Thoma Bravo, the private equity investment firm, and Teachers’ Private Capital, have completed their acquisition of application performance infrastructure firm Riverbed Technology for $3.5 million (£2.25 million).
With the transaction completed and Riverbed now a private company, Riverbed's stock has ceased trading on the NASDAQ stock exchange under the ticker symbol RVBD. Such a move had been the source of speculation since early last year, with investment company Elliott Management initially rumoured to be interested in the firm.
As more companies move to the cloud, Riverbed's technology can be used to make sure application performance does not suffer across network links between enterprise users and servers deployed in the cloud.
“Riverbed is a clear industry leader and significant addition to our portfolio of software companies,” said Seth Boro, a managing partner at Thoma Bravo. “Our team is looking forward to building upon Riverbed’s world class customer support and delivering its market-leading product portfolio to even more enterprise customers.”
“With this acquisition now complete, our team can begin to move forward with the strategic initiatives that will take us to the next stage of growth,” said Jerry Kennelly, CEO of Riverbed. “As a private company, Riverbed is better positioned to pursue its long term goals, and has greater flexibility to develop best-of breed technologies that deliver superior application performance for our customers.
“This flexibility, alongside Thoma Bravo’s deep experience of growing companies in the application performance space, makes us very excited about the future.”