Jeremy Segal on valuation
From M&A Uncovered: Preparing for a High-Value Exit · · House of Bricks
“As a value buyer at Progress, we're not looking at companies growing 20–30% — we focus on businesses growing mid-single-digits to mid-teens and really concentrate on what the business has done historically over the last two to three years rather than glossy hockey-stick projections.”
On , Jeremy Segal, Executive Vice President of Corporate Development at PROGRESS SOFTWARE CORP, spoke about valuation during M&A Uncovered: Preparing for a High-Value Exit on House of Bricks.
About Jeremy Segal
Jeremy Segal, Executive Vice President of Corporate Development at Progress Software, has been active in M&A-focused podcasts and events in 2024 and 2025. In these appearances, Segal described Progress as a "value buyer" that targets companies with good technology and loyal customers but not necessarily high growth rates. He stated that the company focuses on operational efficiencies rather than revenue synergies, which he characterized as harder to predict. Segal emphasized the importance of building trust and relationships with target companies over time, and noted that Progress's CEO is willing to speak directly with potential acquisition targets. He also discussed the firm's disciplined approach to pricing, saying that Progress will walk away from a deal rather than renegotiate the price after an LOI is signed. Segal has offered advice to founders considering an exit, urging them to prepare their financial and legal documentation in advance and to be transparent about their business metrics and any issues. He cautioned against expecting a breakup fee in early-stage deals and recommended that sellers hire a banker if they lack M&A experience. Segal also highlighted Progress's use of AI to review contracts during diligence and noted that the company maintains a contingency line in its valuation models to account for surprises. He described the current market as one where private company valuations have not yet reached equilibrium with buyer expectations, and positioned Progress as a liquidity alternative for companies facing a challenging fundraising environment.