Last €22.28 EUR
Change Today +0.19 / 0.86%
Volume 0.0
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As of 2:03 AM 12/23/14 All times are local (Market data is delayed by at least 15 minutes).

progress software corp (PGR) Snapshot

Open
€22.28
Previous Close
€22.09
Day High
€22.28
Day Low
€22.28
52 Week High
12/23/14 - €22.28
52 Week Low
05/7/14 - €14.76
Market Cap
1.1B
Average Volume 10 Days
0.0
EPS TTM
--
Shares Outstanding
50.2M
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for PROGRESS SOFTWARE CORP (PGR)

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progress software corp (PGR) Details

Progress Software Corporation provides software solutions for various industries worldwide. Its solutions simplify the development, deployment, and management of business applications on-premise or in the cloud, on any platform or device, to any data source. The company offers application development solutions, including Progress OpenEdge, a development software, which builds multi-language applications for secure deployment across any platform, mobile device, and cloud; and Progress Rollbase, which allows creation of software as a service (SaaS) business applications using point and click, and drag and drop tools in a standard Web browser. It also provides data integration solutions comprising Progress DataDirect Connect software, which offers data connectivity using industry-standard interfaces to connect applications running on various platforms to any major database for corporate IT organizations and software vendors; and Progress DataDirect Cloud, a SaaS-based connection management service that simplifies SQL access to a spectrum of cloud-based data sources through a single standards-based interface. In addition, the company offers Progress Corticon, a business rules management system that enables applications with decision automation, decision change process, and decision-related insight capabilities; and Progress Pacific, a platform-as-a-service, which enables creation and deployment of data-driven business applications with minimal coding by using point-and-click and drag-and-drop tools in a Web browser. Further, it provides product maintenance, consulting, training, and customer support services. The company sells its products directly, as well as through independent distributors to end-users, independent software vendors, original equipment manufacturers, and system integrators. Progress Software Corporation was founded in 1981 and is headquartered in Bedford, Massachusetts.

942 Employees
Last Reported Date: 01/29/14
Founded in 1981

progress software corp (PGR) Top Compensated Officers

Chief Executive Officer, President and Execut...
Total Annual Compensation: $637.9K
Chief Financial Officer and Senior Vice Presi...
Total Annual Compensation: $331.7K
Senior Vice President of Global Field Operati...
Total Annual Compensation: $350.0K
Chief Product Officer and Senior Vice Preside...
Total Annual Compensation: $320.0K
Senior Vice President of Strategy and Corpora...
Total Annual Compensation: $315.0K
Compensation as of Fiscal Year 2013.

progress software corp (PGR) Key Developments

Progress Software Corporation Enters into Credit Agreement

On December 2, 2014, Progress Software Corporation entered into a credit agreement with each of the lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Wells Fargo Bank, N.A. and Citizens Bank, N.A., as syndication agents, Bank of America, N.A., Citibank, N.A. and Silicon Valley Bank, as documentation agents, and J.P. Morgan Securities LLC, as sole book runner and sole lead arranger, providing for a $150 million secured term loan and a $150 million secured revolving credit facility, which may be made available in U.S. Dollars and certain other currencies. The revolving credit facility may be increased by up to an additional $75 million if the existing or additional lenders are willing to make such increased commitments. This new credit facility replaces progress' existing unsecured revolving credit facility dated August 15, 2011. The term loan was used to partially fund Progress' acquisition of Telerik AD, as described below in Item 2.01 completion of acquisition or disposition of assets. The revolving credit facility has sublimit for swing line loans up to $25.0 million and for the issuance of standby letters of credit in a face amount up to $25.0 million. Progress expects to use the revolving credit facility for general corporate purposes, including acquisitions of other businesses, and may also use it for working capital. Interest rates for the term loan and revolving credit facility are determined at the option of Progress and would range from 1.50% to 2.25% above the Eurodollar rate for Eurodollar-based borrowings or would range from 0.50% to 1.25% above the defined base rate for base rate borrowings, in each case based upon Progress' leverage ratio. Additionally, Progress may borrow certain foreign currencies at rates set in the same range above the respective London interbank offered interest rates for those currencies, based on Progress' leverage ratio. The credit facility matures on December 2, 2019, when all amounts outstanding will be due and payable in full. The revolving credit facility does not require amortization of principal. The term loan requires repayment of principal at the end of each fiscal quarter, beginning with the fiscal quarter ending February 28, 2015. The first eight payments are in the principal amount of $1.875 million each, the following eight payments are in the principal amount of $3.75 million each, the following three payments are in the principal amount of $5.625 million each, and the last payment is of the remaining principal amount. Any amounts outstanding under the term loan thereafter would be due on the maturity date. The term loan may be prepaid before maturity in whole or in part at Progress' option without penalty or premium. Revolving loans may be borrowed, repaid and reborrowed until December 2, 2019, at which time all amounts outstanding must be repaid. Accrued interest on the loans is payable quarterly in arrears with respect to base rate loans and at the end of each interest rate period with respect to LIBOR rate loans. Progress may prepay the loans or terminate or reduce the commitments in whole or in part at any time, without premium or penalty, subject to certain conditions and reimbursement of certain costs in the case of LIBOR rate loans. Progress is the sole borrower under the credit facility. Progress' obligations under the credit agreement are guaranteed by each of progress' material domestic subsidiaries and are secured by substantially all of the assets of Progress and such material domestic subsidiaries, as well as 100% of the capital stock of progress' domestic subsidiaries and 65% of the capital stock of progress' first-tier foreign subsidiaries, in each case, subject to certain exceptions as described in the credit agreement. Future material domestic subsidiaries of progress will be required to guaranty Progress' obligations under the credit agreement, and to grant security interests in substantially all of their assets to secure such obligations.

Progress Partners with DataStax to Provide Enterprise Data Integration for Apache Cassandra

Progress announced that it has partnered with DataStax, to provide customers with enterprise-ready data connectivity and integration solutions for Cassandra. The partnership comes as a result of increased demand from both Progress DataDirect and DataStax customers for a standards-based solution that allows Cassandra to integrate with existing IT processes and systems, including BI, analytics and ETL. This shortens the integration time, reduces the development effort, and allows for reuse of existing skills, particularly with the database teams that use traditional relational databases such as Oracle and SQL Server.

Progress Announces Support for Salesforce1 Lightning Connect

Progress announced support for Salesforce1 Lightning Connect, helping companies quickly integrate mission critical data from third-party back office systems with Salesforce. Progress(R) DataDirect Cloud(R) offering transforms how companies integrate with Salesforce by enabling real-time access using OData to connect external databases like Oracle and Microsoft SQL Server. Building on the tremendous success of last year's launch of the Salesforce1 Platform, Salesforce1 Lightning defines a new era of Platform as a Service (PaaS). With Lightning, Salesforce is delivering a new user interface for every Salesforce app, optimized for any device. And developers and business users can now quickly build apps with a custom user interface for every screen shape and size. Salesforce is launching the new Lightning Connect, a new breed of real-time integration that will change the way companies access and connect with data stored in legacy systems. Unlike other integration tools, Lightning Connect can be configured in minutes with point-and-click tools and does not copy and store outdated data in Salesforce.

 

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Industry Analysis

PGR

Industry Average

Valuation PGR Industry Range
Price/Earnings 28.7x
Price/Sales 4.3x
Price/Book 2.6x
Price/Cash Flow 26.0x
TEV/Sales 3.4x
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