HGGC has acquired Serena Software
HGGC has partnered with Serena Software founder Doug Troxel to acquire Serena Software. Serena Software is currently owned by Silver Lake Partners. The terms of the deal were not disclosed. Silver Lake Partners acquired Serena Software for $1.2 billion in 2006.
Serena is known for making tools for application development and delivery. The current leadership will remain at the company once the deal closes and HGGC CEO Rich Lawson will become chairman of Serena’s board of directors.
HGGC believes that the acquisition will be valuable because of Serena’s “significant revenue streams.” It has been reported that Silver Lake is selling Serena Software to HGGC for only $450 million, according to The New York Times. Serena Software reported $135 million in revenues for the first nine months ended October 31st with a net loss of $3.7 million.