Menu
Serena Software sold to private equity firm HGGC

Serena Software sold to private equity firm HGGC

The company last sold in 2006 for US$1.2 billion

Serena Software founder Doug Troxel is teaming up with private equity firm HGGC to purchase the application development software vendor from Silver Lake Partners. Terms of the deal, which was announced Monday, were not disclosed.

The company last changed hands in 2006, when Silver Lake, another private equity firm, bought it for US$1.2 billion.

Serena makes tools for application development, delivery and release management. Its current leadership team will remain with the company after the deal closes, with HGGC CEO Rich Lawson becoming chairman of the vendor's board.

The company is a sound investment because of its "significant revenue streams and exceptional customers," Lawson said in a prepared statement.

Those sentiments notwithstanding, Silver Lake is reportedly selling to HGGC for only $450 million, according to a report Monday in the New York Times.

Spokesmen for Serena and HGGC declined to comment on the financial details of the transaction.

News that a deal was in the works first emerged last month.

Serena, which competes with the likes of IBM Rational and CollabNet, has struggled financially in recent years.

It reported $135 million in revenue for the nine months ended Oct. 31, with a net loss of $3.7 million.

Chris Kanaracus covers enterprise software and general technology breaking news for The IDG News Service. Chris' email address is Chris_Kanaracus@idg.com

Follow Us

Join the New Zealand Reseller News newsletter!

Error: Please check your email address.

Tags business issuesCollabNetIBMsoftwareMergers and acquisitionsserena softwaresystem management

Slideshows

Meet the leading HP partners in New Zealand...

Meet the leading HP partners in New Zealand...

HP has recognised its top performing partners in New Zealand at the second annual 2016 HP Partner Awards, held at a glittering bash in Auckland. The HP Partner Awards recognises and celebrates excellence, growth, consistency and engagement of its top partners. This year also saw the addition of several new categories, resulting in 11 companies winning across 11 award categories.

Meet the leading HP partners in New Zealand...
Channel comes together as Ingram Micro Showcase hits Auckland

Channel comes together as Ingram Micro Showcase hits Auckland

Ingram Micro outlined its core focuses for 2017 at Showcase in Auckland, bringing together the channel for a day of engaging keynotes, compelling breakout sessions and new technologies.

Channel comes together as Ingram Micro Showcase hits Auckland
Show Comments