Progress Software agreed on 22 July to acquire substantially all of the assets of Domo, the Utah-based AI and data platform company, for $400m in cash.
Why Progress Software Corporation is buying Domo, Inc. (operating business)
Progress said Domo's platform broadens its data platform offerings, helping customers turn fragmented enterprise data into governed, AI-ready information, and adds more than 2,400 business customers and cloud data warehouse partnerships.
“Effective AI starts with accurate, trusted data and content to provide the context for accurate and verifiable outcomes”
Deal terms and financing
The asset purchase was funded from cash and Progress's revolving credit facility. Domo's board approved the sale unanimously after a strategic review; Domo expected about $246m of net cash, or $4.84 a share, after repaying its credit facility, and planned to keep its listing under a new name to monetise more than $900m of NOLs.
Regulatory approvals and timing
Progress completed the acquisition on 22 September 2026.
Market context
Domo was founded by Josh James, who remains chief executive of the listed holding company. Progress has grown through a string of software acquisitions under its Total Growth Strategy.
