Roughly two months after it announced that it would acquire CodeGear from Borland, database tools developer Embarcadero Technologies issued a news release on July 1st announcing that it has completed the acqusition. Embarcadero paid $24.5 million for CodeGear, and the combined company will have more than 500 employees and generate more than $100 million in yearly revenue.
In a statement from the Embarcadero news release, Orlando Bravo--managing partner of investment bank Thomas Cressey Bravo, which owns Embarcadero Technologies--stressed that the acquisition will help the company extend its reach into new markets. "The acquisition of CodeGear enables Embarcadero to expand into new strategic markets and offer a complete product portfolio for users to design, build and run software applications in the environment they choose," said Bravo.
Reaction from CodeGear employees seemed to be positive towards the acquisition, with CodeGear employee Anders Ohlsson--now a staff engineer for developer relations at Embarcadero Technologies--writing in his personal blog that he felt that CodeGear and its products would "continue to grow and prosper under the Embarcadero name."
photo: Anders Ohlsson
Embarcadero specializes in creating tools for database administrators, while CodeGear's products are focused on software developers, with products like RAD Studio, Turbo Delphi, JBuilder, InterBase, and JGear. With little overlap between product lines, the acquisition more than doubles the number of products the combined company offers.