Progress Software Corp (NASDAQ: PRGS) is an enterprise software company that develops and sells application development, data connectivity, DevOps automation, network security, and secure file transfer products to businesses and government agencies. Revenue comes from a mix of SaaS subscriptions, perpetual software licenses, and maintenance and support contracts attached to those licenses. Nearly half of worldwide revenue is generated through indirect channel partners, including independent software vendors (ISVs), OEMs, distributors, and value-added resellers (VARs), with the remainder sold directly to business and IT managers (FY2025, 10-K filed 2026-01-20). The company grew its product portfolio through acquisitions, including ShareFile in November 2024 and Nuclia, which together drove amortization of acquired intangibles to $104.3 million in FY2025, up 60% from $65.3 million in FY2024, representing 11% of total revenue. The filing identifies no dominant vendor in the markets where PRGS competes. CEO Yogesh Gupta is named as a certifying officer in the FY2025 10-K.

Revenue model

SaaS subscription fees (which bundle maintenance and support), perpetual software license fees, and separately purchased maintenance and support contracts on perpetual licenses. ISVs embed Progress technology in their own applications and generate recurring revenue as their customer bases grow.

Products and services

Progress Agentic RAG (AI agent retrieval platform), Progress Automate MFT (cloud-native secure file transfer SaaS), Progress Chef (DevOps/DevSecOps automation), Progress Corticon (no-code decision automation), Progress DataDirect (data connectivity for relational, NoSQL, big data, and SaaS sources), Progress Developer Tools (.NET and JavaScript UI components, reporting, automated testing), Progress Flowmon (AI-powered network security and visibility), Progress Kemp LoadMaster (application delivery), MOVEit (managed file transfer, subject to ongoing litigation from a 2023 vulnerability), ShareFile (file sharing and storage, acquired November 2024).

Customers and end markets

Corporations and government agencies of all sizes, targeted through both business/IT managers and application developers. ISVs covering a broad range of markets embed Progress technology. End markets include enterprise IT, DevSecOps, network operations, and file transfer/collaboration. No single customer concentration figure is disclosed in the excerpts.

Value-chain role

Software platform vendor sitting upstream of ISVs, OEMs, and VARs who embed or resell Progress products. Provides runtime technology that ISVs incorporate into their own applications, creating a recurring royalty-style revenue stream as ISV deployments scale.

Geographic exposure

Global sales, both direct and through indirect channel partners. Customer support centers operate in Sofia, Bulgaria and San Jose, Costa Rica, among other locations. Nearly half of worldwide revenue is realized through indirect channel partners internationally and domestically (FY2025, 10-K filed 2026-01-20).

Source: SEC 10-K, filed 2026-01-20

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