Golden Gate Capital Purchases Micro Focus Division From Merant.Business Editors/High-Tech Writers SAN FRANCISCO--(BUSINESS WIRE)--Aug. 14, 2001 Golden Gate Capital, a private equity fund based in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , announced today that it has purchased the Micro Focus Division of Merant, PLC (Nasdaq:MRNT)(LSE LSE - Language Sensitive Editor :MRN MRN Motor Racing Network MRN Medical Record Number MRN Magnetic Resonance Neurography MRN Medicare Remittance Notice MRN Matières Radioactives Naturelles MRN Meteorological Rocket Network MRN Manufacturers Resource Network ). Joining Golden Gate Capital in this transaction was Parallax parallax (pâr`əlăks), any alteration in the relative apparent positions of objects produced by a shift in the position of the observer. In astronomy the term is used for several techniques for determining distance. Capital Partners based in Irvine, Calif. Micro Focus is the market leader in providing software products to Global 2000 companies for the purpose of developing, maintaining, and extending the life of their legacy COBOL COBOL: see programming language. COBOL in full Common Business-Oriented Language. High-level computer programming language, one of the first widely used languages and for many years the most popular language in the business community. applications. COBOL has the largest development base of any programming language in the world with many of the world's largest enterprises relying on COBOL based applications for their mission critical systems. For nearly 25 years, Micro Focus has been the dominant brand name for COBOL development tools. In recent years, Micro Focus has broadened its product line to include tools that enable enterprises to cost-effectively extend the life and functionality of their existing legacy applications. Micro Focus has over 450 employees and fiscal year 2001 revenues of approximately $120 million. Tony Hill, Micro Focus' chief executive officer, states: "This is a great opportunity for our customers and employees. The Micro Focus name is synonymous with synonymous with adjective equivalent to, the same as, identical to, similar to, identified with, equal to, tantamount to, interchangeable with, one and the same as leadership in COBOL development throughout the world. Furthermore, our product offerings allow our customer base to seamlessly transform their existing COBOL assets into today's Java and web-based environments. With this transaction we now have the ability to singularly sin·gu·lar adj. 1. Being only one; individual. 2. Being the only one of a kind; unique. 3. Being beyond what is ordinary or usual; remarkable. 4. Deviating from the usual or expected; odd. focus on driving the success of our customers and growing a strong and profitable business. Our partnership with Golden Gate Capital and Parallax gives us the financial foundation to invest in our core technology and expand our business through product development and acquisitions." David Dominik, a managing director of Golden Gate Capital, comments: "In this cost-constrained, profit-focused economic environment Micro Focus is particularly well positioned as their products and solutions allow enterprises to cost-effectively leverage and extend the capabilities of their existing software assets. We are excited to partner with the Micro Focus management team in liberating lib·er·ate tr.v. lib·er·at·ed, lib·er·at·ing, lib·er·ates 1. To set free, as from oppression, confinement, or foreign control. 2. Chemistry To release (a gas, for example) from combination. this exceptional company. Micro Focus fits our strategy of partnering with world class management teams to capitalize To regard the cost of an improvement or other purchase as a capital asset for purposes of determining Income Tax liability. To calculate the net worth upon which an investment is based. To issue company stocks or bonds to finance an investment. upon the rapidly evolving world of information technology." About the investors: Golden Gate Capital is a San Francisco-based private equity firm with approximately $700 million of capital under management. Golden Gate Capital's strategy is to partner with exceptional management teams to pursue change-intensive, growth investments in companies that are exploiting the forces of change in technology and the broader economy. Partnering with Golden Gate Capital on this transaction is Parallax Capital Partners, an Irvine-based, private equity firm that focuses on software investments. |
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