Vivek Ranadive, an Indian American businessman, founded TIBCO software in 1997. The company is based in Palo Alto, California, US. TIBCO Software has expanded its services and consumer market overseas over time which includes North and South America, Europe, Asia, Middle East, and Africa. The company focuses on building real-time software for other businesses which serves the purpose of business-to-business, business-to-consumer, and business-to-employee data transfer. Some of the leading products of TIBCO used by enterprises around the world are TIBCO ActiveSpaces, TIBCO BusinessEvents, TIBCO Data Virtualization, TIBCO Messaging, and many more. Currently, TIBCO Software is owned by Vista Equity Partners and Dan Streetman is serving as the CEO of the company.
Foundation of TIBCO Software
Vivek Ranadive is also known as the founder of Teknekron Software Systems Inc and it was after he sold this business, TIBCO was founded. In 1997, TIBCO Software was established which was then known as the Information Bus Company. The company was founded as a subsidiary of a new firm called Reuters Holdings which was backed by Cisco Systems. The software developed by TIBCO was used by businesses to make real-time communications within the financial market without any human intervention. This product caught the attention of many big companies like Oracle, SAP, and IBM and they also started using it. The same year, TIBCO became one of the thirteen partners for Microsoft’s “push technology” which was aimed to deliver free internet content to users through web browsers.
In 1999, the company filed for its first IPO and started trading as a public company in July of the same year. On the first day of its trading, the share value of the company doubled, and in early 2000 went even higher. The company became very famous in 2000 as Yahoo! Launched Corporate Yahoo, a platform built using TIBCO’s software. This platform helped companies to establish communications between computers in a customized way which added points to its flexibility. It was only one year after TIBCO became a public company, the economic depression started.
Post-dot-com Bubble Scenario
TIBCO Software managed to stay intact during the dot-com bust and even after the boom it was one of the 50 relevant technology companies according to USA Today’s e-Consumer and e-Business Index. The total market capitalization of TIBCO approached $2 billion during the first two quarters of 2001. In 2002, TIBCO Software formed an alliance with an American business company called Verity Inc. Both the companies came together to integrate TIBCO Active Portal 4.0 with Verity K2 Developer technology in order to meet the needs of customers in a better way.
In 2003, a lot of well-established companies like Vodafone and Reliance Communications started using TIBCO’s software. Delta Air Lines used the software as well for organizing its operating system Deutsche Bahn used the software to construct a network of digital integrated train stations. After a few years, Apple also started using the same software to process user requests and facilitate sales in the iPhone division. In 2011, the total annual revenue of the company summed up to $920 million and soon it crossed the $1 billion mark in 2012. In 2014, TIBCO was acquired by the private equity firm called Vista Equity Partners for $4.3 billion and Murray Rode was made the CEO of the company. But, it was again in 2019 that he was replaced by Dan Streetman while Rode took the place of Vice Chairman.
About The Founder
Apart from being an Indian American businessman, Vivek Ranadive is also an engineer by profession, an author, speaker, and philanthropist. Born and raised in Mumbai, India, Vivek was accepted in MIT from where he graduated as an engineer. Later, he went to Harvard Business School and obtained his MBA. Vivek was able to found TIBCO Software with sufficient funding from Reuters and Cisco Systems. A few years ago, he founded a startup investment firm called Bow Capital.
Annasha Dey is an NIT student, who apart from studying engineering is also a content writer. She has a great interest in photography, writing, reading novels, and travelling as well. She is a foodie who loves socializing and hanging out with her friends. She is also a trained Kathak dancer and a big fashion enthusiast. Dey also loves watching TV series, which includes F.R.I.E.N.D.S. and Big Bang Theory. To be a better writer she prefers to read more