Progress Software has announced its acquisition of ShareFile, a unit of Cloud Software Group, for approximately $875 million. The deal, which aims to enhance Progress’s enterprise software offerings, is anticipated to finalize by the end of Progress’s fiscal year on November 30.
ShareFile, founded in 2005 by Jesse Lipson, specializes in secure file transfer and storage using advanced encryption technology. The acquisition is projected to add $240 million to Progress’s annual revenue, thanks to ShareFile’s extensive customer base of over 86,000 users.
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