Progress Software Corporation (NasdaqGS:PRGS) agreed to acquire novel labs, Inc. from Citrix Systems, Inc. for approximately $880 million on September 9, 2024. A cash consideration will be paid by Progress Software Corporation. As part of consideration, an undisclosed value is paid towards common equity of novel labs, Inc. The transaction is subject to obtaining regulatory approvals and satisfaction of other customary closing and Hart-Scott Rodino Antitrust. The expected completion within Progress? fiscal year, ending November 30, 2024. Jon Venick of DLA Piper LLP acted as legal advisor for Progress Software Corporation. Jefferies LLC acted as financial advisor for Cloud Software Group. Stuart E. Casillas, P.C, Ari Levi and Philip Castagnozzi Bush of Kirkland & Ellis LLP acted as legal advisor for Cloud Software Group. Citigroup Inc. acted as financial advisor for Progress Software Corporation. Barclays PLC acted as financial advisor for Cloud Software Group.

Progress Software Corporation (NasdaqGS:PRGS) completed the acquisition of novel labs, Inc. from Citrix Systems, Inc. on October 31, 2024. The transaction was funded through $730 million in borrowings under our existing $900 million revolving credit facility and cash on hand, resulting in a payment at closing of $852.7 million.