Thoma Bravo, a leading private equity investment firm, and Teachers’ Private Capital, the private investor department of Ontario Teachers’ Pension Plan, have acquired Riverbed Technology, a leader in application performance infrastructure.

The acquisition is valued at approximately $3.5 billion, with Riverbed stockholders receiving $21 per share in cash, said a statement.

With the transaction’s close, Riverbed stock has ceased trading on the Nasdaq under the ticker symbol RVBD, it said.

Seth Boro, a managing partner at Thoma Bravo, said: “Riverbed is a clear industry leader and significant addition to our portfolio of software companies. Our team is looking forward to building upon Riverbed’s world class customer support and delivering its market-leading product portfolio to even more enterprise customers.”

Jerry M Kennelly, chairman and chief executive officer of Riverbed, said: “With this acquisition now complete, our team can begin to move forward with the strategic initiatives that will take us to the next stage of growth.

“As a private company, Riverbed is better positioned to pursue our long term goals, and has greater flexibility to develop best-of breed technologies that deliver superior application performance for our customers. This flexibility, alongside Thoma Bravo’s deep experience growing companies in the application performance space, makes us very excited about the future.” - TradeArabia News Service