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Progress Software to Sponsor and Speak at the Cloud Channel Summit

Progress Software will sponsor and speak at the Cloud Channel Summit on November 7th in Mt. View, CA.  The Cloud Channel Summit is a one day executive forum where channel and partner development executives will share industry best practices and ideas for building profitable and successful channel partnerships in the Cloud.  For more information, visit Cloud Channel


Progress President and CEO Richard Reidy to Step Down

Progress Software Corporation announced yesterday that President and Chief Executive Officer, Richard D. Reidy, will leave the company when a successor is named.  An external search will be initiated immediately. At the request of the company’s board of directors, Mr. Reidy will continue as President and CEO of the company until a successor has been confirmed.

Mr. Reidy has held numerous leadership positions at the enterprise software company during his 27-year tenure. He was appointed President and CEO in March 2009 and  provided the vision and leadership for Progress Software’s repositioning and its current business strategy. During this time, Mr. Reidy restructured the company, unifying its product and solution portfolio  into the company’s current “One Progress” structure, creating a more focused go-to-market discipline.

Michael Mark, Chairman of the Progress Board of Directors, said: “We deeply appreciate Rick’s excellent leadership through what have been transformative years and we’re thankful for the strong contributions Rick has made to Progress Software since its early days.  We are also grateful he has chosen to lead the company in the coming months as we search for a permanent CEO.”

Mr. Reidy commented: "Progress Software has undergone a profound and successful transformation over the past few years.  We have repositioned and refocused the company in exciting new high growth areas and are executing well.  New leadership will help accelerate our strategy going forward.  Progress has a rich 30 year history of providing compelling products, solutions and service, all of which continue to drive success for our customers and partners.   I would like to thank every Progress employee, customer and partner for the contributions they continue to make to the company's success."

Mr. Reidy will continue to serve on the company’s board of directors until his departure date.  The terms of Mr. Reidy’s departure were mutually agreed upon by Mr. Reidy and the Progress board of directors.


Progress Looking to Hire in 2011

Progress Software is expecting to bring on estimated 50 new employees for its Massachusetts operation in 2011, as it grows farther into the real-time business management software market, according to President Richard Reidy.  He also stated that the organization expects to add about 200 more worldwide staff members in 2012, and hiring in Massachusetts will range from R&D to corporate office staff.

Read more: Progress Looking to Hire in 2011


Progress' Stock Price Increases

During the afternoon of Wed., Dec. 22, Progress' (PRGS) shares were up 5.9 percent at $43.58 per share.  Also at that time, "The company's stock price began to rise after it forecast 1st quarter earnings per share in the range of 40 cents to 45 cents per share, on revenue in the range of $132 million to $135 million," according to Daniel James Hayden IV of Find out more about Progress' stock right after it's fourth quarter results were released!


See Progress' 4Q Results Now!

Progress Software announced its fiscal fourth quarter results on December 21, 2010. According to the organization, "On a generally accepted accounting principles (GAAP) basis, revenue for the quarter was $145.2 million, up 6 percent from $ 136.8 million in the fiscal fourth quarter of 2009." Also on a GAAP basis, the company reported a 27 percent increase in operating income - $32.8 million compared to $25.8 million in the same quarter last year.

In addition to announcing its fourth quarter results, it also reported that its Board of Directors has approved a three-for-two split of its common stock.  Learn more about Progress' performance in its fourth quarter and the stock split now!

Read more: See Progress' 4Q Results Now!


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