HGGC Strikes Deal To Buy Silver Lake's Serena Software

Law360, New York (March 10, 2014, 4:33 PM EDT) -- Private equity firm HGGC has signed an agreement to acquire Serena Software, a San Mateo, Calif., based tech company with a checkered earnings record, from PE firm Silver Lake for an undisclosed sum, HGGC said Monday.

Serena develops applications to manage other software for businesses. News reports cited company insiders in pricing the deal at $450 million. Silver Lake had bought Serena for $1.2 billion in 2006. The companies declined to discuss the sale price. 

"The acquisition of Serena is consistent with our strategy of investing...
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