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Ranadive Selling Software Firm, With Some Saying He Focused Too Much On NBA Kings

Tibco Software, the company founded 17 years ago by NBA Kings Managing Partner VIVEK RANADIVE, “agreed to be sold on Monday” to Vista Equity Partners for $4.3B after “nearly two years of disappointing financial results and a decline in its stock price,” according to a front-page piece by Dale Kasler of the SACRAMENTO BEE. The deal “will give Ranadive a personal payout” of $316.4M. Mercury Public Affairs Partner ADAM MENDELSOHN, who advises Ranadive and the Kings, said that the sale of Tibco “has absolutely no impact” on the team’s operations. However, Kasler writes it is possible the Kings “had an impact on Tibco.” Ranadive “has been a hands-on chairman of the team.” Analysts said that it is possible Ranadive’s "attention became diverted from Tibco's operations as he concentrated on the Kings." S.F.-based Wedbush Securities analyst STEVE KOENIG said, “There is ample evidence to say Vivek was not minding the store, at least not as well as he should have been, with him spending quite a bit of time on his basketball endeavors” (SACRAMENTO BEE, 9/30). In N.Y., David Gelles noted Vista “beat out a number of bidders, including strategic buyers and other buyout firms that were interested in Tibco.” The deal “will still have to be approved by Tibco shareholders” (NYTIMES.com, 9/29).

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