Leveraged-buyout firms have traditionally steered clear of technology. After all, why mess with highly volatile, complicated businesses that sometimes burn through investors' cash fast when there are plenty of underperforming mattress makers to buy and sell? Ten years ago, buyouts of tech companies accounted for just 0.34% of all U.S. acquisitions by value, according to Thomson Financial.

That era is long gone. Now, as private-equity firms amass huge war chests.....

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