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Private equity firm Thoma Cressey Bravo said Thursday, Feb. 14, one of its affiliates has agreed to buy Macrovision Corp.'s software business unit for about $200 million in cash. Macrovision, which develops technology to protect movies and music from piracy, said the deal for the software unit includes its FLEXnet and InstallShield family of products. "Macrovision's software business has a tremendous franchise associated with each of its product lines and we are impressed with its leadership position in each of the market segments it serves," said Thoma Cressey managing partner Orlando Bravo (right) in a statement announcing the deal. Fred Amoroso, president and CEO of Santa Clara, Calif.-based Macrovision, said the private equity firm will "provide the focus and resources needed to continue growing the software business." The transaction will result in a stand-alone company focused on simplifying the business relationship between software producers and enterprises, the companies said in a joint statement. Mark Bishof, currently Macrovision's executive vice president and general manager of the software unit, will assume the role of CEO for the stand-alone company once the deal closes. The transaction is expected to close on or before April 1, 2008, pending antitrust approval. Completion of the deal is not subject to Macrovision shareholder approval. Cowen and Co. acted as exclusive financial adviser to Macrovision on the deal. Some Macrovision shareholders were none too pleased in December, when the company agreed to buy television listings provider Gemstar-TV Guide International Inc. for $2.8 billion in cash and stock. Activist hedge fund Loeb Partners, which owns a 2.1% stake, said it would vote against the deal at a meeting, which is expected some time in March. Shares of the company opened at $17.59 Thursday, a drop of roughly 30% since the deal was announced Dec. 7. In November, Macrovision agreed to buy certain technology assets from Cryptography Research Inc., a San Francisco research-and-development company, for $45 million in cash plus warrants exercisable for Macrovision stock. Macrovision also acquired privately held All Media Guide Holdings Inc. in November. All Media is one of the world's largest providers of information databases for entertainment products, such as music, movies, and games.  Deal Video
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