System modernizer Relativity sells to Micro Focus for $9.7M
After a decade of struggle and decline, Relativity Technologies has sold to Micro Focus International for $9.7 million, a meager portion of the $25 million in venture backing it had raised from the likes of Intel Capital, Noro-Moseley Partners, Tall Oaks Capital Partners, Wachovia Strategic Ventures and the Wakefield Group.
Based in Raleigh, N.C., the company made software used to modernize old computer systems. It skyrocketed to glory during the late-90s dot-com boom, at one time reaching a valuation of $76 million, reports VentureWire. When the bubble burst, it abandoned its IPO dreams and strove to raise even just $2 million in capital. It had been shopping for a solid buyer for over six years, but recent economic conditions catalyzed the move.
Micro Focus International, based in Rockville, Md., builds and modernizes software applications for a range of business functions.
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About the Author, Camille Ricketts
Camille is the lead writer for GreenBeat. She came to VentureBeat from Google where she worked on its traditional platforms team, particularly in TV. Before that, she was a reporter for the Wall Street Journal in New York and London. Follow her on Twitter at @camillericketts, and follow VentureBeat on Twitter at @venturebeat.
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