In a bold move within the tech industry, Portland's software contender Jama Software has been acquired by the private equity titan Francisco Partners in a hefty $1.2 billion deal, a figure that ties the record for the city's largest tech transaction. According to a release posted by PR Newswire, the acquisition will transfer ownership from a consortium including Insight Partners and Madrona Ventures, signaling a significant shift in the dynamics of enterprise software investment.
Jama Software's Chief Executive Officer Marc Osofsky, who is set to continue steering the ship post-acquisition, will personally reinvest in the enterprise. "We are thrilled to work with Francisco Partners and leverage their expertise as we further accelerate our rapid expansion across enterprises, industries and continents," Osofsky articulated in a statement obtained by PR Newswire. Insight Partners, among the outgoing shareholders, received a vote of thanks for their unwavering support of Jama Software's growth over a productive six-year span.
This strategic transaction places Jama Software, known for its industrial-grade requirements management and traceability solutions, into the portfolio of Francisco Partners, a firm with vested interests in an array of technology companies. The software company, which played a pivotal role in reviving Portland's tech scene post-dot-com bust, now shares a record sale price with former holder, Viewpoint Construction Software, which also fetched $1.2 billion back in 2018. The link to Portland's tech success stories was highlighted in a report by OregonLive.
With the ink barely dry on the deal, the sentiments surrounding Jama Software's future are optimistic. As reported by BizJournals, CEO Osofsky reassured, "The great thing about this deal is we keep going on the great trajectory we are on. It doesn't change anything.” Francisco Partners, meanwhile, voices a similarly buoyant outlook. Partners Petri Oksanen and Mario Razzini told PR Newswire, "The engineering management market is in the early stages of a fundamental transformation which Jama Software is at the forefront of. We are ecstatic to be partnering with Marc and his team in continuing to execute their industry-leading vision and strategy."
