Compuware sold to private equity firm

By

Application performance firm to become a privately-held company.

US software vendor Compuware has been acquired by private equity fund Thoma Bravo in a deal worth US$2.5 billion that aims to take the company private.

Compuware sold to private equity firm
Source: Wikimedia.org

Pressure from New York hedge fund Elliot Management drove the deal, according to reports from Bloomberg.

Less than two years ago, Elliot Management offered to buy Compuware for US$2.3 billion or US$11 a share, but only managed to acquire just under ten percent of the company.

After the acquisition is completed, Compuware will become a privately-held company with all shares held by Thoma Bravo.

Compuware was funded in 1973 in Detroit, Michigan, as a professional technical services company. It moved onto software for mainframe computers in the 1970s and more recently into application performance management for online and mobile apps.

Founder Peter Karmanos made headlines last year when he retired from the company with an "enhanced retirement package" that included a consulting assignment valued at US$600,000 a year for six years.

Karmanos also received a suite in the Compuware building as part of his retirement package, and two company cars. His consulting job was later terminated, and Karmanos sued Compuware in retaliation.

The company has just under 5000 employees worldwide, and has offices in all Australian cities and New Zealand.

Got a news tip for our journalists? Share it with us anonymously here.
Copyright © iTnews.com.au . All rights reserved.
Tags:

Most Read Articles

Orica to set new workforce systems live in Australia in July

Orica to set new workforce systems live in Australia in July

Lion builds an app to detect its beers on tap in venues

Lion builds an app to detect its beers on tap in venues

ANZ Institutional readies go-live for "multi-agent chatbot" amie

ANZ Institutional readies go-live for "multi-agent chatbot" amie

Victoria Police refreshes online reporting

Victoria Police refreshes online reporting

Log In

  |  Forgot your password?