Progress Software, a company focused on AI infrastructure software, revealed on August 10, 2026, that it's entering into an agreement to purchase nearly all of Domo's assets, including the company's AI and data products platform. The deal is valued at $400 million in cash and represents another step in Progress' strategy to expand its data platform capabilities. According to the announcement, the combination will create synergies that deliver AI data readiness solutions with enhanced security and governance.
The transaction is structured as an asset purchase where Progress will acquire substantially all assets and take on certain liabilities from Domo. The acquisition will bring more than 2,400 business customers into Progress' portfolio, along with a global network of cloud data warehouse technology partnerships. Progress plans to fund the purchase through a mix of available cash and its existing revolving credit facility. The deal is expected to close before Progress' fiscal year ends on November 30, 2026, pending regulatory approval and standard closing conditions. Progress also anticipates that revenue and non-GAAP earnings per share for its fiscal third quarter will meet or exceed the top end of guidance issued on June 30, 2026, with full financial results scheduled for discussion on a September 30, 2026 conference call.
"Effective AI starts with accurate, trusted data and content to provide the context for accurate and verifiable outcomes," said Yogesh Gupta, CEO of Progress Software. According to the announcement, Domo operates as a leading AI and data platform that allows businesses to access, integrate, and leverage their data at scale. Josh James, founder and CEO of Domo, stated that the company was built on the premise that trusted data should enable better decision-making and action. Progress described Domo's agentic platform for the intelligent enterprise as complementary to its existing offerings, with product capabilities and team expertise in cloud architectures and analytics enhancing Progress' ability to improve security, governance, and cost efficiency for customer AI initiatives.
The acquisition fits within what Progress calls its Total Growth Strategy, showing continued execution of its approach to broadening data platform offerings. Progress emphasized that the deal aligns with its goal of delivering context and control for AI, enabling customers to achieve business objectives with confidence. By combining Domo's product capabilities with Progress' existing data platform, the merged entity aims to provide customers with a stronger foundation for building AI systems that understand their business, operate from governed data, and can be trusted to support meaningful decisions. Citi served as exclusive financial advisor to Progress with DLA Piper LLP handling legal counsel, while Jefferies LLC advised Domo with Goodwin Procter LLP providing legal representation. The consolidation of platforms and customer bases positions Progress to offer more comprehensive solutions for enterprises navigating the shift toward AI-driven operations, though integration challenges and the retention of Domo's customer base will determine whether the strategic bet pays off. Companies pursuing growth through acquisition rather than organic development face inherent execution risks that no purchase price can eliminate.