AI infrastructure software provider, Progress announced the acquisition of ShareFile, a cloud-based document centric collaboration platform for $875 million today.
The acquisition of ShareFile, which is a business unit of Cloud Software Group brings substantial value to Progress, contributing over $240 million in annual revenue and a customer base of more than 86,000 aligning Progress’s Total Growth Strategy, bolstering its enterprise software portfolio.
“ShareFile’s integration into our Digital Experience portfolio will empower organizations to streamline secure document sharing and enhance client and team collaboration,” said Yogesh Gupta, CEO of Progress. “This acquisition aligns with our commitment to providing businesses with the tools they need to succeed in today’s competitive landscape.”
Progress’s existing suite of AI software solutions will be complemented by ShareFile’s AI document collaboration tools, client portals, secure file sharing and eSignature functionalities. This expanded offering will aim to empower businesses to improve efficiency, enhance security and deliver exceptional customer experiences.
“We are excited to join forces with Progress and leverage their expertise to further strengthen ShareFile’s position as a leading provider of secure content collaboration solutions,” said Thomas Krause, CEO of Cloud Software Group. “This acquisition will benefit our customers by providing them with access to a broader range of innovative tools and resources.”
The company continues to seek out businesses that complement its existing offerings, possess a strong customer base and shares its dedication to delivering exceptional value.
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