Progress Software makes infrastructure software that businesses use to build, deploy, and manage applications and data. Progress sells to enterprises and mid-sized businesses across financial services, healthcare, government, manufacturing, and retail. The company's two core franchises are Application and Data Platforms, anchored by OpenEdge (a long-standing application development and runtime platform embedded in ISV products for decades), MarkLogic (a data management platform increasingly used as the data layer for AI applications), and Semaphore (a semantic AI platform); and Digital Experience and Infrastructure Management, anchored by ShareFile (a SaaS document collaboration and workflow platform acquired in October 2024 for $875M), MOVEit (managed file transfer), developer tools (Telerik and Kendo UI), and infrastructure monitoring tools including WhatsUp Gold, Flowmon, and Kemp LoadMaster. Progress sells through a direct sales force and indirect channels including ISVs, OEMs, and VARs, with nearly half of revenue coming through indirect channels. Over 87% of revenue is recurring, generated through perpetual licenses with maintenance, term licenses, and SaaS subscriptions. ShareFile, now the single largest product line, shifted the SaaS mix from ~3% to ~30% of revenue post-acquisition. Progress runs a 100% net retention rate, and organic ARR growth is modest at ~2%, with M&A as the primary growth vehicle. Progress targets mature infrastructure software businesses with stable, recurring revenue and high retention — completing six acquisitions since 2019. Operating margins run approximately 38-40%, supported by lean R&D spend and a retention-driven sales model.