Progress Software announced it has entered into an agreement to acquire substantially all of the assets and assume certain liabilities of Domo, including its AI and data products platform, for a cash purchase price of $400 million. The transaction is structured as an asset purchase and is expected to close within Progress’s fiscal year ending November 30, 2026, subject to regulatory approvals and other customary closing conditions.
The acquisition is intended to strengthen Progress’s data platform offerings by giving organizations the context and control needed to turn fragmented enterprise data into governed, AI-ready intelligence. Domo’s agentic platform for the intelligent enterprise is expected to complement and broaden Progress’s existing data platform capabilities, creating what the companies described as synergies to deliver secure and scalable AI data readiness solutions. The deal brings Progress a customer base of more than 2,400 businesses along with Domo’s global ecosystem of cloud data warehouse technology partnerships.
Progress said it plans to finance the transaction using a combination of cash and its existing revolving credit facility. Based on currently available information, the company said it anticipates that revenue and non-GAAP earnings per share for its fiscal third quarter will come in within or above the high end of guidance it issued on June 30, 2026. Progress plans to discuss full third quarter financial results on a conference call on September 30, 2026. Citi served as exclusive financial advisor to Progress, with DLA Piper LLP serving as legal counsel, while Jefferies LLC served as exclusive financial advisor to Domo, with Goodwin Procter LLP serving as its legal counsel.
KEY QUOTES:
“Effective AI starts with accurate, trusted data and content to provide the context for accurate and verifiable outcomes. Domo is a leading AI and data platform that enables businesses to access, integrate and leverage their data at scale. Domo’s product capabilities, coupled with their team’s expertise in cloud architectures and analytics, are highly complementary to our expanding Progress data platform capabilities that significantly improve the security, governance and cost of our customers’ AI initiatives.”
Yogesh Gupta, CEO, Progress Software
“We have built Domo around the simple idea that trusted data should help people make better decisions and take action. The addition of our product capabilities to the Progress data platform will give customers a stronger foundation for building AI that understands their business, works from governed data and can be trusted to support meaningful decisions.”
Josh James, Founder and CEO, Domo
