![](//www.4rfv.com/images/no_image.jpg)
Progress continues to deliver on its total growth strategy with acquisition that meets its financial criteria, has complementary products and a loyal customer base
BEDFORD, Mass., Sept. 23, 2021 (GLOBE NEWSWIRE) -- Progress (NASDAQ: PRGS), the leading provider of products to develop, deploy and manage high-impact applications, today announced that it has entered into a definitive agreement to acquire privately held Kemp, the always-on application experience company that helps enterprises deliver, optimize and secure applications and networks across any cloud or hybrid environment. With this acquisition, Progress will extend its portfolio of market-leading products in DevOps, Application Development, Data Connectivity and Digital Experience, by adding Application Experience Management (AX).
Now more than ever, businesses recognize that their applications must always be available and highly performant, said Yogesh Gupta, CEO, Progress. The Kemp products address this exact need and complement our portfolio of best-in-class products to develop, deploy and manage high-impact applications.
Kemp Loadmaster and Flowmon Network Visibility products monitor application performance, and distribute and balance traffic and workloads across servers, in the cloud or on premise, ensuring high performance and availability. They do this by leveraging machine learning to identify anomalies and alert IT professionals before end-users are impacted. These capabilities complement Progress offerings, such as WhatsUp Gold, a market leader in easy-to-use network management. Combined, they will offer the best application experience solution in the market.
The acquisition of Kemp also furthers our total growth strategy and will enable us to add scale and cash flow, creating significant shareholder value, added Mr. Gupta.
Kemp meets Progress' key acquisition criteria of adding solid levels of recurring revenue, complementary technology and loyal customers and will provide an opportunity for Progress to leverage its larger platform for improved efficiency.
We are extremely proud of what we've been able to achieve as a business, said Ray Downes, CEO, Kemp. As part of Progress, I am confident Kemp will thrive in the next chapter of its journey. Not only will the combined product portfolio provide great benefit to our customers and partners, but the cultural alignment and customer-first focus demonstrated by both organizations are impressive and will surely lead to long-term success for all.
Transaction Details
Progress will acquire Kemp for $258 million in cash. The acquisition is expected to close in October 2021, subject to obtaining regulatory approvals and satisfaction of other customary closing conditions. Progress expects to fund the purchase price with cash on hand. The transaction is expected to be accretive to both non-GAAP earnings per share and cash flow, beginning in the fiscal fourth quarter of 2021.
Lincoln International served as the exclusive financial advisor to Kemp on this transaction. Wilmer Cutler Pickering Hale and Dorr LLP served as Progress legal counsel and Lowenstein Sandler LLP served as Kemp's legal counsel with respect to the transaction.
Additional Resources
Follow Progress on Twitter, Facebook and LinkedIn
Read the Progress blog
About Kemp
Kemp powers the always-on application experience that enterprises and service providers need to succeed. Kemp has redefined load balancing and application delivery with more simplified deployments, more flexible licensing and top-rated technical support. Kemp is the world's most-popular virtual load balancer with more than 100,000 deployments in 138 countries. Take control of your AX at Kemp.ax.
About Progress
Progress (NASDAQ: PRGS) provides the best products to develop, deploy and manage high-impact business applications. Our comprehensive product stack is designed to make technology teams more productive, and we have a deep commitment to the developer community, both open source and commercial alike. With Progress, organizations can accelerate the creation and delivery of strategic business applications, automate the process by which apps are configured, deployed and scaled, and make critical data and content more accessible and secure-leading to competitive differentiation and business success. Over 1,700 independent software vendors, 100,000 enterprise customers, and a three-million-strong developer community rely on Progress to power their applications. Learn about Progress at www.progress.com or 1-800-477-6473.
Note Regarding Forward-Looking Statements
This press release contains statements that are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Progress has identified some of these forward-looking statements with words like believe, may, could, would, might, should, expect, intend, plan, target, anticipate and continue, the negative of these words, other terms of similar meaning or the use of future dates.
Risks, uncertainties and other important factors that could cause actual results to differ from those expressed or implied in the forward looking statements include: uncertainties as to the effects of disruption from the acquisition of Kemp making it more difficult to maintain relationships with employees, licensees, other business partners or governmental entities; other business effects, including the effects of industry, economic or political conditions outside of Progress' or Kemp's control; transaction costs; actual or contingent liabilities; uncertainties as to whether anticipated synergies will be realized; and uncertainties as to whether Kemp's business will be successfully integrated with Progress business. For further informatio
More from DataDirect
29/06/2022
Organizations can now achieve unified monitoring of their multi-cloud ecosystems...
28/06/2022
Revenue and EPS Exceed Prior Guidance
BURLINGTON, Mass., June 28, 2022 (GLOBE NEWSWIRE) -- Progress (Nasdaq: PRGS), the trusted provider of infrastructure soft...
22/06/2022
BURLINGTON, Mass., June 22, 2022 (GLOBE NEWSWIRE) -- Progress (Nasdaq: PRGS), the trusted provider of infrastructure software, today announced the 2022 recipien...
21/06/2022
Company recognized as an employer of choice by Forbes, Inc. Magazine and the Bos...
14/06/2022
BURLINGTON, Mass., June 14, 2022 (GLOBE NEWSWIRE) -- Progress (Nasdaq: PRGS), the trusted provider of infrastructure software, today announced that it will rele...
14/06/2022
Global leader in toll-based mobility solutions uses Progress WhatsUp Gold to sho...
07/06/2022
Three-part event delivers a lineup of industry experts, insights and results-oriented content--
exploring a purpose-driven approach to creating high-impact app...
