BURLINGTON, Mass. – Progress Software Corp. (NASDAQ:PRGS), a global provider of application development and digital experience technologies, has announced today that it will not pursue an acquisition of MariaDB plc. Following this decision, Progress is subject to the restrictions outlined in Rule 2.8 of the Irish Takeover Rules.
The announcement comes as a definitive statement under Rule 2.8, indicating that no offer will be made for the database management company. However, Progress retains the right to announce a potential offer within the next six months, should certain conditions under the same rule be met.
This development follows a period of speculation regarding a possible offer by Progress for MariaDB. The statement issued today aims to provide clarity to the market and MariaDB shareholders.
Progress Software, recognized for its tools that support the development and management of mission-critical applications, serves over 4 million developers globally. The company has emphasized its commitment to its core business operations and the support of technology professionals.
The board of directors of Progress has taken responsibility for the information contained in this announcement, affirming that they have exercised all reasonable care to ensure its accuracy and completeness.
Europa Partners Limited, a financial advisor authorized by the Prudential (LON:PRU) Regulation Authority and regulated by the Financial Conduct Authority in the United Kingdom, has been serving exclusively for Progress in relation to the potential offer and will continue to do so.
In compliance with the Irish Takeover Rules, Progress will make the announcement available on its website by no later than 12:00 p.m. (New York time) on the next business day.
InvestingPro Insights
In light of Progress Software Corporation's recent announcement regarding MariaDB, investors may be evaluating the company's financial stability and growth prospects. According to InvestingPro data, Progress Software boasts a substantial market capitalization of $2.18 billion USD and has shown a robust gross profit margin of 85.82% over the last twelve months as of Q1 2024. This impressive margin underscores the company's efficiency in managing its cost of goods sold and suggests a strong competitive position in the application development and digital experience sectors.
Furthermore, the company's revenue growth over the last twelve months indicates a healthy increase of 15.06%, reflecting Progress Software's ability to expand its market share and revenue streams despite a dynamic and competitive technology landscape. The InvestingPro Tips also highlight that analysts expect net income to grow this year, which could signal continued financial health and potentially provide more confidence to investors considering the company's stock.
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