PNI Canada Acquireco Corp. (Procera Networks), a portfolio company of private equity firm Francisco Partners, has agreed to purchase broadband network equipment maker Sandvine Corp.

Sandvine provides broadband network equipment for wireless carriers, cable companies, fixed wireless businesses, and other hardline operators. The target’s products allow service providers to apply application-aware policies to ensure subscriber satisfaction, to manage network congestion, and to provide actionable business insights.

The target will be combined with Procera Networks, a broadband network and IT analytics firm, as part of the deal. Procera Networks, headquartered in Fremont, California, provides services to companies looking to improve the online experiences of customers through network traffic management. The buyer is paying approximately $444 million for Sandvine.

Francisco Partners is a San Francisco-based technology-focused firm that has raised over $10 billion in capital to date. Francisco Partners received Mergers & Acquisitions Private Equity Firm of the Year award for 2016. The PE firm bought Dell's software unit before Dell acquired EMC Corp. for $67 billion. Kirkland & Ellis LLP is acting as legal counsel to Francisco Partners and Procera Networks.

Technology and software deals have remained popular throughout 2017. Francisco Partners bought a majority stake in SmartBear Software in May; Cisco Systems Inc. (Nasdaq: CSC) is buying network management provider Viptela; Golden Gate has agreed to purchase interior design software developer 2020 Technologies; and MaxLinear Inc. (NYSE: MXL) is purchasing lighting chip maker Exar Corp. (NYSE: EXAR).

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Kamaron Leach

Kamaron Leach

Kamaron Leach joined SourceMedia in 2016, serving as Reporter of Mergers & Acquisitions. Kamaron writes the Finance Finesse column about investment banking and lending, and also covers the media and entertainment sector.