Buyout firm Silver Lake is working on a sale of information technology management company Serena Software Inc, which it has tried to sell at least once before since it acquired the company for $1.2 billion in 2006, three people familiar with the matter said. Silver Lake has asked Barclays Plc to run a new sale process in the hopes that it will receive offers that are higher than those made during the last sale effort a couple of years ago, the people said this week.Silver Lake committed $335.5 million in equity in the $1.2 billion deal to take Serena private in 2006, according to regulatory filings. The private equity firm may still struggle to sell the company for more than the value of the deal in 2006, the people said.The unnamed sources asked not to be identified because the sale process is confidential. A Silver Lake spokesman had no immediate comment, while Serena and Barclays representatives did not immediately respond to requests for comment.San Mateo, California-based Serena provides software to companies looking to streamline their management processes. Some of its products compete with CA Inc, International Business Machines Corp and Compuware Corp.
Barclays PLC (Barclays) is a global financial services provider engaged in retail banking, credit cards, wholesale banking, investment banking, wealth management and investment management services. Shares of BCS traded higher by 0.16% or $0.03/share to $18.51. In the past year, the shares have traded as low as $11.79 and as high as $20.60. On average, 2321740 shares of BCS exchange hands on a given day and today's volume is recorded at 1706521.
International Business Machines Corporation (IBM) is an information technology (IT) company. Shares of IBM fell by 0.61% or $-1.12/share to $183.03. In the past year, the shares have traded as low as $181.10 and as high as $215.90. On average, 3744680 shares of IBM exchange hands on a given day and today's volume is recorded at 2903717.
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