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Vector Capital Completes Acquisition of Riverbed Technology

Gracie Gottlieb | 11 July, 2023

Vector Capital, a leading private equity firm specializing in transformational investments in established technology businesses, has announced the successful completion of its acquisition of Riverbed Technology. Riverbed is a leading IT solutions provider that delivers secure, seamless digital experiences and accelerates enterprise performance for global organizations. As part of the transaction, Dave Donatelli has been named Chief Executive Officer, effective immediately. Dan Smoot, the previous CEO, will continue to support the company during the transition.

Dave Donatelli brings extensive experience to his role as CEO of Riverbed. He previously served as the Executive Vice President of the Cloud Business Group at Oracle Corporation and as the Executive Vice President of the Enterprise Group at Hewlett-Packard. With a career that began at EMC Corporation, Donatelli has held multiple leadership positions and most recently served as the lead independent director at MarkLogic.

John Theler is rejoining Riverbed as Chief Financial Officer, bringing over 25 years of experience as a financial professional. Theler has worked with both large public and mid-sized privately-owned software, hardware, SaaS, and technology-solutions businesses. Prior to his role at MarkLogic, he was the CFO of Avetta, LLC and began his career at Ernst & Young, LLP.

With the completion of the acquisition and the new leadership team in place, Vector Capital is confident in Riverbed's future success. The company offers industry-leading portfolios, Alluvio by Riverbed for Unified Observability, and Riverbed Acceleration. These products have blue-chip customer bases and are market leaders in their respective fields.

Dave Donatelli expressed enthusiasm for the future of Riverbed, stating, "Riverbed is a terrific business with a strong foundation for success. Bolstered by a significantly improved capital structure, I look forward to working with Riverbed's team and Vector Capital to enhance our product offerings through innovation and strategic growth investments."

Andy Fishman, a Managing Director at Vector Capital, praised Donatelli's leadership abilities, saying, "Dave is a proven leader who brings to Riverbed deep knowledge and experience driving growth at scaled technology businesses. He is a purposeful changemaker with a customer-first approach and is the ideal person to lead the company forward as it pursues continued growth and scale." Fishman also welcomed John Theler to the team as Chief Financial Officer, highlighting his skills and experience as a finance executive.

Stephen Goodman, a Principal at Vector Capital, expressed excitement about the investment in Riverbed's future growth. He believes the company is well-positioned to further penetrate the market with its industry-leading products and services. Goodman looks forward to working closely with Dave Donatelli, John Theler, and the broader Riverbed team.

Vector Capital is a San Francisco-based private equity investment firm that focuses on transformational investments in middle market technology and technology-enabled businesses. With over $4 billion of capital under management, Vector is dedicated to delivering breakthrough operational and financial results through operational transformation. For more information about Vector Capital, please visit their website.

Riverbed is a leading provider of IT solutions that enable organizations to deliver seamless digital experiences and drive enterprise performance. The company offers two industry-leading portfolios: Alluvio by Riverbed, a Unified Observability portfolio that unifies data, insights, and actions across IT, and Riverbed Acceleration, providing fast, agile, and secure acceleration of any app, over any network, to users anywhere. With thousands of partners and customers globally, including 95% of the FORTUNE 100, Riverbed empowers every click and digital experience.

In conclusion, the completion of Vector Capital's acquisition of Riverbed Technology marks an exciting new chapter for the company. With a strong leadership team in place and a focus on innovation and strategic growth investments, Riverbed is well-positioned for continued success in delivering secure, seamless digital experiences and accelerating enterprise performance for global organizations.

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