Progress appoints Ed Keisling as Chief AI Officer

BURLINGTON, Mass. - Progress (NASDAQ: PRGS), a $2.41 billion market cap company specializing in AI-powered digital experience and infrastructure software, has announced the appointment of Ed Keisling as its Chief AI Officer (CAIO) on Monday. The company, which maintains impressive gross profit margins of 86.56%, is making this strategic move to strengthen its AI capabilities and drive innovation across its global product portfolio. According to InvestingPro data, Progress has demonstrated solid performance with 8.49% revenue growth in the last twelve months.

Keisling, with over 30 years of experience in technology and engineering, will spearhead Progress’s AI strategy and oversee the transformation of its offerings to better support customer AI integration. Reporting directly to CEO Yogesh Gupta, Keisling’s role will focus on aligning the company’s products with the evolving needs of its customers.

Gupta praised Keisling’s track record, emphasizing his pivotal role in advancing Progress’s AI vision and his ability to synergize engineering execution with strategic business objectives. Keisling’s previous position as Senior Vice President of Engineering for Infrastructure Management at Progress saw him driving innovation and operational efficiency.

Keisling’s appointment comes at a time when AI innovation is accelerating, with the technology redefining solution development and adoption. Keisling expressed enthusiasm for leading Progress’s AI development, ensuring that customers have the necessary tools and expertise to harness AI’s transformative potential. InvestingPro analysis indicates that Progress’s net income is expected to grow this year, suggesting strong execution of its strategic initiatives.

Before joining Progress, Keisling held executive roles at Vecna Technologies and spent over 17 years in senior engineering positions at Pegasystems (NASDAQ:PEGA). He is also actively involved in engineering development programs, mentoring and presenting at the UNH Pathways Program and the MIT Undergraduate Practice Opportunities Program (UPOP).

Progress serves over 4 million developers and technologists at numerous enterprises worldwide, providing software that enables the development, deployment, and management of responsible, AI-powered applications. With an overall Financial Health score rated as GOOD by InvestingPro, the company appears well-positioned for future growth. Investors can access comprehensive analysis and 8 additional ProTips about Progress through InvestingPro’s detailed research reports, which are available for over 1,400 US stocks. This appointment is based on a press release statement from Progress.

In other recent news, Progress Software (NASDAQ:PRGS) reported its third-quarter 2024 earnings, surpassing analysts’ expectations with an earnings per share (EPS) of $1.33, compared to the forecasted $1.21. The company’s revenue also exceeded projections, reaching $215 million against an anticipated $211.7 million. Progress Software’s operating margin increased by 200 basis points to 41%, and it ended the quarter with cash and equivalents totaling $233 million. The company announced its acquisition of ShareFile, expected to significantly boost future revenue and annual recurring revenue (ARR). This acquisition, valued at $875 million, is anticipated to add over $240 million in annual revenue. Citi analyst Tyler Radke adjusted Progress Software’s price target to $65, down from $68, while maintaining a neutral rating. Radke noted the company’s challenges, including the projected decline in organic revenues and the need to manage leverage and potential dilution from convertible securities. Despite these concerns, Radke expressed confidence in Progress Software’s ability to improve operating margins through strategic integrations.

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