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Two Blokes Fri at 1:30 PM -
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Progress Software excels as a disciplined, serial acquirer of stable, cash-flowing software assets, prioritizing financial discipline over high-risk growth strategies. Its leveraged capital structure, while atypical for software companies, aligns with private equity principles and enforces management discipline, supporting sustainable shareholder returns. PRGS's valuation is reasonable vs. peers, with stronger growth than OpenText and room for multiple expansion toward Constellation Software's levels, supporting a long-term buy thesis.
