Progress Software to Acquire ShareFile for $875 Million

Deal expected to bolster Progress' document collaboration tools and add significant revenue

Progress Software will acquire ShareFile for $875 million in cash and credit.
The acquisition aims to enhance Progress' portfolio with document collaboration and sharing tools.
ShareFile is expected to add $240 million in annual recurring revenue to Progress.
Progress plans to suspend its quarterly dividend to redirect capital for debt repayment and future investments.
The acquisition is projected to close by November 30, pending regulatory approvals.