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TPG buying software company CollabNet from Vector Capital

Global alternative asset firm TPG, through its TPG Capital platform, agreed to acquire CollabNet Inc. from private equity firm Vector Capital Management LP.

CollabNet provides a platform for agile planning, DevOps, and value stream management. Financial terms of the transaction, which is subject to customary closing conditions, were not disclosed.

The investment marks the first step for TPG Capital's broader strategy of committing up to $500 million of equity capital to build an enterprise-focused DevOps platform company.

Barclays and RBC Capital Markets acted as financial advisers to TPG Capital, and Ropes & Gray LLP served as legal counsel. KeyBank Capital Markets Inc. served as financial adviser to CollabNet, and Sidley Austin LLP served as legal counsel to CollabNet and Vector Capital.