Bloomberg News

Tibco to Hire Rapidly as Economy Improves, CEO Ranadive Says

January 26, 2012

(See {DAVOS <GO>} for more on the World Economic Forum.)

Jan. 25 (Bloomberg) -- Tibco Software Inc. plans to hire 500 people in the U.S. this year as the economy improves and Europe works out its debt crisis, Chief Executive Officer Vivek Ranadive said in an interview.

“We are hiring quite rapidly now, all in sales and service,” Ranadive said at the World Economic Forum’s annual conference in Davos, Switzerland. “It’s a good time to hire.” Some big banks aren’t hiring, so there isn’t as much competition for workers from Wall Street, he said.

Ranadive said his business-software company wants to recruit workers at top U.S. colleges such as Stanford University and the Massachusetts Institute of Technology. The Palo Alto, California-based company had about 2,500 employees at the end of its fiscal year 2010, according to data compiled by Bloomberg.

“We are very optimistic about 2012, even in Europe,” he said. “I think it’s like a well-kept secret that U.S. is doing better.”

Other software makers such as Oracle Corp. and SAP AG need to keep buying companies to increase revenue and will compete with Hewlett-Packard Co. and International Business Machines Corp. to “pursue large deals,” Ranadive said.

Tibco shares fell 21 cents, or less than 1 percent, to $25.51 at 1:45 p.m. in New York. The stock has gained 21 percent in the past 12 months.

--With assistance from Ian King in San Francisco. Editors: Jillian Ward, Nick Turner

To contact the reporter on this story: Jeffrey McCracken in New York at jmccracken3@bloomberg.net

To contact the editor responsible for this story: Tom Giles at tgiles5@bloomberg.net


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