PE firms to buy Riverbed Technology for $3.6 billion

Private equity investment firms — Thoma Bravo and Teachers’ Private Capital — will acquire Riverbed Technology for nearly $3.6 billion.

Under the terms of the agreement, Riverbed stockholders will receive $21.00 per share in cash.

Jerry M. Kennelly, chairman and CEO of Riverbed, said: “With the benefit of Thoma Bravo’s insights, combined with the added flexibility we will have as a private company, Riverbed will be able to focus on reaching the next level of growth, which will benefit our employees, customers and partners.”

Riverbed CEO Jerry Kennelly will remain with the company in the same capacity.

This investment is the largest in Thoma Bravo’s history.

Riverbed Technology booth

Riverbed provides solutions in application performance infrastructure to 25,000 customers worldwide, including 97 percent of the Fortune 100 and Forbes Global 100.

The transaction, which is expected to close in the first half of 2015, is subject to approval by Riverbed stockholders, regulatory approvals, including antitrust review in the U.S., Germany and Taiwan, and review and clearance by the Committee on Foreign Investment in the U.S., and other customary closing conditions.

Riverbed website says it has more than $1 billion in annual revenue. It is the leader in Application Performance Infrastructure, delivering a complete platform for Location-Independent Computing.

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