Progress Software Chief Financial Officer Announces Plans to Retire

  Progress Software Chief Financial Officer Announces Plans to Retire

  Announces Divestiture of ObjectStore and Completion of Majority of Planned
                                 Divestitures

Business Wire

BEDFORD, Mass. -- December 13, 2012

Progress Software Corporation (NASDAQ: PRGS), a global software company that
simplifies and enables the development and deployment of business
applications, today announced that Melissa H. Cruz, the company’s Senior Vice
President, Finance and Administration and Chief Financial Officer, has
informed the company that she has decided to retire in 2013 for personal
reasons. Ms. Cruz will continue in her current role until her successor is
named and will remain available to the company as long as necessary in order
to ensure a smooth transition.

The Company is initiating a search process.

Additionally, Progress Software announced that it has completed the
divestiture of its Sonic, Savvion, Actional and DataXtend product lines to
Aurea Software, Inc., a newly formed operating subsidiary of ESW Capital, the
investment arm of Trilogy Enterprises. As part of the same closing, Progress
Software divested its ObjectStore product line to a separate operating
subsidiary of ESW Capital. With the completion of these divestitures, the only
remaining product line to be divested is Orbix (consisting of Orbix, Artix and
Orbacus).

Quotes:

Phil Pead, President and CEO, Progress Software

“I want to thank Melissa for her outstanding contributions to Progress
Software during her time here, particularly in helping the company execute on
the key elements of our strategic plan and fiscal 2013 planning. As our CFO,
she strengthened our Finance and Accounting group’s capabilities and has been
instrumental in the company’s restructuring of its operations and resulting
changes in financial reporting. Melissa’s early notification of her retirement
plans will enable us to implement an orderly and efficient transition of her
responsibilities to her successor.”

Melissa Cruz, Senior Vice President, Finance & Administration and Chief
Financial Officer, Progress Software

“My decision to retire was a difficult one but I am grateful for the
opportunities Phil and the Board of Directors have given me during my time
here. I feel fortunate to have been a part of the company’s ongoing transition
as it successfully executes on its strategic plan. My decision to retire was
precipitated by some personal health issues that I experienced recently. I am
confident in the Company’s business strategy, Phil’s leadership and the
Company’s prospects for growth and value creation.”

About Progress Software Corporation

Progress Software Corporation (NASDAQ: PRGS) simplifies the development,
deployment and management of business applications on-premise or on any Cloud,
on any platform and on any device with minimal IT complexity and low total
cost of ownership. Progress Software can be reached at www.progress.com or
1-781-280-4000.

Follow Progress Software on Twitter: @ProgressSW

Contact:

Investor Contact:
Progress Software
Tom Barth, +1 781 280 4135
tobarth@progress.com
or
Press Contact:
LEWIS PR
Claire Rowberry, +1 617 226 8841
progresssoftware@lewispr.com
 
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