The acquisition encompasses Domo’s entire AI product platform, cloud data integration tools, and established analytical capabilities. By absorbing these technologies, Progress gains access to more than 2,400 business customers and an existing network of cloud data warehouse partnerships. The move serves a specific strategic goal: enabling enterprise clients to better govern, prepare, and integrate complex data sets for AI-driven applications.

Progress plans to fund the purchase through a mix of cash reserves and its revolving credit facility. Pending regulatory approvals and standard closing requirements, the transaction is slated to finalize by the end of the company’s fiscal year on November 30. For Domo, the agreement marks a significant shift following a difficult market run, where shares had dropped to $3.15 during regular trading before the acquisition news triggered a rebound to $3.75.