Progress to Acquire Document-Based Collaboration Leader, ShareFile

Today, we are excited to announce we’ve entered into a definitive agreement to acquire ShareFile, a leading provider of collaboration software for document-centric use cases. With this deal, ShareFile will extend Progress’ offerings with the addition of a SaaS-native, document-centric collaboration platform that includes workflow automation, client portal, secure file sync and share and integrated eSignature.

The acquisition is expected to close in late 2024, subject to obtaining regulatory approvals and the satisfaction of other customary conditions.

Read the announcement.

About the Acquisition of ShareFile

ShareFile’s platform enables organizations to automate document-centric workflows and support vertical-specific collaboration use cases in industries such as business and professional services, financial services, healthcare, construction and many others. Headquartered in Raleigh, NC, USA, ShareFile brings nearly two decades of experience in offering SaaS products and provides AI-enhanced features for client experience, document insights, security and content protection.

Progress products help organizations to develop, deploy and manage responsible AI-powered applications and experiences. Together with ShareFile, we will have capabilities that enable teams to become more effective and efficient, and client-facing employees to deliver enhanced client experiences. When the deal closes, ShareFile products will become part of the Digital Experience business unit, which I lead.

Why Digital Experience Matters

The Progress Digital Experience portfolio of products empowers organizations to achieve transformational success and longevity in the face of disruptive change. Our human-centered, AI-powered products—such as Sitefinity, Telerik, MOVEit and Corticon—are designed to enable customers to harness digital channels to reinvent business processes and customer interactions, building the agility to succeed in a changing world.

ShareFile’s best-in-class, document-centric collaboration and client interaction platform is a natural addition to our Digital Experience portfolio, extending the suite of Progress offerings for our customers. Together, our products are well positioned to further enable our customers to build and deliver digital experiences that will improve customer interaction and increase productivity.

Total Growth Strategy in Action

This acquisition is an important next step within Progress’ Total Growth Strategy which has three pillars: Invest and Innovate; Acquire and Integrate; and Drive Customer Success. This includes our intention to acquire digital experience and infrastructure software businesses with complementary products, strong recurring revenue and loyal customer bases, all the while retaining a high level of financial discipline. Our goal has been to become a $1B revenue company. The addition of ShareFile gets us substantially towards this goal, bringing talented people, trusted products and more than $240 million in revenue.

We are thrilled to be bringing ShareFile into the Progress family and look forward to a bright future for the combined product lines and teams!