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

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags Mergers and acquisitionsbusiness issuesIBMsoftwareserena softwaresystem managementCollabNet

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Chris Kanaracus

IDG News Service
Show Comments

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Maryellen Rose George

Brother PT-P750W

It’s useful for office tasks as well as pragmatic labelling of equipment and storage – just don’t get too excited and label everything in sight!

Cathy Giles

Brother MFC-L8900CDW

The Brother MFC-L8900CDW is an absolute stand out. I struggle to fault it.

Luke Hill

MSI GT75 TITAN

I need power and lots of it. As a Front End Web developer anything less just won’t cut it which is why the MSI GT75 is an outstanding laptop for me. It’s a sleek and futuristic looking, high quality, beast that has a touch of sci-fi flare about it.

Emily Tyson

MSI GE63 Raider

If you’re looking to invest in your next work horse laptop for work or home use, you can’t go wrong with the MSI GE63.

Laura Johnston

MSI GS65 Stealth Thin

If you can afford the price tag, it is well worth the money. It out performs any other laptop I have tried for gaming, and the transportable design and incredible display also make it ideal for work.

Andrew Teoh

Brother MFC-L9570CDW Multifunction Printer

Touch screen visibility and operation was great and easy to navigate. Each menu and sub-menu was in an understandable order and category

Featured Content

Product Launch Showcase

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?