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Menlo Park's Francisco Partners jumped the gun on the close of its $1 billion technology buyout fund, landing its first acquisition in XcelleNet, an Atlanta-based software company.
The new private equity firm founded by Texas-Pacific veteran Dave Stanton and Robertson Stephens Inc. founder Sandy Robertson committed $50 million to acquire the Managed Systems Division of Sterling Commerce. The company had operated independently under the XcelleNet name until it was purchased by Sterling in 1998, and will now return to that name.
XcelleNet established a strong market niche for itself designing software products to manage remote computer systems for...