On September 11, 2024, Progress, a leading provider of AI-powered infrastructure software, announced it will acquire ShareFile from Cloud Software Group, Inc. ShareFile specializes in SaaS-native, AI-powered document-centric collaboration tools, which cater to various industries, including business services, financial services, healthcare, and construction.
Progress and ShareFile
- Strategic Fit: The acquisition aligns with Progress’ Digital Experience portfolio, aiming to enhance client and team collaboration and simplify secure document sharing.
- Financial Impact: ShareFile is expected to contribute over $240 million in annual revenue and bring more than 86,000 customers to Progress.
- Acquisition Cost: The deal is valued at $875 million, to be financed through cash and Progress’ revolving credit facility.
- Timeline: The transaction is anticipated to close by November 30, 2024, pending regulatory approvals and other standard conditions.
- Advisors: Citi is the exclusive financial advisor for Progress, with DLA Piper LLP (US) as legal counsel. Jefferies LLC and Barclays are advising Cloud Software Group, with Kirkland & Ellis LLP providing legal services.
Total Growth Strategy
The acquisition reflects Progress’ ongoing Total Growth Strategy, which focuses on expanding its product offerings and maintaining financial discipline while enhancing its software portfolio.
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