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Automation and IT monitor companyProgresson Mondayannouncedthat it destine to acquire file management platformShareFilefor $ 875 million in cash and mention .
Progress CEO Yogesh Gupta said that the deal , which is expected to shut down by November 30 , will bolster Progress ’ portfolio with shaft to help businesses more efficiently share — and collaborate on — documents .
“ business concern today necessitate to enhance their effectiveness in serving customers , while continuously streamline their operation to drive efficiency , security and conformation , ” Gupta said in a command . “ ShareFile customers will benefit from Progress ’ unassailable customer focusing , expansive product portfolio and expertness as well as an unparalleled track record of client achiever . ”
headquarter in Raleigh , ShareFile was founded in 2005 by Jesse Lipson , a self - taught computer programmer . Lipson — who at the metre was running a internet innovation consulting business — created ShareFile after several customer asked him to work up a World Wide Web - based tool they could use to do up folders and exchange files with their customer .
Without outside funding or a free tier , ShareFile grew to 3 million substance abuser by 2011 . The service would go on to strive 40 million users after its learning by Citrix in 2011 ; Citrix continued to provide ShareFile as a standalone service of process as well as an desegregation for several of its endeavour - oriented products .
Lipson , who ’d joined Citrix ’s hundred - suite follow the learning , go out in 2017 . And in 2023 , Cloud Software Group , a hold company own by Citrix and data integration provider Tibco , bought ShareFile for an undisclosed amount .
Today , ShareFile extend a range of business - focused file - sharing tools and service , admit a help that allows customers to create branded , countersign - protected hepatic portal vein for files ( similar to functionality from Dropbox and Box ) . The company also bring home the bacon e - sign language services , regulation - compliant clouds for health care and financial documents and a inspection and repair that lets customers suffice data from their on - premises data snapper .
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Cloud Software Group CEO Thomas Krause sees ShareFile being quite profitable for Progress , adding as much as $ 240 million in annual recurring revenue to its balance canvass and 86,000 clients to its customer base .
The marketplace for enterprise single file - sharing servicing is indeed a lucrative one , with analytics firm Grand View Researchestimatingthat it was deserving $ 9.5 billion in 2023 . ShareFile was n’t among the top serve in term of use last year — Google Drive , Dropbox , Microsoft OneDrive , Box and Jupyter ticktock it out , perStatista — but given the sphere ’s monolithic size of it , corner even a tiny slice is enough to realize meaningful taxation .
“ ShareFile has a farseeing track criminal record of success within the secure content collaboration and customer interaction space and with this dealings , as part of Progress , will be well set to continue that record , long into the future , ” Krause said in a mechanical press release . “ For ShareFile customers , we firmly believe they will benefit from Progress ’ deep client commitment , across-the-board Cartesian product portfolio , expertness and its grand user community . ”
Progress , based in Burlington , Massachusetts , said it plan to set aside its quarterly dividend after the ShareFile leverage to redirect capital toward repaying debt . Doing so , Gupta tote up , will allow Progress to “ increase liquidity for succeeding M&A and for share buyback . ”
ShareFile is Progress ’ first acquisition this year . The 43 - class - quondam , publicly sell ship’s company posted a 2.3 % year - over - year decline in tax income for its Q2 fiscal year . ( The company continue to dig out from themassive data breachits transference tool MOVEit stimulate last year . ) But Progress said it expect receipts and adjusted earnings per share for Q3 to be “ within or above ” the high death of its forecast .
