Embarcadero Technologies Buys CodeGear

San Francisco-based Embarcadero Technologies said today that it has signed a definitive asset purchase agreement with Borland Software, to buy Bordland's CodeGear Division. Borland's CodeGear business develops software development tools for Java and Windows developers, including the popular JBuilder Java integrated development studio. Embarcadero said it would pay approximately $23M to Borland for CodeGear assets. Borland will also retain GodeGear accounts receivables, worth an additional $7M. Embarcadero Technologies is owned by private equity firm Thoma Cressey Bravo. The deal is expected to close June 30th.