Right on schedule, we closed the sale of Serena Software to the partnership of private equity firm HGGC and Serena founder Doug Troxel.
Since the announcement of the acquisition on March 10th, I’ve spoken with many customers and prospective customers about our new financial partners, and everyone is excited and positive about the transition. HGGC seized the opportunity to invest with Doug Troxel because they believe in Serena’s strategy and our opportunities ahead. Our customers see this investment of smart new money as a strong validation that we’re on the right track.
I’m personally very excited about this new chapter for Serena and firmly believe that the best is yet to come. I am looking forward to working with Doug Troxel and our new board members from HGGC, Rich Lawson, Steve Young and Hudson Smith.
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I am pleased to announce that Serena has entered into a definitive agreement to transition the ownership of the company to a partnership of HGGC and Serena founder Doug Troxel. HGGC is a California-based private equity firm that focuses on investing in mid-market technology companies with strong technology, revenue and customers. They have an outstanding record of helping businesses reach their full growth potential.
Doug Troxel will continue as a board member and HGGC’s CEO and co-founder Rich Lawson will join as Chairman. I am excited to continue to work with Doug and to welcome the smart and successful partners from HGGC into the Serena family. My management team and the Serena employees you know today will continue with the company.
This is an important announcement for the company as it reaffirms Serena’s strategy of developing and delivering market leading solutions that increase the value of IT to the business. We will continue to deliver innovation on our core products and invest in the emerging DevOps and release management market. We will continue to offer the world-class customer support for which our customers are accustomed. And, we will continue to put our customers at the center of everything we do.