Embarcadero to be acquired for $234 million
Embarcadero Technologies, whose software manages data for big corporations, said on Thursday it had agreed to be acquired for about $234 million by a private equity group. The all cash offer from Thoma Cressey Equity Partners represents a 29% premium over Embarcadero closing stock price on Wednesday.
The company will replace Chief Executive Stephen R. Wong with Raj Sabhlok after the deal is complete and will go private. Sabhlok currently serves as senior vice president of operations. The company revenue during the first six months of this year was $29.5 million. Net income was $2.3 million during that time, according to the company financial statements.
Embarcadero key product line includes ER/Studio, DT/Studio, DBArtisan, Rapid SQL and Performance Center.