Progress Software will acquire substantially all of Domo’s assets and the Domo AI and data platform for $400 million in cash, in an asset purchase that lets Progress choose which liabilities transfer. The deal is financed from Progress’s cash on hand and existing revolver, with closing expected within Progress’s 2026 fiscal year and regulatory approvals required. Domo will spin off its operating business into Progress’s software platform while continuing as a separate, debt-free public company with a new name and ticker, and intends to monetize its $900 million-plus in net operating loss carryforwards. The transaction leaves Domo with roughly $246 million in net cash and an 81% premium to its 30-day stock price, while insiders have been selling shares in the run-up to the deal. Progress describes the move as integrating Domo’s cloud-native AI and data platform into its own offerings, aiming to accelerate its AI product strategy and deleverage quickly after closing. The deal follows Domo’s financial strain, including covenant breaches and a going-concern disclosure, with Progress positioned to close the deal in one fiscal year and guide customers through a seamless transition.