Vector Capital said it had purchased CollabNet Inc from its existing venture investors and other stakeholders. The technology-focused private equity firm also made a growth investment in the cloud-based application lifecycle management or ALM solutions provider. Terms of the acquisition and investment were not disclosed.

The growth equity investment will be deployed to speed up product development, push the sales and marketing efforts of the company and allow for add-on acquisitions, a statement about the deal said.

Established in 1999, CollabNet is a pioneer in cloud-based application development and the founder and principal sponsor of Subversion. Through its platform, the firm enables software developers, IT operations professionals and product managers to work together and coordinate their efforts in the process of software development and operations. CollabNet's roster of customers includes such big names Intel, Capgemini, Pfizer, Ameritas, Deutsche Post and Applied Biosystems, the statement said.

As part of the deal, Vector Capital Managing Director Rob Amen will be joining the Board of Directors of CollabNet. Vector Capital makes transformational investments in established technology businesses. By actively working with management teams to plan and implement new strategies, Vector Capital improves the businesses they invest in and make them more valuable to employees, customers and stakeholders, the statement said.

CollabNet Chief Executive Officer Bill Portelli said in a statement, "Throughout our existence, CollabNet has had a string of first class investors that have supported us through our various phases of growth. I want to thank the host of top tier VC's who were part of building CollabNet into a market leading company. Going forward, picking the right partner at the right stage of our company's growth was critical to a continued upward growth trajectory. We are thrilled to be partnered with Vector as we look to take CollabNet to this next level of scale and growth."