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By Greg Roumeliotis and Soyoung Kim
NEW YORK, Sept 6 (Reuters) - Buyout firm Silver Lake isworking on a sale of information technology management companySerena Software Inc, which it has tried to sell at least oncebefore since it acquired the company for $1.2 billion in 2006,three people familiar with the matter said.
Silver Lake has asked Barclays Plc to run a newsale process in the hope that it will receive bids that arehigher than those made during the last sale effort a couple ofyears ago, the people said this week.
Silver Lake committed $335.5 million in equity in the $1.2billion deal to take Serena private in 2006, according toregulatory filings. The private equity firm may still struggleto sell the company for more than the value of the deal in 2006,the people said.
The unnamed sources asked not to be identified because thesale process is confidential. A Silver Lake spokesman had noimmediate comment, while Serena and Barclays representatives didnot immediately respond to requests for comment.
San Mateo, California-based Serena provides software tocompanies looking to streamline their management processes. Someof its products compete with CA Inc, InternationalBusiness Machines Corp and Compuware Corp.
Serena launched two restructuring plans this year to addressfalling profits and boost operating margins. The company reducedits workforce by 8 percent in the first quarter and 24 percentin the second quarter, for a loss of 175 employees in total. Thecompany expects to cut operating expenses for its fiscal year2014 by 17 percent to 19 percent compared to a year ago.
In the 12 months ending Jan. 31, 2013, Serena reportedadjusted earnings before interest, tax, depreciation andamortization of $74.4 million, down from $85.8 million over thesame period a year ago. The company had total outstanding debtof $410 million as of the end of July.
Silver Lake currently owns about two-thirds of Serena, withthe remainder owned primarily by Douglas Troxel, who foundedSerena in 1980 and who was its chief executive officer until1997. He still sits on Serena's board of directors.
