Monday, March 10, 2008

Vector, Greylock Complete Acquisition of Symantec Unit

San Francisco-based private equity firm Vector Capital reported Monday that it has completed its acquisition of Symantec's Application Performance Management business and spun it off into a stand-alone company. Vector originally announced its plans to purchase the unit on Jan. 17. Vector said the new company is called Precise Software Solutions Inc. Venture capital firm Greylock Partners also participated in the investment, Vector noted. Erez Ofer, a partner with Greylock's Israel office, will join Vector Principal Rob Amen and Partner Chris Nicholson on Precise Software's board of directors. In related news, Vector said it has appointed Mark Kremer as Precise Software's chief executive officer. Kremer previously served as a partner at venture capital firm Benchmark Capital.