Equity trio buys legacy-software maker

Francisco Partners, Golden Gate Capital and Thoma Cressey Equity Partners have teamed to buy WRQ, a developer of software that emulates legacy software.

US private equity firms Francisco Partners, Golden Gate Capital and Thoma Cressey Equity Partners announced today the completion of their joint acquisition of WRQ, a developer of software that emulates legacy applications.

Terms of the deal were not disclosed, but according the WRQ, the company had revenues totally nearly $100 million (€73 million) in 2003, with “very meaningful” operating income.

Based in Seattle, WRQ has more than six million customers worldwide, according to a press release. The company makes WRQ Reflection and WRQ Verastream integration products.

Francisco partners and Golden Gate Capital, both based in San Francisco, are both relatively new private equity firms, both having been founded less than five years ago. Thoma Cressey, based in Chicago, has been doing private equity deals for more than 25 years.