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PROGRESS SOFTWARE CORPORATION

(PRGS)
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Progress Software Corporation : Progress Software Delivers on Cloud Vision with Availability of Pacific aPaaS Platform

08/06/2013 | 08:35am EDT

New Data Access and AppDev Solutions Provide Unparalleled Speed, Choice and Freedom

Progress Software Corporation (NASDAQ: PRGS) today announced availability of new data connectivity and application capabilities as part of its Progress® Pacific? application platform-as-a-service (aPaaS), furthering its strategy to give anyone the ability to quickly create, evolve and customize connected business applications on demand.

They include:

  • Data Connectivity: The new Progress DataDirect Cloud? service enables applications to easily integrate data from popular SaaS, relational database, Big Data, social, CRM and ERP systems. The connection management service allows applications to be built in less time by using a single standards-based interface to execute SQL queries against a wide range of cloud data sources.
  • Application Development: New integrated business process management (BPM) and business rules management system (BRMS) capabilities dramatically simplify application customization using Progress OpenEdge® 11.3 development software. Flexible processes, rules and workflows can be easily configured to meet business requirements while greatly accelerating productivity. In addition, an improved Progress Rollbase® infrastructure ensures an enhanced user experience for standards-based business applications created with innovative drag-and-drop tools using any web browser. Progress Rollbase is one of the industry's most innovative rapid development platforms.

Supporting Quotes:

Cal German, president and CEO at DMSi Software, the leading business management solution for building materials distribution, said, "After evaluating a number of platforms, including SalesForce.com, SAP and Acumatica, we've chosen Progress Pacific to help us build and deploy innovative applications for our customers. In particular, the drag and drop features and robust workflow and triggers in Progress Rollbase will enable us to quickly deliver highly customizable solutions that meet our customers' complex business processes."

John Goodson, chief product officer at Progress Software, said, "Customer and partner response to the Progress Pacific launch in June has been extremely positive and we are now delivering on our vision. It's clear that the move to aPaaS is gaining momentum as time-to-market and data capabilities in new apps are key requirements for developers and end users. Pacific addresses these needs with rich data, visual design and open deployment capabilities in a single platform."

Additional Resources:

Progress Corporate Blog

Progress OpenEdge Blog

Progress DataDirect Blog

Follow the conversation on Twitter at #PRGSPacific and #PaaS

Follow Progress Software on Twitter, Facebook, LinkedIn and Google+

Follow Progress DataDirect on Twitter, Facebook, LinkedIn and Google+

About Progress Software Corporation

Progress Software Corporation (NASDAQ: PRGS) is a global software company that simplifies the development, deployment and management of business applications on-premise or in the cloud, on any platform or device, to any data source, with enhanced performance, minimal IT complexity and low total cost of ownership. Progress Software can be reached at www.progress.com or 1-781-280-4000.

Progress, Pacific, OpenEdge, DataDirect Cloud and Rollbase are trademarks or registered trademarks of Progress Software Corporation or one of its subsidiaries or affiliates in the U.S. and other countries. Any other names contained herein may be trademarks of their respective owners.

Forward-Looking Statements

This press release contains statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Progress has identified some of these forward-looking statements with words like "believe," "may," "could," "would," "might," "should," "expect," "intend," "plan," "target," "anticipate" and "continue," the negative of these words, other terms of similar meaning or the use of future dates. Forward-looking statements in this press release include, but are not limited to, statements regarding the future operation, direction and success of Progress's business. There are a number of factors that could cause actual results or future events to differ materially from those anticipated by the forward-looking statements, including, without limitation: (1) Progress' ability to release its product development initiatives in a timely manner; (2) market acceptance of Progress's product development initiatives; (3) pricing pressures and the competitive environment in the software industry and Platform-as-a-Service market; (4) Progress's ability to make technology acquisitions and to realize the expected benefits and anticipated synergies from such acquisitions; (5) economic conditions in the U.S. and international economies; (6) business and consumer use of the Internet and the continuing adoption of Cloud technologies; (7) the receipt and shipment of new orders; (8) Progress's ability to expand its relationships with channel partners and to manage the interaction of channel partners with its direct sales force; (9) the timely release of enhancements to Progress's products and customer acceptance of new products; (10) the positioning of Progress's products in its existing and new markets; (11) variations in the demand for professional services and technical support; (12) Progress's ability to penetrate international markets and manage its international operations; and (13) changes in exchange rates. For further information regarding risks and uncertainties associated with Progress's business, please refer to Progress's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended November 30, 2012 as amended, and Quarterly Report on Form 10-Q for the fiscal quarters ended February 28, 2013 and May 31, 2013. Progress undertakes no obligation to update any forward-looking statements, which speak only as of the date of this press release.

Press Contacts:
Progress Software
Rachel Godwin, +44 (0)7785 285551
rachel.godwin@progress.com
or
Investor Contact
Progress Software
Tom Barth, +1-781-280-4135
tobarth@progress.com


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Financials (USD)
Sales 2021 525 M - -
Net income 2021 69,5 M - -
Net Debt 2021 209 M - -
P/E ratio 2021 30,0x
Yield 2021 -
Capitalization 2 052 M 2 052 M -
EV / Sales 2021 4,31x
EV / Sales 2022 3,97x
Nbr of Employees 1 796
Free-Float 98,9%
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Mean consensus BUY
Number of Analysts 4
Average target price 56,00 $
Last Close Price 46,63 $
Spread / Highest target 24,4%
Spread / Average Target 20,1%
Spread / Lowest Target 17,9%
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Managers and Directors
NameTitle
Yogesh K. Gupta President, Chief Executive Officer & Director
Anthony Folger Chief Financial Officer
John Richard Egan Non-Executive Chairman
Tony Murphy Chief Information Officer
Charles Francis Kane Independent Director
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