Progress Software to Acquire Domo's Assets for $400 Million

Progress Software has announced a definitive agreement to acquire certain assets of Domo, a cloud-based business intelligence and data visualization company, for approximately $400 million in cash. The acquisition is seen as part of Progress's strategy to expand its data management and analytics portfolio. Under the terms of the agreement, Progress will take over Domo's customer base, technology, and intellectual property. Domo's platform enables businesses to perform real-time data analysis and improve decision-making processes. With this acquisition, Progress aims to strengthen its data solutions, particularly for mid-sized enterprises. Progress Software CEO Yogesh Gupta stated that Domo's capabilities will complement its product ecosystem and provide customers with a more comprehensive data management experience. The acquisition is expected to significantly contribute to Progress's growth objectives. Domo's shares rose in pre-market trading following the announcement. The acquisition is expected to close in the first quarter of 2024, subject to regulatory approvals. Progress aims to enhance its competitive position in the data analytics market with this move. This is not investment advice.