HGGC Buys Serena SoftwareHGGC Buys Serena Software

•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.

•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.