Progress Software closes $400 million Domo AI platform purchase

Progress Software Corporation said that on September 22, 2026 it completed its previously announced $400 million cash purchase of substantially all assets and employees of Domo, Inc.’s AI and data platform business, while Domo renamed itself Huckleberry.ai and reported receiving approximately $221.0 million in cash at closing.

Progress Software closed its previously announced purchase of Domo's AI and data platform business on September 22, 2026, paying $400 million in cash while the seller renamed itself Huckleberry.ai and kept more than $900 million in net operating loss carryforwards.

Close of the Domo asset purchase

On September 22, 2026, Progress Software Corporation (Nasdaq: PRGS) completed the transactions contemplated by an Asset Purchase Agreement dated July 22, 2026 with Domo, Inc. Under that agreement, Progress purchased substantially all of Domo's assets and employees used in Domo's business of providing software platforms, applications, tools and related technologies for business intelligence, data visualization, reporting and dashboarding, data integration and analytics, embedded and distributed analytics, workflow and process automation, AI-powered data products and AI agents, and data governance and data management — delivered on a cloud-based, hosted, on-premises or hybrid basis to enterprise, commercial and governmental customers.

The purchase excludes Domo's net operating loss carryforwards. Progress assumed certain liabilities of Domo tied to the acquired business. Upon closing, Progress paid an aggregate purchase price of $400 million in cash, funded with a combination of cash on hand and its existing revolving credit facility. Progress said it will file the financial statements and pro forma financial information required by Rule 3-05 and Article 11 of Regulation S-X by an amendment to the Form 8-K.

Seller proceeds, rename, and ticker change

The same closing is described in a Form 8-K filed by Huckleberry.ai, Inc., the Delaware corporation formerly known as Domo, Inc. At closing, the company received approximately $221.0 million in cash after purchase-price adjustments in the Purchase Agreement, a warrant repurchase, and certain other adjustments for excluded liabilities agreed between the parties.

Separately, on September 22, 2026, holders of Domo's Class B warrants issued in February 2024 and August 2024 elected to have the company repurchase all such outstanding warrants for approximately $10.0 million in the aggregate. Domo said it repaid outstanding amounts under its credit facility at closing and begins as a debt-free public company under the Huckleberry name.

Effective September 24, 2026, Huckleberry's Class B common stock is expected to trade on the Nasdaq Global Market under the trading symbol HUCK (CUSIP 257554105). Stockholders do not need to exchange certificates or take other action. The seller also said it retains more than $900 million in net operating loss carryforwards, along with certain other assets and liabilities that were not included in the sale, and framed closing cash as approximately $4.46 per share. Founder and CEO Josh James will continue to lead Huckleberry with the company's current board.

How Progress framed the close

In the closing press release furnished as Exhibit 99.1 to Progress's Form 8-K, Progress described Domo's cloud-native AI and data platform as joining Progress's existing data platform offerings. CEO Yogesh Gupta said organizations pursuing AI initiatives need context grounded in trusted data and control through governance, security and oversight, and that Domo strengthens Progress's ability to help customers build that foundation. The release states Domo adds a customer base of over 2,400 businesses and global strategic partners, including leading cloud data warehouse providers.

Progress said it will provide additional information on the financial impact of the acquisition on its third-quarter earnings conference call on Wednesday, September 30, 2026, at 5:00 p.m. Eastern Time.