Tibco Software Inc. Exploring Strategic Options; Shares Up In Extended Session

Tibco Software Inc. (NASDAQ: TIBX) shares jumped in the extended session on news the company hired an investment bank to explore strategic options.

Chief Executive Vivek Ranadivé said Wednesday the Palo Alto, California-based software company formed a committee on independent directors August 16 and has hired Goldman Sachs & Co. to help review alternatives.

The Wall Street Journal reported August 6 that the company had been approached by potential buyers, including private equity firms.

Revenue and profits have declined for Tibco in each of the last three quarters.

Tibco traded recently after hours at $22.60 a share up more than 7 percent.