Progress Software has agreed to acquire Domo's AI and data platform business for $400 million. Domo will remain a public company after the deal closes but will change its name.
Progress Software, a provider of application development and digital experience software, announced the acquisition of Domo's artificial intelligence and data platform division. The $400 million deal marks a significant consolidation in the data analytics space.
Under the agreement, Domo's AI and data capabilities will integrate into Progress Software's portfolio. Domo shareholders will approve the transaction, and the company will continue operating as a publicly traded entity following the deal's completion.
The acquisition reflects Progress Software's strategy to expand its AI and data offerings. Domo's platform focuses on business intelligence and data visualization, capabilities that will complement Progress Software's existing tools.
Domo's operational changes post-acquisition include a corporate name change, though specific branding details have not been disclosed. The transaction is expected to close pending customary closing conditions and shareholder approval.
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