Infrastructure software company Tibco Software has acquired business intelligence software producer Jaspersoft in a $185m deal that heralds exits for SAP Ventures, Red Hat and Quest Software.
SAP Ventures, the venture investment arm of IT media company SAP, joined Jaspersoft’s investors in the company’s $12m series D round, led by Scale Venture Partners, in 2007, which came two years after an $8m round supported by Partech International, DCM and Morgenthaler Partners.
Open source software provider Red Hat participated in the company’s Adams Street Partners-led $12.5m round in 2008. Quest participated in Jaspersoft’s last funding round, one that was led by SAP Ventures and Red Hat and that raised $11m.
Founded in 2001, Jaspersoft has developed an open source software platform that provides data and analytics for apps and business processes. The deal will accelerate Tibco’s entry into the embedded business intelligence and reporting market.
“Tibco’s broader business strategy is to continue to expand our go-to-market model with a wider range of pricing, packaging and deployment options,” said Murray Rode, chief operating officer of Tibco. “The acquisition of Jaspersoft accelerates this strategy as it brings a subscription pricing approach for its commercial products along with a set of open source offerings.
“We believe that the combination of our companies’ offerings will allow us to cover the whole of the market opportunity for analytics while providing tremendous value to the combined set of customers and prospects.”