EXHIBIT 99.1

Press Contact:	Investor Relations Contact:
Robin Stoecker	Michael Magaro
TIBCO Software Inc.	TIBCO Software Inc.
(650) 846-5044	(650) 846-5747
rstoecker@tibco.com	mmagaro@tibco.com

TIBCO SOFTWARE REPORTS

FIRST QUARTER FINANCIAL RESULTS

PALO ALTO, Calif., March 17, 2004 – TIBCO Software Inc. (Nasdaq:TIBX), a leading enabler of real-time business and the leading independent business integration software company in the world, today announced results for its first fiscal quarter ended February 29, 2004. Total revenues for the first quarter were $74.4 million. License revenues for the first quarter were $40.8 million. Net income for the quarter calculated in accordance with accounting principles generally accepted in the United States was $8.5 million or $.04 per share on a fully diluted basis.

TIBCO had non-GAAP net income for the first fiscal quarter of $10.1 million. TIBCO’s non-GAAP net income per share on a fully diluted basis was $.05 for the quarter. Non-GAAP results exclude stock-based compensation charges and amortization of acquired intangibles, and assume a non-GAAP effective tax rate of 38%.

“Our Q1 performance underscores our commitment to growing our company profitably,” said Vivek Ranadivé, Chairman and CEO of TIBCO Software. “We continue to build strong customer facing field organizations and are focused on execution in 2004.”

Highlights for TIBCO’s First Fiscal Quarter 2004

During Q1, we added 50 new customers, including companies such as Tractebel North America and British Columbia Transmission Corporation. We also expanded our presence in the financial services sector by adding new customers such as Merrill Lynch, the London Stock Exchange, MLC, Credit Suisse First Boston, Standard & Poor’s and the Fédération des caisses Desjardins du Quebec, among others. In addition, we increased and successfully expanded our business relationships with market leaders such as Caixa Geral de Depositos, Barclays Capital, KPN, adidas-Salomon, Telenor and Telecom Italia.

Conference Call Details

TIBCO Software has scheduled a conference call for 5:00 p.m. EST today to discuss its fiscal first quarter results. Interested parties may access the conference call over the Internet through CCBN at www.companyboardroom.com. To listen to the live call, please go to the Web site at least 15 minutes early to register, download and install any necessary audio software. For those who cannot listen to the live broadcast of the call, a replay will be available through TIBCO Software Inc.’s website at www.tibco.com shortly after the live call ends.

About TIBCO Software Inc.

TIBCO Software Inc. (NASDAQ:TIBX) is the leading independent business integration software company in the world, demonstrated by market share and analyst reports. In addition, TIBCO is a leading enabler of Real-Time Business, helping companies become more cost-effective, more agile and more efficient. TIBCO has delivered the value of Real-Time Business, what TIBCO calls The Power of Now®, to over 2,100 customers around the world and in a wide variety of industries. For more information on TIBCO’s proven business integration, business optimization, and enterprise backbone solutions, TIBCO can be reached at +1 650-846-1000 or on the Web at www.tibco.com. TIBCO is headquartered in Palo Alto, CA.

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TIBCO, the TIBCO logo, The Power of Now and TIBCO Software are trademarks or registered trademarks of TIBCO Software Inc. in the United States and/or other countries. All other product and company names and marks mentioned in this document are the property of their respective owners and are mentioned for identification purposes only.

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Use of Non-GAAP Financial Information

TIBCO provides non-GAAP net income and non-GAAP net income per share data as additional information for its operating results. TIBCO believes that presentation of non-GAAP net income and non-GAAP net income per share data provides useful information to management and investors regarding certain additional financial and business trends relating to the company’s financial condition and results of operations. For example, the non-GAAP results are an indication of TIBCO’s baseline performance before gains, losses or other charges that are considered by management to be outside the company’s core business operational results. In addition, these adjusted non-GAAP results are among the primary indicators management uses as a basis for planning and forecasting of future periods. These measures are not in accordance with, or an alternative for, accounting principles generally accepted in the United States and may be different from non-GAAP measures used by other companies.

Legal Notice Regarding Forward-Looking Statements

This release contains forward-looking statements within the meaning of the “safe harbor” provisions of the federal securities laws. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, without limitation, statements regarding TIBCO’s commitment to profitable growth and the continued building of field organizations. Actual results could differ materially from such forward-looking statements if demand for TIBCO’s products and services or economic conditions affecting the market for TIBCO’s products and services fluctuate, if TIBCO is unable to successfully compete with existing or new competitors, or if TIBCO is unable to successfully build its field organization. Additional information concerning factors that could cause

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actual results to differ materially from those contained in the forward-looking statements set forth herein, including TIBCO’s history of losses, the unpredictability of future revenue, TIBCO’s lack of long-term customer contracts, rapid technological and market changes, risks associated with infrastructure software and the volatility of TIBCO’s stock prices are discussed more fully in TIBCO’s filings with the Securities and Exchange Commission (“SEC”), including but not limited to its most recent Annual Report on Form 10-K filed with the SEC on February 5, 2004, and reports filed after the Form 10-K. Copies of filings made with the SEC are available through the SEC’s electronic data gather analysis and retrieval system (EDGAR) at www.sec.gov. TIBCO assumes no obligation to update the forward-looking statements included in this release.

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TIBCO Software Inc.

