Embarcadero Technologies, a privately-held company of Thoma Cressey Bravo, has announced that it has signed a definitive asset purchase agreement with Borland Software Corporation to purchase its CodeGear division. The transaction is expected to close in 30 to 60 days. By combining the market leaders in development tools and database tools, Embarcadero will be able to address the growing productivity and resource challenges companies face as a result of different applications and diverse database platforms. With more than $100 million in annual revenue and over 500 employees worldwide, the combined companies will operate under the Embarcadero Technologies name.

"The application and database development worlds are colliding and the synergies between these two companies make this union timely and logical," says Orlando Bravo, managing partner of Thoma Cressey Bravo. "This acquisition will yield Embarcadero the financial strength, people and product innovation to aggressively address the demands of this evolving market," says Holden Spaht, principal of Thoma Cressey Bravo.

The acquisition of the CodeGear business is expected to make Embarcadero the world's largest independent software provider offering an integrated portfolio to design, develop, manage and optimise heterogeneous applications and their databases. Customers and partners will benefit from Embarcadero's ability to help fully integrate their application development lifecycle, automate error-prone tasks and dramatically increase their productivity.