TigerLogic Gets $22M for Database LineThursday, October 17, 2013
Irvine-based TigerLogic Corp. has sold its database management systems business for $22 million to a Massachusetts software maker.
The cash sale to Rocket Software Inc., based in Waltham, is expected to close by the end of the year.
The divestiture allows TigerLogic’s to focus on its core business of developing cloud services, and mobile, search and social networking applications for corporate and government customers.
“The closing of this transaction will allow TigerLogic to concentrate on initiatives that support our vision of enabling brands and companies to integrate curated mobile and social solutions across multiple digital environments,” Chief Executive Richard Koe said.
Investors sent TigerLogic shares up 4.7% in afternoon trading to a market value of $60.7 million.
The company posted sales of $12.8 million in the 12 months through March, the end of its fiscal year.
It recorded a loss of $2.9 million during that period and has struggled to sustain profitability for years.