In the summer of last year, BladeLogic (NASDAQ: BLOG) launched its IPO, which skyrocketed nearly 50%. It helped that one of its main rivals, Opsware, get a $1.65 billion buyout offer from Hewlett-Packard (NYSE: HPQ).

Well, BladeLogic has now agreed to sell out, although at a lower valuation: $800 million. The buyer is tech veteran, BMC Software (NYSE: BMC).

BladeLogic is focused on helping to deal with the mind-numbing complexities of data centers, helping with things like compliance, downtime, speed and so on. Keep in mind that there's about $140 billion spent on data centers per year.

At the same time, over the past few years, BMC has done a good job restructuring its company. Now it's in a position to ramp growth – and BladeLogic will be a nice boost. In fiscal Q1, the company's revenues spiked 68% to $21.4 million.

Although, Wall Street is skeptical. In today's trading, BMC's stock is down 7% to $31.31.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates DealProfiles.com.