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.
Get Data Sheet, Fortune’s technology newsletter.
“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.