Progress Software is paying $400 million for Domo. The acquisition is intended to expand Progress’s AI and data capabilities.
Progress will acquire virtually all of Domo’s assets, including its AI and data platform. However, this is not a traditional merger. It is an asset purchase, in which Progress assumes certain liabilities and Domo continues to exist as a publicly traded entity under a new name and ticker symbol. The transaction is being financed through a combination of internal cash reserves and the existing revolving credit facility.
Domo serves more than 2,400 customers and has a network of partners focused on cloud data warehouses. The company was founded in 2010 by Josh James, former CEO of Omniture. Domo evolved into a cloud-native BI platform and went public in 2018.
Context for AI
Progress positions itself as a provider of AI infrastructure software. “Effective AI starts with accurate, reliable data and content that provide the context for precise and verifiable outcomes,” said Yogesh Gupta, CEO of Progress Software. Domo is expected to strengthen the data layer on which AI applications run, offering better security, governance, and lower costs for customers.
Josh James, founder and CEO of Domo, sees an alignment with that vision. “We built Domo around the simple idea that reliable data should help people make better decisions and take action,” he says.
The transaction is still subject to regulatory approval and customary conditions. Progress expects to close the deal by the end of the fiscal year ending November 30, 2026.
Tip: Progress Agentic RAG makes unstructured data accessible