Progress Software Corp.

Progress Software Corporation (PRGS, “Progress” or “The Company”) is a global provider of enterprise software solutions, historically recognized for its disciplined, acquisition-driven growth model. Over the past five years, Progress has executed approximately one acquisition annually, targeting complementary SaaS businesses that enhance their product portfolio and recurring revenue base. ShareFile, which was recently acquired, represents a strategic step toward AI exposure through an AIenabled, document-centric collaboration platform. Progress also recently completed a small acquisition of Nuclia, a retrieval augmented generation (RAG) focused company in late June. Progress has faced organic headwinds in 2025 as Progress works to integrate ShareFile into its broader SaaS portfolio. This has fueled investor concerns around execution risk and the Company’s long-term resiliency in an environment where agentic AI is increasingly viewed as a disruptive substitute for SaaS offerings. We believe the recent compression in PRGS’s valuation is overstated, as the market underappreciates the durability of Progress’s disciplined M&A framework and its ability to leverage AI as an enhancer rather than a replacement to its portfolio.