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Vector Capital buys CollabNet from venture backers, shareholders

3 Feb 2014

human team networkTechnology-focused private equity firm Vector Capital has bought cloud-based collaboration business CollabNet from its existing venture backers and other shareholders.

The 15-year-old business boasts customers including Intel, Pfizer and Capgemini, with its system allowing software developers, IT professionals and product managers to co-ordinate their efforts.

CollabNet’s venture backers include Intel Capital, Norwest Venture Partners and Benchmark following an $11m Series A round in 2002 and a $9.5m Series B three years later.

Vector managing director Rob Amen, who will join CollabNet’s board of directors, said, “CollabNet is a clear leader in the application lifecycle management space with the only truly open platform on the market.

“This management team practically invented the open source version control market with Subversion, and it is that spirit of innovation and product quality that we are investing behind today.”

In December Vector Capital made another experienced hire as expectations were rising over it announcing a new fundraise.

The firm brought in experienced operating executive Andrew Jacobson as a managing director, a role he held at his previous job with business development company MCG Capital.

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