Goodwin Advises Domo on $400 Million Sale of Substantially All Assets to Progress Software

Goodwin’s Technology and M&A team advised Domo, Inc., (NASDAQ: DOMO) on its definitive agreement under which Progress Software Corporation (NASDAQ: PRGS) will acquire substantially all of Domo’s assets and employees, excluding Domo’s net operating loss (NOL) carryforwards, and assume certain liabilities of Domo for $400 million in cash, subject to customary purchase price adjustments. After the closing of the transaction, Domo will remain a publicly listed company under a new name and ticker, and its primary asset will consist of more than $900 million of NOL carryforwards. Accordingly, Goodwin also advised Domo in connection with its adoption of a tax benefits preservation plan. The transaction is expected to close prior to the end of Progress’ fiscal year ending November 30, 2026, subject to customary closing conditions and required regulatory approvals.

Domo is an AI and data products platform that helps companies of all sizes leverage data and AI to drive value in today’s data-driven world. Built around its customers’ preferred data foundation, powered by its award-winning Domo.AI solution, and enriched with its partner ecosystem, the Domo platform enables users to prepare, visualize, automate, distribute, and build end-to-end data products that provide solutions across the entire data journey. From hydrating your data foundation to building fully embedded applications that can be shared with your employees and customers to deploying AI models across a variety of providers, Domo gives users the ability to build data products that generate measurable value for the business.

The Goodwin team was led by Joshua M. Zachariah, Richard E. Schwartz, Jean A. Lee, and Jonathan Shapiro, and included Andrew Yu, Kelvin Tsz Ho Chan, Benjamin Colao, Raina Innocent, Lauren Burd, Nicole Brock, Garrett Gaughan, Alexandra Denniston, Austin Fahnestock, Nina Ngo, Laura Conway, Jake Osborn, Nick Ognibene, Carrie Clowney, Jia Jia Huang, Isabelle Greenblatt-Gunning, Kevin Liu, Arman Oruc, Daniel Farraye, Simone Waterbury, Kristopher Ring, Reid Bagwell, Arthur Nahas, Jacquelyn Burke, Amy Koss, Koray Bulut, Liza V. Craig, Candi R. Alfred, Joshuah R. Turner, Alexander Vivona, Leonard Wood, Tayyaba Riaz, Andrew C. Sucoff, Tucker DeVoe, and Toni Wormald.

For more information, please read the press release.