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Progress Software's Q4 2024: Strong Growth Fueled by ShareFile Acquisition and AI Innovations
Generated by AI AgentEarnings Decrypt
Wednesday, Jan 22, 2025 6:29 am ET1min read
Strong Financial Performance:
- Progress Software reported $238 million in unlevered free cash flow on $753 million in revenue for the fourth quarter of fiscal 2024.
- The growth was driven by strong demand across its product portfolio, especially for data platform products like MarkLogic, OpenEdge, and DataDirect, and AIOps network management products.
ShareFile Acquisition and Integration:
- The acquisition of ShareFile added $21 million to revenue in Q4 and is expected to contribute $250 million in fiscal 2025.
- The integration of ShareFile, which is a SaaS-focused platform, is expected to increase the percentage of Progress's total SaaS revenue and improve customer retention rates.
Innovation and AI Integration:
- Progress Software enhanced its data platform products by incorporating retrieval augmented generation capabilities to leverage proprietary data in GenAI applications.
- This innovation led to a large U.S. government agency extending its use of the company's data platform for GenAI needs.
Product Execution and Organic Growth:
- Organic products like OpenEdge and DataDirect showed strong performance, with OpenEdge's ARR growing by 42%.
- The growth was attributed to increasing data criticality and integration of AI capabilities into existing products.
- Progress Software reported $238 million in unlevered free cash flow on $753 million in revenue for the fourth quarter of fiscal 2024.
- The growth was driven by strong demand across its product portfolio, especially for data platform products like MarkLogic, OpenEdge, and DataDirect, and AIOps network management products.
ShareFile Acquisition and Integration:
- The acquisition of ShareFile added $21 million to revenue in Q4 and is expected to contribute $250 million in fiscal 2025.
- The integration of ShareFile, which is a SaaS-focused platform, is expected to increase the percentage of Progress's total SaaS revenue and improve customer retention rates.
Innovation and AI Integration:
- Progress Software enhanced its data platform products by incorporating retrieval augmented generation capabilities to leverage proprietary data in GenAI applications.
- This innovation led to a large U.S. government agency extending its use of the company's data platform for GenAI needs.
Product Execution and Organic Growth:
- Organic products like OpenEdge and DataDirect showed strong performance, with OpenEdge's ARR growing by 42%.
- The growth was attributed to increasing data criticality and integration of AI capabilities into existing products.
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