Progress Software Corporation (PRGS) Announced Launch of Progress Federal Solutions, Inc.

Group 1 - Progress Software Corporation (NASDAQ:PRGS) launched Progress Federal Solutions, Inc., a wholly owned subsidiary aimed at serving U.S. federal, defense, and public sector organizations [1][2] - The new subsidiary will operate independently while utilizing the technology portfolio of Progress Software Corporation [1] - In Q2 2025, Progress Software reported an Annual Recurring Revenue (ARR) of $838 million, reflecting a 46% year-over-year growth [3] - The company's revenue for Q2 2025 was $237 million, showing a 36% year-over-year increase on an actual currency basis and a 35% increase on a constant currency basis [3] - Progress Software achieved a Net Retention Rate of 100%, indicating the consistent strength of its product offerings [3] - The company made progress in reducing its revolving credit facility, paying down an additional $40 million in Q2 2025 [3]