Progress Software (Nasdaq: PRGS) has agreed to acquire substantially all of Domo’s assets, including its AI and data products platform, in a cash deal worth US$400 million.

The acquisition, announced on 27 July, adds Domo’s agentic data platform and its base of more than 2,400 business customers to Progress’ existing enterprise AI and data offerings. The deal is expected to close within Progress’ current fiscal year, which ends on 30 November 2026, subject to regulatory approval.

Strengthening Enterprise AI Data Readiness

Progress said the acquisition is intended to help organisations turn fragmented enterprise data into governed, AI-ready intelligence, improving accuracy, speed and cost for customers building AI applications.

“Effective AI starts with accurate, trusted data and content to provide the context for accurate and verifiable outcomes,” said Yogesh Gupta, chief executive officer of Progress Software. “Domo’s product capabilities, coupled with their team’s expertise in cloud architectures and analytics, are highly complementary to our expanding Progress data platform capabilities.”

Domo’s Founder on the Deal

Domo (Nasdaq: DOMO) brings a global ecosystem of cloud data warehouse partnerships alongside its customer base. Its Domo.AI solution enables users to prepare, visualise, automate and distribute data products across the data lifecycle.

“We have built Domo around the simple idea that trusted data should help people make better decisions and take action,” said Josh James, founder and chief executive officer of Domo. “The addition of our product capabilities to the Progress data platform will give customers a stronger foundation for building AI that understands their business.”

Progress said it expects to finance the transaction through a combination of cash and its existing revolving credit facility, with Citi advising Progress and Jefferies LLC advising Domo on the deal.