Symphony Technology Group, a private-equity firm focused on software and technology services, completed fundraising for a new $870 million investment fund.
As with previous funds, the largest investor is the firm’s founder, Romesh Wadhwani, according to a statement today from the Palo Alto, California-based company. It currently has 14 companies in its portfolio.
Symphony acquires large stakes in public and private companies worldwide and then focuses on improving operations and boosting profit margins. The firm started buying shares of Finnish software developer Aldata Solution Oyj (ALD1V) in 2007 and now owns about 90 percent of the company. In 2009, it acquired MSC Software Corp., the developer of simulation software for manufacturers.
Before starting Symphony, Wadhwani founded Aspect Development Inc., which was acquired for $5.6 billion in 2000. Before that, he started Cimflex Teknowledge Corp.
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