Non-GAAP Statements of Operations

Impact of Non-GAAP Adjustments on Reported Net Income

(unaudited, in thousands, except per share data)

	Three Months Ended February 29, 2004
	GAAP		Adjustments*			Non-GAAP
Revenue	$	74,401	$	—		$	74,401
Cost of revenue		16,413		(1,206	)		15,207
Gross profit		57,988		1,206			59,194
Operating expenses:
Research and development		13,119		(25	)		13,094
Sales and marketing		26,636		(36	)		26,600
General and administrative		4,806		(3	)		4,803
Amortization of intangibles		499		(499	)		—
Total operating expenses		45,060		(563	)		44,497
Income (loss) from operations		12,928		1,769			14,697
Interest and other income, net		1,615		—			1,615
Income before taxes		14,543		1,769			16,312
Provision for income taxes (1)		6,015		184			6,199
Net income	$	8,528	$	1,585		$	10,113
Net income per share - basic	$	0.04				$	0.05
Basic shares outstanding		209,188					209,188
Net income per share - diluted	$	0.04				$	0.05
Diluted shares outstanding		222,452					222,452

* The following table summarizes the adjustments for the respective periods:

	Three Months Ended February 29, 2004
Net income, GAAP	$	8,528
Stock-based compensation		79
Amortization of intangibles		1,691
Provision for income taxes (1)		(184	)
Net income, non-GAAP	$	10,114

(1) The projected pro forma effective tax rate for 2003 of 38% has been used to adjust the provision for income taxes for non-GAAP purposes.

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TIBCO Software Inc.

Balance Sheets

(unaudited, in thousands)

	February 29, 2004			November 30, 2003
ASSETS
Current assets:
Cash and cash equivalents	$	86,190		$	83,278
Short-term investments		429,757			521,391
Accounts receivable, net		53,987			53,659
Accounts receivable from related parties		3,470			4,454
Other current assets		15,249			15,549
Total current assets		588,653			678,331
Property and equipment, net		116,926			119,124
Other assets		35,525			34,923
Goodwill		98,691			103,006
Acquired intangibles, net		6,184			7,875
Total assets	$	845,979		$	943,259
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Accounts payable	$	3,482		$	3,692
Amounts due related parties		3			1,641
Accrued liabilities		37,884			36,219
Accrued excess facilities costs		40,471			42,522
Deferred revenue		46,251			42,914
Current portion of long term note payable		1,645			1,624
Total current liabilities		129,736			128,612
Long-term note payable		51,433			51,853
Stockholders’ equity:
Common stock		198			213
Additional paid-in capital		812,876			921,038
Unearned stock-based compensation		(196	)		(254	)
Accumulated other comprehensive income		1,832			225
Accumulated deficit		(149,900	)		(158,428	)
Total stockholders’ equity		664,810			762,794
Total liabilities and stockholders’ equity	$	845,979		$	943,259

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TIBCO Software Inc.

Statements of Operations

(unaudited, in thousands, except per share data)

	Three Months Ended February 28, 2003			Three Months Ended February 29, 2004
License Revenue:
Non-related parties	$	24,785		$	36,459
Related parties		10,190			4,311
Total license revenue		34,975			40,770
Service and maintenance revenue:
Non-related parties		24,908			29,342
Related parties		3,223			3,519
Billed expenses		547			770
Total service and maintenance revenue		28,678			33,631
Total revenue		63,653			74,401
Cost of revenue:
Stock-based compensation		54			14
Other cost of revenue non-related parties		14,423			16,399
Other cost of revenue related parties		403			—
Gross Profit		48,773			57,988
Operating expenses:
Research and development
Stock-based compensation		227			25
Other research and development		17,277			13,094
Sales and marketing
Stock-based compensation		37			36
Other sales and marketing		26,849			26,600
General and administrative
Stock-based compensation		39			3
Other general and administrative		5,025			4,803
Restructuring charges		1,100			—
Amortization of acquired intangibles		499			499
Total operating expenses		51,053			45,060
Loss from operations		(2,280	)		12,928
Interest and other income, net		4,641			1,172
Realized gain on investments		462			443
Net income before income taxes		2,823			14,543
Provision for income taxes **		1,162			6,015
Net income	$	1,661		$	8,528
Net income per share - basic	$	0.01		$	0.04
Shares used to compute net income per share - basic		210,224			209,188
Net income per share - diluted	$	0.01		$	0.04
Shares used to compute net income per share - diluted		221,938			222,452

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TIBCO Software Inc.

Statements of Cash Flows

(unaudited, in thousands)

	Three Months Ended
	February 28, 2003			February 29, 2004
Cash flows from operating activities:
Net income	$	1,661		$	8,528
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		3,787			3,264
Amortization of acquired intangibles		1,690			1,691
Amortization of stock-based compensation		357			78
Realized gain on investments, net		(462	)		(443	)
Acquisiton related tax benefit		—			4,315
Changes in assets and liabilities:
Accounts receivable		23,743			(328	)
Due from related parties, net		(5,535	)		(654	)
Other assets		1,002			315
Accounts payable		(412	)		(210	)
Accrued liabilities and excess facilities		(11,688	)		(348	)
Deferred revenue		(3,444	)		3,337
Net cash provided by operating activities		10,699			19,545
Cash flows from investing activities:
Purchases of short-term investments		(121,958	)		(222,010	)
Sales and maturities of short-term investments		161,815			315,448
Purchases of property and equipment, net		(491	)		(1,066	)
Cash and short-term investments pledged as security		—			(748	)
Purchases of private equity investments		—			(29	)
Net cash provided by investing activities		39,366			91,595
Cash flows from financing activities:
Proceeds from exercise of stock options		150			4,385
Proceeds from employee stock purchase program		2,783			2,423
Payment for repurchase and retirement of common shares		—			(115,000	)
Principal payments on long term debt		—			(399	)
Net cash provided by (used for) financing activities		2,933			(108,591	)
Effect of exchange rate changes on cash		(6	)		363
Net change in cash and cash equivalents		52,992			2,912
Cash and cash equivalents at beginning of period		57,229			83,278
Cash and cash equivalents at end of period	$	110,221		$	86,190

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