Thoma Bravo and Teacher's Private Capital acquire Riverbed Technology for US$3.6 billion

Riverbed Technology, the application performance infrastructure provider, has entered into a definitive agreement to be acquired by private equity investment firm Thoma Bravo, and Teachers’ Private Capital, the private investor department of the Ontario Teachers’ Pension Plan. The transaction is worth about US$3.6 billion. 

Said Jerry Kennelly, Chairman and CEO of Riverbed: “ Thoma Bravo is a highly regarded private equity firm with deep experience in the technology industry and a 30-year track record of helping companies like ours flourish. With the benefit of Thoma Bravo’s knowledge and 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’s strong product portfolio provides unmatched optimisation, visibility and control across the hybrid enterprise, which has positioned the Company extremely well in a rapidly-changing landscape,” said Orlando Bravo, a Managing Partner at Thoma Bravo. “We look forward to working with the talented team at Riverbed to strengthen their leadership position and the value they deliver to customers.”

“This investment is the largest in Thoma Bravo’s history, and it marks a continued emphasis on and confidence in companies that deliver mission-critical technologies for an expanding, global customer base,” added Seth Boro, a Managing Partner at Thoma Bravo. “Riverbed is at the forefront, providing world-class solutions in application performance infrastructure to more than 25,000 customers worldwide, including 97% of the Fortune 100 and Forbes Global 100.”

Riverbed CEO Jerry Kennelly will remain with the Company in the same capacity. The transaction, which is expected to close in the first half of 2015, is subject to approval by Riverbed stockholders, regulatory approvals, including antitrust reviews in the US, Germany and Taiwan, and review and clearance by the Committee on Foreign Investment in the US, and other customary closing conditions.