Technology-focussed US private equity firm Silver Lake Partners has agreed to acquire San Mateo, California- headquartered Serena Software in a transaction valued at approximately $1.2bn. Under the terms of the agreement, Serena stockholders will receive $24 in cash in exchange for each share of stock.
Any of Serena’s existing $220m of convertible notes that are not converted to Serena common stock prior to completion of the proposed transaction will be exchanged for cash in an amount of $24 for each share of Serena common stock into which the notes were convertible.
Serena Software provides software to help organisations visualise, orchestrate and enforce effective business processes throughout the IT lifecycle.
David Roux, a co-founder and managing member of Silver Lake Partners, said, ‘Serena is a great company. We have complete confidence in Mark Woodward and the rest of the Serena management team and look forward to working with them to enhance and extend their successful track record as the leader in change governance, providing comprehensive solutions to customers across the corporate and public sector spectrum. We believe our interests are aligned with the long-term interests of Serena’s customers and employees.’
Silver Lake focuses exclusively on large-scale investing in technology and related growth industries. Its portfolio companies include Ameritrade, Business Objects, Flextronics, Gartner, Nasdaq, Network General, Seagate Technology, SunGard Data Systems, Thomson and UGS.
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