2. •Middle-market private equity firm HGGC, LLC, has acquired
Serena Software, a refocused information technology company
emerging from a 2013 restructuring. Serena, which has
embraced core offerings of release management, IT service
management, and application lifecycle management solutions,
hit three quarterly financial targets in a row before the deal went
through. Boasting around 2,500 customers and more than 1
million users, the company has seen strong demand for its
products, including its Serena Service Manager and Serena
Release Management offerings.
3. •HGGC purchased the company in conjunction with Serena’s
founder, Doug Troxel. Troxel has had a stake in Serena since
the business got its start in 1980, and commentators have said
that his reinvestment bodes well for the company’s future.
Serena achieved over $200 million in revenue for its 2013 fiscal
year, and its client list includes some of the biggest brands in
the world in industries ranging from banking and finance to
aerospace and defense. In addition to increasing Troxel’s
minority stake in Serena, the deal will bring HGGC its fifth
portfolio company in the technology services sector.