Progress Software Corporation (NASDAQ:PRGS) Q3 2023 Earnings Call Transcript

And we don’t, but we’re very, very careful, right, we, it isn’t as though we’ve got people sitting around and drinking not doing real productive work, that is helping move the needle on our retention and expansion efforts, as well as winning some new customers. So it is all we measure it, we track it, we measure performance. And so we are continuing to invest appropriately for the profiles of those businesses. And just a little bit more color on that some people say, well what percentage of revenue you might invest on a particular product, right, it is a combination of things, if it’s a very large revenue number, right? The percentage of revenue invested in the entering side on the product is less because of large denominator. But so the question really is what work do we need to do to keep our products competitive in the market, to make sure that they continue to be relevant, to make sure that our customers are happy.

And that’s what drives our entering investment.

Antonio Venturim : Awesome. Great. Thanks for that. And then maybe just a quick follow up, I think you sort of alluded to it. But can you drill down on the go-to-market strategy with MarkLogic and how are you approaching that and sort of what the realignment of the go-to-market looks like?

Yogesh Gupta : Sure. So that we, as you might be aware, we have had a very strong internally portfolio of a relational database and data integration for our technologies between OpenEdge and DataDirect, right. And these two products are a significant part of our business in terms of revenue. And MarkLogic is a no SQL database. So it complements our OpenEdge database and Semaphore product does semantic analysis of data across all types of data. And so, really, the go-to-market is to bring, efforts have been to bring together these go-to-market organizations. So they are one organization now for all of our data platform business. So our application and data platform business, which is — which includes these products is all one and together, it’s completely integrated.

It’s under one general manager and so that makes for opportunities to potentially if something arises to take products in from one portfolio to another. But it also means that we have strong relationships and relationship management skills at Progress, and we bring those to bear in terms of retention and expansion skills as well. So I hope that answers the question, it is now combined with our application and data management go-to-market effort.

Operator: I’m showing no further questions in the queue. At this time, I’ll turn the call back over to Mr. Yogesh Gupta, for any closing remarks. Actually, we did have a question come from Ittai Kidron with Oppenheimer.

Ittai Kidron: Thank you. I thought I had my hand raised. Guys, thank you so much for the time. Quick three questions from me, Yogesh, first of all, can you comment on MOVEit in a little bit more detail? More specifically, it seems like the impact of this continues to be unraveled, almost on a weekly basis here. How many customers have already got off the platform? How many of you think more might be coming? And is there, I’m trying to think about their liability exposure here. Is there anything that can come back to you because of this? And is there — do you have cyber insurance because — for that, I don’t know if I’m asking the right questions. But I’m trying to really understand the more — the lasting impact of this on your business.