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Progress Software Announces Plan to Complete Additional $100 Million Share Repurchase by December 31, 2013

  Progress Software Announces Plan to Complete Additional $100 Million Share
  Repurchase by December 31, 2013

Business Wire

BEDFORD, Mass. -- June 26, 2013

Progress Software Corporation (NASDAQ: PRGS) today announced that it has
adopted a Rule 10b5-1 share repurchase plan for the purpose of repurchasing up
to $100 million of its common stock as part of the Company's previously
announced repurchase authorization, which the Board of Directors increased by
$10 million to $360 million. The plan will be active from July 1, 2013 until
December 31, 2013 or, if earlier, upon the repurchase of $100 million of the
Company’s common stock under the plan. The Company previously utilized a Rule
10b5-1 plan to repurchase $250 million of its common stock between October
2012 and May 2013.

The Rule 10b5-1 plan allows for the repurchase of shares at times when the
Company might otherwise be prevented from doing so under insider trading laws
or because of self-imposed trading blackout periods. Repurchases are subject
to SEC regulations as well as certain price, market, volume, and timing
constraints specified in the plan. Because repurchases under the plan are
subject to certain constraints, there is no guarantee as to the exact number
of shares that will be repurchased under the plan or the timing for any
repurchases.

About Progress Software Corporation

Progress Software Corporation (NASDAQ: PRGS) is a global software company that
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.

Forward-Looking Statements

This press release contains statements that are “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended. Progress
has identified some of these forward-looking statements with words like
“believe,” “may,” “could,” “would,” “might,” “should,” “expect,” “intend,”
“plan,” “target,” “anticipate” and “continue,” the negative of these words,
other terms of similar meaning or the use of future dates. Forward-looking
statements in this press release include, but are not limited to, statements
regarding Progress’s capital allocation plans and the timing, amount and
manner of returning capital to shareholders. There are a number of factors
that could cause actual results or future events to differ materially from
those anticipated by the forward-looking statements, including, without
limitation: (1) market conditions, timing constraints and other factors that
could impact Progress’s ability to complete the proposed share repurchases
under the share repurchase plan during the term of the plan or at all; (2)
market conditions, timing constraints and other factors that could impact
Progress’s ability to complete the proposed return of the additional $100
million of capital to shareholders by the end of 2013 or at all; (3) the
availability of other capital allocation alternatives to Progress and the
impact of implementation of one or more of these alternatives on Progress, its
strategic plan or capital allocation strategy; (4) Progress’s ability to
realize the expected benefits and cost savings from its strategic plan; (5)
market acceptance of Progress’s strategic plan and product development
initiatives;; (6) pricing pressures and the competitive environment in the
software industry and Platform-as-a-Service market; (7) Progress’s ability to
make technology acquisitions and to realize the expected benefits and
anticipated synergies from such acquisitions; (8) the continuing weakness in
the U.S. and international economies, which could result in fewer sales of
Progress’s products and/or delays in the implementation of Progress’s
strategic plan and may otherwise harm Progress’s business; (9) business and
consumer use of the Internet and the continuing adoption of Cloud
technologies; (10) the receipt and shipment of new orders; (11) Progress’s
ability to expand its relationships with channel partners and to manage the
interaction of channel partners with its direct sales force; (12) the timely
release of enhancements to Progress’s products and customer acceptance of new
products; (13) the positioning of Progress’s products in its existing and new
markets; (14) variations in the demand for professional services and technical
support; (15) Progress’s ability to penetrate international markets and manage
its international operations; and (16) changes in exchange rates. For further
information regarding risks and uncertainties associated with Progress’s
business, please refer to Progress’s filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-K for the fiscal year ended
November 30, 2011, as amended, and Quarterly Report on Form 10-Q for the
fiscal quarter ended February 28, 2013. Progress undertakes no obligation to
update any forward-looking statements, which speak only as of the date of this
press release.

Contact:

Press Contact
Progress Software
Rick Lacroix, +1 781-280-4604
rlacroix@progress.com
or
Investor Contact
Progress Software
Tom Barth, +1 781-280-4135
tobarth@progress.com
 
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