Sept. 14--The $6.9 billion acquisition of BMC Software by a private investor group, a deal that company leaders say will allow for more innovation, was finalized this week.
BMC, founded in Houston 33 years ago to make software for businesses, will now be a private company after the deal closed Tuesday for its acquisition by an investor group led by Bain Capital and Golden Gate Capital.
"This transaction is very good news for our customers," said BMC's chairman and CEO, Bob Beauchamp. "As a private company, we will be able to innovate more quickly than ever before and deliver the most valuable IT management solutions in the industry."
As a result of the completion of the transaction, BMC Software common stock was not listed for trading, effective at the close of trading Tuesday.
When the deal was announced in May, analysts said BMC struggled in recent years to remain competitive because the industry moved away from building and serving large mainframe networks to developing newer technology.
Beauchamp said then the deal would allow for more flexibility and allow the company to "deliver cutting-edge solutions."
"We are excited to support BMC's management team as they drive profitable growth," said Ian Loring, managing director at Bain Capital. "Working together, we will deliver innovative new IT management solutions that transform the way companies -- and their employees -- do business."
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