TechTaffy

tech:

taffy

Synopsys to sell software integrity group to private equity firms for $2.1B

By TechTaffy Desk

Synopsys has entered into an agreement with Clearlake Capital Group and Francisco Partners for the sale of its Software Integrity Group business in a transaction valued at up to $2.1 billion. The transaction is expected to close in the second half of 2024, subject to customary closing conditions including the receipt of required regulatory approvals.

After the transaction closes, the business will emerge as an independent application security testing software provider. The existing Software Integrity Group management team is expected to lead the newly independent company.

Synopsys stated that this move allows them to focus on the opportunity in their core business, where the engineering of silicon and systems is converging as technology R&D teams look to capitalize on the AI-driven era of pervasive intelligence.

J.P. Morgan served as financial advisor and Cleary Gottlieb Steen & Hamilton served as legal advisor to Synopsys. Evercore, Deutsche Bank, and Barclays acted as financial advisors to Clearlake and Francisco Partners.

Sidley Austin acted as lead legal advisor to Clearlake and Francisco Partners, with Simpson Thacher & Bartlett also advising Francisco Partners.

[Image courtesy: Synopsys]

Just in

Series A

Tembo raises $14M

Cincinnati, Ohio-based Tembo, a Postgres managed service provider, has raised $14 million in a Series A funding round.
Around the web

Raspberry Pi is now a public company — TC

Raspberry Pi priced its IPO on the London Stock Exchange on Tuesday morning at £2.80 per share, valuing it at £542 million, or $690 million at today’s exchange rate, writes Romain Dillet. 
Fundings

AlphaSense raises $650M

AlphaSense, a market intelligence and search platform, has raised $650 million in funding, co-led by Viking Global Investors and BDT & MSD Partners.
Around the web

Elon Musk’s xAI raises $6B to take on OpenAI — VentureBeat

Confirming reports from April, the series B investment comes from the participation of multiple known venture capital firms and investors, including Valor Equity Partners, Vy Capital, Andreessen Horowitz (A16z), Sequoia Capital, Fidelity Management & Research Company, Prince Alwaleed Bin Talal and Kingdom Holding, writes Shubham Sharma. 
IT

Capgemini partners with DARPA to explore quantum computing for carbon capture

Capgemini Government Solutions has launched a new initiative with the Defense Advanced Research Projects Agency (DARPA) to investigate quantum computing's potential in carbon capture.