Progress, the AI-enhanced infrastructure software company behind MOVEit, has announced the acquisition of ShareFile, a document-centric online file sharing and collaboration platform designed for specific businesses such as those in the financial and healthcare sectors.
As part of the agreement, Progress will benefit from the platform’s AI-powered collaboration workflows, client portal and e-signature technology.
Progress also anticipates adding more than $240 million in annual revenue to its books from ShareFile’s 86,000 customers.
Progress takes over ShareFile
Yogesh Gupta, CEO of Progress, commented: “ShareFile strategically fits into Progress’ Digital Experience portfolio to enable organizations to deliver more effective collaboration between customers and teams, while simplifying the secure sharing of documents and other content.”
The deal, valued at approximately $875 million, is expected to close on November 30, subject to regulatory approvals and customary closing conditions.
Thomas Krause, CEO of Cloud Software Group, ShareFile’s parent company, added: “We strongly believe that ShareFile customers will benefit from Progress’ deep customer commitment, broad product portfolio, expertise and extensive user community.”
However, this will not be the first time ShareFile has changed hands. Between its creation in 2005 and 2011, the platform amassed 40 million users. It was at that time that Citrix took ownership of the company before it was spun off to Cloud Software Group in 2023.
It's unclear what the new ownership will mean for customers, but Progress appears committed to brand continuity. Gupta noted: “ShareFile customers will benefit from Progress' strong customer focus, broad product portfolio and expertise, as well as an unparalleled track record of customer success.”
Elsewhere in the industry, WeTransfer is also undergoing radical change. Just weeks after the platform was acquired by Italian tech company Bending Spoons, it was confirmed that hundreds of people would be laid off, with more than 75% of employees leaving.
