Description
TIBCO Software is an American business intelligence software company founded in 1997 in Palo Alto, California.
It has headquarters in Palo Alto, California, and offices in North America, Europe, Asia, the Middle East, Africa and South America. Its Palo Alto campus consists of four buildings on 16 acres in Palo Alto's Stanford Research Park.
History
In 1997, Vivek Ranadivé, who had previously founded and sold Teknekron Software Systems, Inc, founded TIBCO (The Information Bus Company) as a subsidiary of Reuters Holdings, which was then a new venture firm, with financial backing from Cisco Systems. The bus software allowed communication within the financial markets to happen in real-time and without human intervention. The technology was used by companies like SAP, IBM, and Oracle. Later in 1997, the company became one of 13 of Microsoft's partners in "push" technology, which delivers internet content to users for free through web browsers.
The company's initial public offering (IPO) of stock was made in July 1999 with a range value of $9 to $11. In its first day of trading, the company's stock doubled, from $17.38 to $32.38 per share and in early 2000, the company's value went from $22.75 to $244.88 per share, its record high at the time. After the IPO, the company raised $109.5 million and 7.3 million common shares sold for $15 each, above its range value.
In 2000, Yahoo! introduced Corporate Yahoo, a platform developed using TIBCO Software that allowed companies to develop customized communications between computers. Corporate Yahoo contained early examples of bundled e-mail, calendars, stock prices, and news displayed on intranet homepages. Hewlett-Packard was one of the partners in the software's development.
Post-IPO
The company survived the dot-com bubble burst and was listed among USA Today's e-Consumer and e-Business index of 50 technology companies that remained relevant in 2001 following the boom.] During the first and second quarters of 2001, the firm's market capitalization approached $2 billion.
In 2002, Verity, Inc., an American business portal infrastructure software provider, announced an expanded alliance with the company to integrate Verity K2 Developer technology with TIBCO ActivePortal 4.0.
In 2003, British mobile operator Vodafone and Indian mobile provider Reliance Communications began using the firm's software, and Delta Air Lines used TIBCO software to organize its operation systems, including baggage handling, ticketing and check-in. The same year, Lufthansa also used their software and Deutsche Bahn used it to construct digitally integrated train stations.
In 2004, Wellpoint (now Anthem) and RealMed used TIBCO technology to process HIPAA claims, and Harrah's casinos used predictive software to analyze system demands. Allstate used its programming to process insurance claims. Since its release in 2007, Apple Inc.'s iPhone has used TIBCO software to process user requests and facilitate sales. Xcel Energy launched its SmartGridCity program in 2009, which provided assistance to companies seeking to reduce carbon emissions, while using TIBCO software.
By 2011, the company's annual revenues had grown to $920 million, its customer base to 4,000, and its number of employees to 2,500. In March 2013, TIBCO announced that it had chosen LaunchSquad as its corporate PR Agency of Record.
In September 2014, TIBCO revealed it was being bought out by private equity firm Vista Equity Partners for $4.3 billion.
On December 5, 2014, the acquisition of TIBCO by Vista Equity Partners was completed. Murray Rode was made the CEO of TIBCO.
In 2019, TIBCO announced Dan Streetman as CEO and Murray Rode as Vice Chairman.
In October 2020, TIBCO announced the acquisition of Information Builders, Inc. (IBI), a leading data and analytics company based in New York City.
