Crystal Decisions - The Case Centre

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Case

Reference no. E169

Subject category: Entrepreneurship

Authors: Mark Leslie (Stanford Graduate School of Business, Stanford University); Alexander Tauber (Stanford Graduate School of Business, Stanford University)

Published by: Stanford Business School

Originally published in: 2004

Version: 12 June 2004

Length: 24 pages

Data source: Field research

Topics: Business intelligence software; Seagate/Silver Lake Partners/Crystal Decisions; Privatization; Evaluating exit options; Acquisition/IPO (initial public offering); Negotiating a sale of a company

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Abstract

Silver Lake Partners led a syndicate that took Seagate private in 2000. Crystal Decisions was an underperforming software subsidiary of Seagate. It had been an immaterial part of Seagate. Silver Lake assigned $95 million (of the $1.1 billion in equity paid for Seagate) to Crystal Decisions. The case chronicles the turnaround of Crystal Decisions and eventual harvest of the company in 2003. At the end of the case the Silver Lake syndicate must consider whether to sell the company to Business Objects or pursue an IPO (initial public offering).

Industry:

Software