Software and tech centric private equity firm, Vista Equity Partners has concluded the acquisition of infrastructure and business intelligence software provider, TIBCO Software Inc., late last week on Friday.
“We see tremendous value in TIBCO’s ability to empower customers to extract and act on information utilizing TIBCO’s fast data platform,” said Robert F. Smith, chairman and chief executive officer, Vista Equity Partners.
With the acquisition, founder, chairman and CEO, Vivek Ranadivé stepped down, passing the helm to Murray Rode, who, for over 15 years, had served in a variety of key leadership roles within TIBCO including the Chief Operating Officer. However, Ranadivé will remain a Board Member of TIBCO and will assist the company with strategic projects, according to a press release.
“We believe this is the right direction for TIBCO’s long-term strategy and will better serve our customers and employees,” said Murray Rode, chief executive officer, TIBCO. “I look forward to working with Vista Equity Partners as TIBCO enters its next chapter of innovation, growth and leadership.”
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Initially the acquisition was announced on September 29, 2014, but closed Friday, December 5, 2014. with approval from TIBCO’s shareholders coming on Wednesday. TIBCO will continue to operate as TIBCO Software Inc.
(Image credit: Tibco)