WebTrends acquired by managers and Francisco Partners
31 March 2005
Private equity funds provider Francisco Partners and members of the management team have entered into an agreement to acquire the WebTrends business unit of NetIQ.
The web analytics firm announced that WebTrend's general manager Greg Drew will continue to lead the business, while assuming the role of president and CEO of the new standalone WebTrends business. The cash deal for WebTrends is worth a reported $94 million and leaves NetIQ to focus on its core integrated systems and security business.
"Our ability to deliver the right balance of easy-to-use and accurate solutions has been well-established over the last few years with NetIQ's full support, and this success will continue to accelerate with our new business partner," said Mr Drew.
NetIQ's board of directors has approved the agreement, and the transaction is expected to close in the quarter ending June 30th 2005, subject to regulatory approvals and customary closing conditions.
Francisco Partners is a private equity fund focused on technology companies. WebTrends, as a freestanding company, currently has the largest share of the web analytics market, with revenues estimated at about $50 million.
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