share, and e-signature.

5G Industrial Metaverse

The proposed acquisition of ShareFile is consistent with Progress’ overall growth strategy, which focuses on acquiring strong businesses with complementary products, a strong customer base, high retention rates and strong 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 of Progress

Today’s businesses need to improve their customer service efficiency while continuously streamlining operations to increase efficiency, security and compliance. ShareFile is a strategic fit with Progress’ Digital Experience portfolio to enable organizations to deliver more effective collaboration between customers and teams while simplifying the secure sharing of documents and other content. ShareFile customers will benefit from Progress’ strong customer focus, broad product portfolio and expertise, and an unmatched track record of customer success.

Thomas Krause, CEO of Cloud Software Group

ShareFile has a long track record of success in secure content collaboration and customer engagement and, through this transaction, as part of Progress, it will be better positioned to continue that success over the long term. For ShareFile customers, we are confident that they will benefit from Progress’ deep commitment to its customers, its broad product portfolio, expertise and extensive user community.