ShareFile provides Progress with technology for sending and storing files, which could complement Progress’ existing file solution, MOVEit.
Both solutions are used for file transfer, applying strong encryption standards to keep the data in the files safe during the sending process. For businesses, this is an important feature when choosing a file-transfer service. For example, ShareFile attracts many customers from industries where a lot of sensitive data is handled, such as financial services and healthcare.
ShareFile was previously under the Cloud Software Group, which includes Citrix. Citrix gained control of ShareFile in 2011 when it acquired the service. How much was paid for the acquisition at the time is unknown. Progress is now paying $875 million, equivalent to about 792 million euros.
Progress sees particular potential in ShareFile to expand its product offerings to include “SaaS-native, AI-powered document-centric collaboration and workflows, client portal, secure file sync and share and eSignature.” In addition, the acquisition will bring Progress $240 million in annual revenue and more than 86,000 customers.
The acquisition should be completed by the end of November, provided the software company receives regulatory approval.