What changed in this filing

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Item 1. Business

2026-01-20 compared with 2025-01-21 · 26 added, 22 removed, 174 unchanged (22% of the section changed)

Progress Software Corporation ("Progress," the "Company," "we," "us," or "our") provides software products that enable our customers to develop, deploy and manage responsible AI-powered applications and digital experiences.

Progress Software Corporation ("Progress," the "Company," "we," "us," or "our") provides software products that enable our customers to develop, deploy, and manage responsible AI-powered applications and digital experiences with agility and ease.

We operate in North America, Latin America, Europe, the Middle East and Africa ("EMEA"), and Asia and Australia ("Asia Pacific"), through local subsidiaries as well as independent distributors.

A key element of our strategy is centered on the goal of building and maintaining leading products and tools enterprises need to build, deploy, and manage modern, strategic business applications.

A key element of our strategy is centered on the goal of building and maintaining leading products and tools organizations need to build, deploy, and manage modern, strategic business applications.

We offer our products and tools to both new customers and partners, as well as our existing partner and customer ecosystems.

5 unchanged sentences

in February 2023, we acquired MarkLogic;

and in October 2024, we acquired ShareFile.

in October 2024, we acquired ShareFile;

and in June 2025, we acquired Nuclia.

Our capital allocation policy emphasizes accretive M&A, which we believe allows us to expand our business and drive significant stockholder returns.

3 unchanged sentences

Described below are the leading products in our portfolio.

Progress Agentic RAG:

A next-generation Agentic Rag-as-a-Service platform offering fast, flexible, and modular retrieval functionality to artificial intelligence ("AI") agents from a wide variety of unstructured data formats.

Progress Automate MFT :

Scalable, cloud-native Software-as-a-Service ("SaaS") platform for automated and secure file transfers.

Progress Chef:

17 unchanged sentences

Progress Semaphore:

Semantic AI platform that transforms data into meaningful insights, empowering organizations to leverage Retrieval Augmented Generation (RAG) for accurate, contextually relevant Gen AI responses, manage knowledge models, and to automatically extract and classify meaning from both structured and unstructured data.

Semantic AI platform that transforms data into meaningful insights, empowering organizations to leverage RAG for accurate, contextually relevant Gen AI responses, manage knowledge models, and to automatically extract and classify meaning from both structured and unstructured data.

Progress ShareFile:

12 unchanged sentences

Limerick, Ireland;

Manresa, Spain;

Alpharetta, Georgia;

1 unchanged sentence

Madison, Wisconsin;

Morrisville, North Carolina and Raleigh, North Carolina.

We sell our products globally through several channels:

directly to end users and various indirect sales channels.

and Raleigh, North Carolina.

We sell our products globally directly to end users and through various indirect sales channels.

Sales of our products through our direct sales force have historically been to business managers or IT managers in corporations and governmental agencies.

7 unchanged sentences

If an ISV succeeds in marketing its applications, we obtain recurring revenue as the ISV licenses our products to allow its application to be installed and used by customers.

In recent years, a significantly increasing amount of our revenue from ISVs has been generated from ISVs who have chosen to enable their business applications under a software-as-a-service ("SaaS") platform.

In recent years, a significantly increasing amount of our revenue from ISVs has been generated from ISVs who have chosen to enable their business applications under a SaaS platform.

Original Equipment Manufacturers

35 unchanged sentences

Madison, Wisconsin;

Morrisville, North Carolina and Raleigh, North Carolina.

and Raleigh, North Carolina.

Local technical support for specific products is provided in certain other countries as well.

8 unchanged sentences

development operations;

data management, managed database services;

data management;

managed database services;

performance enhancements and tuning;

42 unchanged sentences

Our CODM evaluates financial information on a consolidated basis.

As we operate as one operating segment, the required financial segment information can be found in the condensed consolidated financial statements.

Refer to Note 14:

Revenue Recognition and Note 18:

Business Segments and International Operations to our Consolidated Financial Statements in Part II, Item 8 of this Form 10-K for information by geographic area.

As we operate as one operating segment, the required financial segment information can be found in the consolidated financial statements.

Refer to Note 12, Revenue Recognition and Note 16, Segment Information and Geographic Information, in Part II, Item 8 of this Form 10-K for information by geographic area.

Human Capital

17 unchanged sentences

Flexible Work Approach

The COVID‐19 pandemic significantly changed the way employees think about where and how they work.

In 2021, we announced a modern approach to work that gives our employees more flexibility to choose where to work.

For most of our employees, productivity is no longer tied to being in an office and collaboration can happen between people anywhere.

Our view of our offices has evolved to places for collaboration and in-person interactions rather than the only places where productive work can occur.

In 2021, we announced a modern approach to work that gives our employees more flexibility to choose where to work.

Depending on their role, this means that employees can choose their office location, as well as continue to work from home some or all the time.

We expect this flexible approach will help us recruit and retain employees.

Inclusion and Diversity

As a multicultural company serving a global community, we encourage a wide range of views and celebrate our diverse backgrounds.

We are committed to creating a culture of innovation and inspiration, where employees feel a strong sense of community and pride in the company and the successes they have helped to achieve.

We have an Inclusion and Diversity Advisory Committee, made up of Progress employees from around the globe with varying backgrounds, skill sets and viewpoints.

This committee supports our Chief Inclusion and Diversity Officer in the formation and implementation of enterprise-wide Inclusion and Diversity initiatives and ensuring a clear Inclusion and Diversity vision is established and articulated in a way that is authentic for all Progress employees.

Corporate Social Responsibility

Progress' corporate social responsibility program, Progress for Tomorrow, reflects our commitment to responsible business practices and positive societal impact.

Built on three pillars—Our People, Our Global Community, and Our Planet—the program focuses on fostering an inclusive and empowering workplace, supporting education and charitable initiatives worldwide, and advancing sustainability through emissions tracking and carbon neutrality strategies.

These efforts align with our core values and reinforce our dedication to ethical governance and long-term environmental stewardship.

As a multicultural company serving a global community, we are committed to creating a culture of innovation and inspiration, where employees feel a strong sense of community and pride in the company and the successes they have helped to achieve.

We encourage the development of cultural intelligence in our employees to promote a greater understanding of the unique characteristics across our global teams, which allows us to leverage multicultural teams to foster a more creative work environment and better serve our global customer base.

Available Information

Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended, are available free of charge on our website at www.progress.com as soon as reasonably practicable after such reports are electronically filed with, or furnished to, the Securities and Exchange Commission (the "SEC") at www.sec.gov.

Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), are available free of charge on our website at www.progress.com as soon as reasonably practicable after such reports are electronically filed with, or furnished to, the Securities and Exchange Commission (the "SEC") at www.sec.gov.

The information posted on our website is not incorporated into this Annual Report on Form 10-K.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business