|Embarcadero Technologies Closes Acquisition of CodeGear™ from Borland® Software|
SAN FRANCISCO - July 1, 2008 - Embarcadero Technologies, a database tools company privately-held by Thoma Cressey Bravo, completed the acquisition of CodeGear from Borland Software Corporation (NASDAQ: BORL) for approximately $24.5 million on June 30. CodeGear is being integrated into Embarcadero Technologies, which will continue to operate as a private company under the leadership of current Embarcadero CEO Wayne Williams.
As a result of this acquisition, Embarcadero is expected to operate with more than $100 million in annual revenue and over 500 employees worldwide. The company will serve more than three million application developers and database professionals with tools that are interoperable, integrated and that interconnect these two communities in new ways.
"The acquisition of CodeGear enables Embarcadero to expand into new strategic markets and offer a complete product portfolio for users to design, build and run software applications in the environment they choose," said Orlando Bravo, managing partner of Thoma Cressey Bravo.
Embarcadero will support CodeGear's customers and partners and will evolve and deepen the functionality of CodeGear's existing product lines. Embarcadero's professional database tools will be marketed under the DatabaseGear™ brand, and its application developer tools will be encompassed under the CodeGear™ brand.
"Given the synergistic talent and technologies, we anticipate a successful integration process that quickly leverages CodeGear's strengths and results in a powerful, unified organization," added Holden Spaht, principal of Thoma Cressey Bravo.
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