San Mateo-based application development software provider Serena Software has been acquired by HGGC, in a deal reportedly worth $450M. Serena Software as owned by private equity firm Silver Lake. HGGC is a middle market private equity firm. According to the companies, Serena Software's founder, Doug Troxel, is partnering with HGGC in the deal. HGCC was advised by Credit Suisse in the effort.