Borland Technologies Sells CodeGear Unit

Austin, Texas-based Borland Technologies, a developer of variety of software products, is selling its CodeGear division to Embarcadero Technologies, a San Francisco-based software publisher. According to Embarcadero, it will pay Borland $23M for CodeGear's assets, which include products for Java and Windows developers. CodeGear develops JBuilder, Delphi, and C++Builder, all tools used by software developers for developing software code. Borland will also retain accounts receivables for CodeGear, worth an additional $7M. The transaction is expected to close in the next 30 to 60 days. Embarcadero Technologies is owned by private equity firm Thoma Cressey Bravo.