March 11 Shares in Jive Software Inc, a
maker of social media tools for companies, rose 7 percent after
a technology blog reported that the company has been seeking a
buyer for months.
Jive has hired Qatalyst Partners, the investment bank led by
Silicon Valley dealmaker Frank Quattrone, to find a buyer, the
blog Re/Code reported, citing sources. (r.reuters.com/sum57v)
Jive approached Oracle Corp, SAP AG and
Workday Inc, but was rebuffed by them, the sources told
Jive said it did not comment on rumors. Oracle, Workday and
SAP were not immediately available for comment.
Palo Alto, California-based Jive sells social networking
software that allows collaboration, microblogging and community
Sequoia Capital is the company's largest shareholder with a
stake of about 20 percent, while Chief Technology Officer and
co-founder Matt Tucker owns 9 percent.
Jive's rivals include Salesforce.com's Chatter,
Microsoft Corp's Yammer and VMWare Inc's
Jive, which went public in 2011 and is yet to report a
profit, forecast current-quarter revenue below analysts'
The forecast prompted Morgan Stanley to downgrade the
company's stock to "equal weight" from "overweight" and at least
two brokerages cut their price targets on the stock, citing
slowing customer growth.
Shares of Jive, which has a market value of about $584
million, were up 6.3 percent at $8.84 in early afternoon trading
on the Nasdaq. The stock has lost half its value over the past
(Reporting by Edwin Chan and Soham Chatterjee; Editing by Kirti