Last week, Saugatuck was briefed by Colleen Smith, VP at Progress Software (NASDAQ: PRGS), concerning the firm’s recently announced strategy to refocus around its core OpenEdge product line (see April 25 press release).
Over the past half dozen or so years, Progress had been successfully diversifying the company beyond its historical 4GL and app dev roots, primarily through the acquisition of a number of high-profile BPM, event-processing, middleware and integration-focused assets. This strategy apparently had been working until recently, when top line revenue and operating income began to fall. In response, the firm’s former CEO Richard Reidy stepped down last August – and after a five month BOD search, the firm hired Jay Bhatt as its new President and CEO (formerly of Autodesk) in December 2011.
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