This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Progress Software To Sell Shadow To Rocket Software

Insert after fourth graph of the release: Pacific Crest Securities LLC is serving as Progress’ financial advisor with respect to the transaction with Rocket and Wilmer Cutler Pickering Hale and Dorr LLP is serving as Progress’ legal counsel.

The corrected release reads:


Divestiture is step forward in execution of Progress’ strategic direction

Progress Software Corporation (NASDAQ: PRGS) today announced that it has signed a definitive agreement with Rocket Software for it to acquire the Shadow product. Shadow, middleware software that simplifies and accelerates the integration of data and programs residing on mainframes with other business systems using open standard data and service interfaces, is highly complementary to Rocket Software’s existing product portfolio and will offer Rocket customers dramatic improvements in total cost of ownership and performance of integration projects that involve mainframe assets.

For Progress Software, this divestiture will complete another important step in its strategic plan to refocus on providing the most productive, cost-effective, on-premise, cloud- and mobile-enabled platforms for developing, deploying, and maintaining the world’s best business applications.

"The divestiture of the Shadow product further demonstrates our company’s focus on the strategy we announced in April," said Progress’ President and Chief Executive Officer, Jay Bhatt. "This transaction, which is a key milestone toward the achievement of our strategic direction, is a great outcome for our shareholders as well as Shadow employees and customers. We are delighted that this established product and highly-skilled team will move to such a high-caliber company that really understands how to help customers leverage mainframes."

The consummation of the transaction is subject to customary closing conditions. When the transaction is completed, Shadow will be the second of the ten product lines to be sold following the sale of the FuseSource business to Red Hat that was completed in early September. The company's expectation is that the sale of Shadow will be completed during the fiscal fourth quarter of 2012.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.47 -0.25%
FB $101.49 -0.41%
GOOG $681.37 -0.25%
TSLA $147.56 -1.90%
YHOO $26.75 -0.04%


Chart of I:DJI
DOW 15,881.73 +221.55 1.41%
S&P 500 1,851.11 +22.03 1.20%
NASDAQ 4,301.9720 +35.1350 0.82%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs