Homegrown tech company Jama Software is being acquired by private equity firm Francisco Partners in a $1.2 billion deal.
Francisco is buying the company from existing shareholders, a group that includes Insight Partners, Madrona Venture Group and Oregon Venture Fund.
As part of this deal Jama CEO Marc Osofsky is personally reinvesting in the company and will continue to lead Jama.
“The great thing about this deal is we keep going on the great trajectory we are on. It doesn't change anything,” said Osofsky.
Jama has about 300 employees globally with around 100 based in the Portland headquarters. The company has an office in downtown Portland that is used for team meetings and collaborative space, said Osofsky. Employees can come in when they want to, but the company is virtual first, he added.
Jama makes software that helps customers manage product development. Its tools act as a system of record for teams building complex medical, automotive, semiconductor, aerospace and consumer electronics products.
"The engineering management market is in the early stages of a fundamental transformation which Jama Software is at the forefront of. We are ecstatic to be partnering with Marc and his team in continuing to execute on their industry-leading vision and strategy,” said Petri Oksanen and Mario Razzini, partners at Francisco Partners in a written statement.
This is the second big investment in a company with deep Portland roots by Francisco. At the end of last year Francisco Partners along with TPG acquired New Relic, which has its engineering headquarters in Portland.
Jama was not shopping the company for sale or raising money ahead of this deal, said Osofsky, who noted the company has been profitable for some time.
“At some point you run a (potential deal) process and make a decision,” he said. “We were fortunate to be in that position.”
