Serena Completes Acquisition of TeamShare Incorporated.

Business Editors/High-Tech Writers

SAN MATEO, Calif.--(BUSINESS WIRE)--June 9, 2003

Acquisition Improves Serena's Capabilities and Enables Company to

Compete More Effectively in Growing Application

Life Cycle Management Market

SERENA Software, Inc. (Nasdaq: SRNA), an industry-leading supplier of software that automates change to enterprise code and content, today announced that it has completed its acquisition of TeamShare(R), Inc., a privately held company based in Colorado Springs. Under the terms of the merger agreement announced on May 19, 2003, Serena paid $18 million in cash for all outstanding shares of TeamShare. The merger closed on June 5, 2003, and was accounted for as a purchase transaction. Serena expects that the transaction will breakeven excluding acquisition related charges in the current quarter and should be modestly accretive going forward.

With the acquisition of TeamShare, which specializes in Web-based enterprise collaborative software solutions, Serena will improve its capabilities and compete more effectively in the growing application life cycle management market. The acquisition is a natural extension of Serena's Enterprise Change Management (ECM) strategy, and provides the company with complementary, leading-edge request and issue management technology that helps strengthen its ECM solution offering. Integrating TeamShare's solutions into the Serena(TM) ChangeMan(R) product suite enables Serena to deliver a best-of-breed solution that provides greater value to customers by helping them more closely align business with IT, while improving collaboration and lowering costs across the enterprise.

Earlier this year, Serena announced the integration of TeamTrack(R), a flexible and intuitive request management system, with its distributed change management solution. Over time, the powerful technology at the core of the TeamTrack system will be further integrated with the Serena ChangeMan product suite.

"With this acquisition, we are extending and accelerating Serena's delivery of unique innovation in application lifecycle management across the enterprise," said Mark Woodward, President and Chief Executive Officer, SERENA Software, Inc. "Our customer base has also expanded with the acquisition and now includes additional Fortune 50 companies, opening the door to many new sales and market channel opportunities."

About Serena

SERENA Software, Inc. is the Enterprise Change Management (ECM) industry leader. For over twenty years Serena has focused exclusively on providing application change management solutions to the world's leading enterprises. With its recent acquisition of TeamShare, Inc., Serena's products are now in use at over 3,000 customer sites - including 46 of the Fortune 50. Serena leads the way in ECM by providing a single point of control to manage software code and Web content changes throughout the enterprise, from the mainframe to the Web. This ensures application availability and speeds time to market--while reducing development costs. With headquarters in San Mateo, California, Serena serves customers worldwide through local offices and an international network of distributors. www.serena.com.

This press release contains "forward-looking statements" under the Private Securities Reform Act of 1995. There can be no assurance that future results will be achieved, and actual results could differ materially from forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to, our reliance on our mainframe products for revenue; the percentage of license revenue typically closed at the end of each quarter making estimation of operating results prior to the end of the quarter extremely uncertain; weak economic conditions worldwide which may continue to affect the overall demand for software and services, which has resulted in and could continue to result in decreased revenues or lower revenue growth rates; the ability to successfully integrate our recent acquisition, changes in revenue mix and seasonality; our ability to deliver our products on the distributed systems platform; dependence on revenues from our installed base; continued demand for additional mainframe MIPS capacity; expansion of our international organizations; and our ability to manage our growth. Information about potential factors that could affect the Company's financial results is included in the Company's Form 10K filed on April 29, 2003. SERENA assumes no obligation to update the forward-looking information contained in this press release.

Serena is a trademark of SERENA Software, Inc. ChangeMan is a registered trademark of SERENA Software, Inc. All other products or company names are used for identification purposes only, and may be trademarks of their respective owners.