HGGC, a leading middle market private equity firm, has partnered with Serena Software’s founder, Doug Troxel, and signed a definitive agreement for the acquisition of Serena Software. The current Serena executive team will continue to manage the company, and HGGC’s CEO and Managing Partner Rich Lawson will join the Board of Directors as Chairman.

Founded in 1980 and headquartered in San Mateo, California, Serena Software provides orchestrated application development and release management solutions to over 2,500 enterprises worldwide.

“Serena solves complex process and technology challenges for the world’s most demanding IT organizations. We will continue to provide world-class products, service and support to our customers,” said Greg Hughes, President and CEO of Serena. “HGGC’s support and expertise, along with Doug Troxel’s continued passion for Serena’s technology, will only enhance our abilities to capitalize on the strong position we enjoy in the markets we serve.”

“The acquisition of Serena is consistent with our strategy of investing in technology companies that are clear leaders with significant revenue streams and exceptional customers,” said Rich Lawson, HGGC’s CEO and Managing Partner. “Serena is well positioned to lead new markets at the intersection of application development and IT operations to help the world’s most important brands speed the delivery of new software capabilities to their customers.”

“I’m very excited to partner with HGGC in this transaction,” added Doug Troxel, Serena’s founder and longstanding board member. “HGGC has a proven track record of working alongside company founders like me to drive renewed growth through strategic investments and acquisitions. No one has more passion than me for creating amazing products and services that delight Serena’s loyal customers around the world.”

Over the last 12 months, Serena’s customers have benefited from the company’s sharpened focus on the key products that enable successful application development and deployment, including Serena Release Manager, Serena Business Manager (SBM), Serena Service Manager, Dimensions CM and ChangeMan ZMF. This announcement reaffirms Serena’s strategy to develop and deliver market-leading solutions that increase the value of IT, as well as Serena’s commitment to deliver the industry leading services and support for which the company has always been known.

HGGC and Doug Troxel are acquiring Serena Software from Silver Lake Partners. Credit Suisse acted as financial advisor to HGGC and is providing committed financing for the transaction, which is subject to regulatory approvals and customary closing conditions.