Progress Software Announces Acquisition of MarkLogic for $355 Million
<p><a href='https://financialmodelingprep.com/financial-summary/PRGS'>Progress Software Corporation (NASDAQ:PRGS)</a> announced its planned acquisition of privately-held MarkLogic, a NoSQL database vendor, for $355 million in cash. From a technology standpoint, MarkLogic's semantic metadata management and AI capabilities can complement Progress's more extensive portfolio, precisely its SQL database solutions OpenEdge and Datadirect. </p>
<p>While the technology is old, on-premise, and operates in a competitive landscape, Progress has a proven track record of retaining customers and driving incremental growth. </p>
<p>From a financial standpoint, MarkLogic has positive margins and free cash flow, and Progress is confident it can push its operating margins to over 40% within 12 months of closing (scheduled for February 2023). </p>
<p>Analysts at Oppenheimer said they are positive on the transaction and view it as another positive step toward the company's efforts to deliver on its $1 billion revenue target by fiscal 2025.</p>

NASDAQ:PRGS