The British enterprise software company Micro Focus(mcfuf) is buying San Mateo, California-based Serena Software, it said Tuesday.
Serena Software specializes in so-called application lifecycle management (ALM) software, which — as the name suggests — is used to manage the creation, deployment and eventual end-of-life of the software applications used in businesses.
The companies are pitching their new blend as having a big focus on "devops," the trend in which software development and operational teams work closely with one another in order to update the software more frequently.
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"Our complementary strengths in software development and IT Operations will only serve to provide a stronger foundation for the next-generation of applications and services they require to meet ongoing business demands," Serena CEO Greg Hughes said in a statement.
The deal, which is set to close in May, is worth $540 million.
Private equity firm HGGC bought Serena from Silver Lake Partners back in 2014. The terms for that deal were not disclosed, but it was reported to be worth $450 million. When Silver Lake bought Serena in 2006, it paid $1.2 billion.