The rating on Flexera Software LLC reflects the company's "highly leveraged" financial risk profile with adjusted leverage of 6x, and a "weak" business risk profile, reflecting its narrow product focus and modest scale. Nevertheless, Standard&Poor's Ratings Services expects that the company's good market position, the entrenched nature of its products within its customers' IT environments, and diverse customer base will support good revenue growth and consistent free cash flow generation. With revenues of $179 million pro forma for purchase accounting revenue write-downs for the 12 months ended June 2012, Flexera provides application usage management software in three areas: entitlement and compliance management, software license optimization, and software installation. These products allow software publishers and device manufacturers to deploy
