Progress Software (PRGS) - Get Report soared 18.8% to $45.51 Friday after beating Wall Street's fiscal first-quarter earnings expectations.

The Bedford, Massachusetts-based software company earned $9.4 million, or 21 cents a share, compared with $13.7 million, or 29 cents a share, a year ago. Adjusted earnings came to 50 cents a share, ahead of analysts' expectations of 47 cents. Revenue totaled $89.5 million, down from the year ago figure of $95.4 million, but beat Wall Street's forecast of $87.6 million.

Separately, Progress said it agreed to acquire the network management company Ipswitch Inc. for $225 million in cash and increased its fiscal 2019 outlook to reflect the acquisition. For the year, the company expects adjusted earnings of $2.46 to $2.52 a share on adjusted revenue of $422 million to $428 million. Analysts had called for earnings of $2.37 a share on revenue of $383.4 million.

Noting the results, CEO Yogesh Gupta said that OpenEdge, the company's business application development language, was "leading the way with better-than-expected license revenue."

"Our solid financial performance, coupled with the acquisition of Ipswitch, provides an encouraging start to our fiscal year, as we continue our focus on building shareholder value," Gupta said in a statement.

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