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

Featured

Slideshows

Consegna comes to town with AWS cloud offerings launch in Auckland

Consegna comes to town with AWS cloud offerings launch in Auckland

Emerging start-up Consegna has officially launched its cloud offerings in the New Zealand market, through a kick-off event held at Seafarers Building in Auckland.​ Founded in June 2016, the Auckland-based business is backed by AWS and supported by a global team of cloud specialists, leveraging global managed services partnerships with Rackspace locally.

Consegna comes to town with AWS cloud offerings launch in Auckland
Veritas honours top performing trans-Tasman partners

Veritas honours top performing trans-Tasman partners

Veritas honoured its top performing partners across the channel in Australia and New Zealand, recognising innovation and excellence on both sides of the Tasman. Revealed under the Vivid lights in Sydney, Intalock claimed the coveted Partner of the Year 2017 (Pacific) award, with Data#3 acknowledged for 12 months of strong growth across the market. Meanwhile, Datacom took home the New Zealand honours, with Global Storage and Insentra winning service provider and consulting awards respectively. Dicker Data was recognised as the standout distributor of the year, while Hitachi Data Systems claimed the alliance partner award. Photos by Bob Seary.

Veritas honours top performing trans-Tasman partners
An Evening With Eugene Kaspersky for Kiwi partners in Auckland

An Evening With Eugene Kaspersky for Kiwi partners in Auckland

​New Zealand partners came together for An Evening With Eugene Kaspersky in Auckland, an invitation only event as part of Kaspersky Lab Partner Engage. Following an evening of insights and executive networking with the founder of Kaspersky Lab, Eugene Kaspersky, Kiwi partners got up close and personal with Eugene in an unprecedented​ panel discussion. Facilitated by Reseller News, this panel explored channel relationships, successful business strategies, and the latest ground breaking technologies to impact the security market. Photos by Maria Stefina.

An Evening With Eugene Kaspersky for Kiwi partners in Auckland
Show Comments