Jama Software, which helped lead a brief renaissance in Portland technology in the decade after the dot-com bust, sold Monday to a private equity firm for $1.2 billion. The new owner is Francisco Partners, which controls an array of technology companies.

Jama’s sale price roughly matches the biggest prior deal in Portland tech history, the $1.2 billion sale of Viewpoint Construction Software in 2018.

Jama’s software helps companies coordinate the development of complex technology products. It manages performance requirements, so different groups within an organization can check to see if their components meet the design specifications.

Clients include chipmakers, software developers and aerospace companies.

Jama sold a majority of the company to another investment firm, Insight Partners, as part of a $200 million recapitalization in 2018, though early backers Madrona Ventures and the Oregon Venture Fund had retained a stake.

Francisco Partners said CEO Marc Osofsky, who joined Jama four years ago, will remain with the company after its sale.

Founded in 2006, Jama was among the most prominent of a generation of Portland companies that helped establish the city as a viable location for software startups.

That era wound down several years ago, though. Many of those companies sold to larger businesses or to investment funds, and Jama and other Portland tech businesses moved their executive teams out of state.

No new generation of Portland startup emerged to take their place. Many young technology companies have dispersed their workforces in the remote-work era that followed the pandemic, with little concentration in Portland.

As a result, tech entrepreneurship in the city is much less robust than it was a decade ago.

Jama told the Portland Business Journal it employs about 300 worldwide, including 100 in Portland. It retains a small office in downtown Portland but said its staff primarily works remotely now. Osofsky lives in Massachusetts.

“We are thrilled to work with Francisco Partners and leverage their expertise as we further accelerate our rapid expansion across enterprises, industries and continents,” Osofsky said in Monday’s announcement.

Though Jama doesn’t have a large Portland presence anymore, its tremendous sale price may be a boon to some of the executives who still live in the area and to its early local investors. Those investors include the Oregon Venture Fund, which retained 20% of its original stake after Jama’s 2018 sale to Insight.

“With Francisco’s purchase, OVF investors will receive a roughly 60 (times) net total return on their investment. The exit represents a significant milestone: it’s the largest acquisition price for an OVF-backed venture,” Eric Rosenfeld, co-founder of the Oregon Venture Fund, wrote in an email Monday evening.

“We’re proud of what Jama is accomplishing globally and that the company started, and continues to grow, in downtown Portland,” Rosenfeld said.