Singapore – Progress Software 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, in a deal valued at $400 million in cash.
The transaction, announced on July 27, is part of Progress’ strategy to expand its data platform capabilities and provide businesses with tools to prepare, govern and secure data for artificial intelligence applications.
Progress said Domo’s agentic platform for the intelligent enterprise will complement its existing data platform offerings, with the combined capabilities intended to help organisations manage fragmented enterprise knowledge and prepare it for AI use.
“Effective AI starts with accurate, trusted data and content to provide the context for accurate and verifiable outcomes,” said Yogesh Gupta, CEO of Progress Software. “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.”
The acquisition would also add more than 2,400 businesses to Progress’ customer base, along with Domo’s ecosystem of cloud data warehouse technology partnerships.
“We have built Domo around the simple idea that trusted data should help people make better decisions and take action,” said Josh James, Founder and CEO of Domo. “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.”
Progress said the proposed transaction is part of its Total Growth Strategy, under which it continues to pursue acquisitions of businesses with complementary products, established customer bases, strong retention and recurring revenue, and alignment with its corporate culture.
The company also said it expects revenue and non-GAAP earnings per share for its fiscal third quarter to be within or above the high end of its previously issued guidance from June 30, 2026.
Progress plans to report its full third-quarter financial results on September 30, 2026.
Under the terms of the agreement, Progress will acquire substantially all of Domo’s assets and assume certain liabilities through an asset purchase for a cash consideration of $400 million.
The transaction is currently expected to close during Progress’ fiscal year ending November 30, 2026, subject to regulatory approvals and other customary closing conditions.