26/05/2022
Now in its 11th year, the awards recognize the exceptional digital experiences Progress Sitefinity partners and customers have created
BURLINGTON, Mass., May 2...
23/05/2022
Progress delivers market-leading suite of UI tools for building powerful, native...
13/05/2022
BURLINGTON, Mass., May 13, 2022 (GLOBE NEWSWIRE) -- Progress (Nasdaq: PRGS), the trusted provider of infrastructure software, today announced that Anthony Folge...
12/05/2022
New release includes a MOVEit Add-in for Microsoft Outlook that makes securing f...
11/05/2022
Latest release of Telerik and Kendo UI adds over 30 ready to use components acro...
10/05/2022
Company to debut latest additions to its policy-based portfolio during live virt...
05/05/2022
New global conference brings together DevReach, ChefConf and an Executive Forum into a single, high-impact event
BURLINGTON, Mass., May 05, 2022 (GLOBE NEWSWIR...
18/04/2022
After 30+ years, company sells Bedford, MA campus, moves to Burlington, MA
BURL...
06/04/2022
Progress MOVEit rated by users as one of the best managed file transfer solution...
31/03/2022
Third-annual report highlights award-winning CSR efforts and adds new Sustainability Appendix
BEDFORD, Mass., March 31, 2022 (GLOBE NEWSWIRE) -- Progress (Nasd...
29/03/2022
Revenue and Earnings Per Share Exceed Guidance Ranges
Full Year Guidance Increased for Revenue and Earnings Per Share
BEDFORD, Mass., March 29, 2022 (GLOBE NE...
21/03/2022
New connectors provide real-time access to Foursquare, Google Calendar, Twitter, WordPress, YouTube, Zoom and more to help organizations bridge the data gap for...
16/03/2022
BEDFORD, Mass., March 16, 2022 (GLOBE NEWSWIRE) -- Progress (Nasdaq: PRGS), the trusted provider of infrastructure software, today announced that it will releas...
16/03/2022
WhatsUp Gold 2022 leverages the powerful capabilities of Progress Flowmon to hel...
15/03/2022
Latest release of Progress Sitefinity DX adds a new layer of composability, empo...
09/03/2022
Progress empowers organizations in Sweden, Finland, Denmark and Norway to manage...
07/03/2022
BEDFORD, Mass., March 07, 2022 (GLOBE NEWSWIRE) -- Progress (Nasdaq: PRGS), the ...
28/02/2022
Company Evaluation Based on Its Completeness of Vision and Ability to Execute
B...
15/02/2022
German MSP Bechtle IT System House Bonn/Cologne leverages the powerful REST API ...
31/01/2022
The Progress Women in STEM Scholarship Series supports a new global generation o...
27/01/2022
Amended facility expands liquidity, lowers costs and provides greater flexibility
BEDFORD, Mass., Jan. 27, 2022 (GLOBE NEWSWIRE) -- Progress (NASDAQ: PRGS), th...
19/01/2022
In addition to the most comprehensive UI libraries for .NET and JavaScript frame...
18/01/2022
Q4 and FY21 Revenue and EPS Significantly Ahead of Guidance
Integration of Kemp On Target as Acquisition Drives Projected Fiscal 2022 Revenue Growth
BEDFORD, ...
11/01/2022
City monitors over 200 infrastructure devices more effectively and recoups hours...
10/01/2022
With Progress Kendo UI, German software provider builds a consistent user experience across applications and helps customers digitalize their operations
BEDFOR...
05/01/2022
BEDFORD, Mass., Jan. 05, 2022 (GLOBE NEWSWIRE) -- Progress (NASDAQ: PRGS), the l...
16/12/2021
Developers can now easily debug apps through HTTP/2 traffic connection and boost app performance
BEDFORD, Mass., Dec. 16, 2021 (GLOBE NEWSWIRE) -- Progress (NA...
09/12/2021
Company named to The Boston Globe's 2021 Top Place to Work and earns Great Place to Work certification in India - both honors based on employee feedback
B...
02/12/2021
Progress MOVEit enables county to reduce silos, streamline secure file transfer,...
11/11/2021
MassTLC recognizes the region's top tech companies and leaders who have made...
01/11/2021
BEDFORD, Mass., Nov. 01, 2021 (GLOBE NEWSWIRE) -- Progress (NASDAQ: PRGS), the leading provider of products to develop, deploy and manage high-impact applicatio...
28/10/2021
Progress Corticon.js empowers Progress longtime customer Build.One to integrate ...
26/10/2021
New release offers improved support for Web Content Accessibility Guidelines (WC...
20/10/2021
New release of secure troubleshooting solution enables support teams to capture and resolve end-user issues in half the time
BEDFORD, Mass., Oct. 20, 2021 (GLO...
12/10/2021
With Progress Sitefinity, leading German fashion brand manages content and comme...
11/10/2021
Proginov's leading ERP software now includes data management, data protectio...
09/10/2021
Event will bring together more than 250 global partners for two days of keynotes, breakout sessions, networking opportunities and best practices for building ap...
27/09/2021
Celebrating 40 years in business and 30 years since listing on the Nasdaq, the company looks to the future with a renewed customer commitment, strategic growth ...
24/09/2021
Progress continues to deliver on its total growth strategy with acquisition that...
24/09/2021
Q3 Revenue and EPS Significantly Ahead of Guidance
Full Year 2021 Guidance Raised Again
BEDFORD, Mass., Sept. 23, 2021 (GLOBE NEWSWIRE) -- Progress (NASDAQ: P...
22/09/2021
New release of network monitoring software adds significant usability and security enhancements, enabling users to meet compliance requirements and improve thei...
15/09/2021
Leading digital experience vendor redefines platform to support composable exper...