Thoma Cressey takes Embarcadero private

The San Francisco-based firm will take software maker Embarcadero Technologies private for $234 million.

Thoma Cressey Equity Partners will buy Embarcadero Technologies, a company that produces data management software, for $234 million (€184 million).

Embarcadero, which is traded on the Nasdaq under the symbol EMBT, was bought for $8.38 per share in cash, representing a 29 percent premium over the company’s closing stock price on Wednesday.

Stephen Wong, chairman, president and CEO of Embarcadero, said after reviewing several strategic alternatives the company decided a going-private was best for its shareholders.

Raj Sabhok will become the new CEO of the company after it goes private. Embarcadero’s board has already approved the deal but still must get the approval of its shareholders and regulators.

In June Embarcadero reported $98.6 million in assets, including $15 million in cash and cash equivalents. The company’s revenue during the first six months of this year was $29.5 million, and net income was $2.3 million.

In January, Thoma Cressey, which has offices in Boston, Chicago and San Francisco, closed its latest fund at $765 million, over $100 million over its initial target.