Progress snaps up file management platform ShareFile

Date:
Tue, 10 Sep 2024 15:04:00 +0000

Description:
Progress buys ShareFile for around $875 million in a deal thats set to
benefit group revenue and ShareFiles value.

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AI-enhanced infrastructure software firm Progress, the company behind MOVEit, has announced its acquisition of ShareFile, an online document-centric collaboration and file-sharing platform designed for specific businesses such as those in the financial and healthcare sectors.

As part of the deal, Progress will benefit from the platforms AI-powered collaboration workflows, client portal and e-signature technology.

Progress also anticipates adding more than $240 million in annual revenue to its books from ShareFiles 86,000 customers. Progress snaps up ShareFile

Progress CEO Yogesh Gupta commented: "ShareFile fits strategically with Progress Digital Experience portfolio to enable organisations to deliver more effective client and team collaboration while simplifying the secure sharing of documents and other content.

The deal, worth around $875 million, is expected to close by November 30, subject to the usual regulatory approvals and closing conditions.

Thomas Krause, CEO of Cloud Software Group, ShareFiles parent company, added: For ShareFile customers, we firmly believe they will benefit from Progress deep customer commitment, extensive product portfolio, expertise and its expansive user community.

This wont be the first time that ShareFile has changed hands, though. Between its inception in 2005 and 2011, the platform amassed 40 million users. It was at that point that Citrix took ownership of the company before it went on to become Cloud Software Groups property in 2023.

What the new ownership will mean for customers is unclear, but Progress appears to be committed to continuing the brand. Gupta noted: ShareFile customers will benefit from Progress strong customer focus, expansive product portfolio and expertise as well as an unparalleled track record of customer success.

Elsewhere in the industry, WeTransfer is also undergoing a radical shift.
Just weeks after the platform was acquired by Italian tech firm Bending Spoons, it was confirmed that hundreds would be laid off as more than 75% would go. More from TechRadar Pro Check out the best cloud storage solutions Weve rounded up a list of the best online collaboration tools WeTransfer set to lay off hundreds of staff after Bending Spoons acquisition



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Link to news story: https://www.techradar.com/pro/progress-snaps-up-file-management-platform-share file


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