Keynote Systems Sells for $395m

Private equity firm Thoma Bravo has acquired Internet and mobile cloud testing and monitoring firm Keynote Systems for around $395m. Keynote has also announced the retirement of its Chairman and CEO Umang Gupta, and the appointment of Jennifer Tejada as President and CEO.

Founded in 1995 and based in San Mateo, California, Keynote provides testing, monitoring and measurement products and services for clients including online portals, e-commerce and B2B sites, mobile operators and infrastructure providers.

Through the acquisition, Keynote stockholders will receive $20.00 in cash for each share of Keynote common stock, and with the transaction completed, the stock will cease trading on the NASDAQ under the ticker symbol KEYN.

Gupta leaves after serving as Chairman and CEO since 1997. He began his career at IBM in 1973, before joining Oracle in 1981, where he wrote the company's first business plan and served as VP and General Manager of the Microcomputer Products Division until 1984. He then set up his own computing firm Gupta Corporation, which he took public in 1993.

Mohan Gyani, retiring Keynote Board member, stated: 'We wish to thank Umang for his many years of service to the company. His strong leadership, strategic foresight and relentless dedication helped propel Keynote to market leadership from the very beginning. His deft navigation of the company during the dot-com boom and bust years, and then through the 2008 downturn, to this sale, is nearly without precedent in our industry.'

His replacement, Tejada, began her career at Procter & Gamble, where she latterly served as Director of Customer Research. Most recently, she was MD of venture capital firm Record Point, prior to which she served as Chief Strategy Officer at enterprise solutions provider Mincom. She has also held senior roles and non-exec positions at gaming development studio Foundation 9 Entertainment, IT services firm Gizmo, and hospitality company Merivale Group.

Thoma Bravo Partner Seth Boro said his colleagues are looking forward to working with Tejada to continue growing the company.

Web site: www.keynote.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.