Exhibit 99.1

FOR IMMEDIATE RELEASE
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

THIRD QUARTER FINANCIAL RESULTS;

ANNOUNCES STOCK REPURCHASE PROGRAM

PALO ALTO, Calif., September 21, 2004 – TIBCO Software Inc. (Nasdaq:TIBX), a leading enabler of real-time business and the world’s largest independent business integration software company, today announced results for its third fiscal quarter ended August 29, 2004. Total revenues for the third quarter were $105.9 million. License revenues for the third quarter were $57.4 million. Net income for the quarter calculated in accordance with accounting principles generally accepted in the United States was $8.6 million or $.04 per share on a fully diluted basis.

TIBCO had non-GAAP net income for the third fiscal quarter of $14.5 million. TIBCO’s non-GAAP net income per share on a fully diluted basis was $.07 for the quarter. Non-GAAP results exclude stock-based compensation charges, amortization of acquired intangibles and expensing of acquired in-process research and development, and assume a non-GAAP effective tax rate of 38%.

“Increasingly, companies are turning to TIBCO to obtain value from their existing assets, gain operational efficiencies and improve customer loyalty,” said Vivek Ranadivé, Chairman and CEO of TIBCO Software. “Our third quarter performance reflects these trends and the commitment and contributions of both the TIBCO and Staffware organizations.”

Highlights for TIBCO’s Third Fiscal Quarter 2004

During Q3, TIBCO added 82 new customers and made significant sales to both new and existing customers, including Aozora Information Systems Co., Raytheon Company, Beckman Coulter, Inc., Yamaha Corporation of America, Qualcomm Incorporated, KPN Telecom and TNT Logistics.

Stock Repurchase Program

TIBCO’s Board of Directors has approved a two-year stock repurchase program pursuant to which TIBCO may repurchase up to $50 million of its outstanding common stock from time to time on the open market or through privately negotiated transactions. The timing and amount of any repurchases will depend upon market conditions and other corporate considerations. As of August 29, 2004, TIBCO had approximately 209 million shares of common stock outstanding.

Conference Call Details

TIBCO Software has scheduled a conference call for 5:00 p.m. EDT today to discuss its fiscal third quarter results. The conference call will be hosted by CCBN and may be accessed over the Internet at www.tibco.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

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 2,000 customers around the world and in a wide variety of industries. For more information on TIBCO’s proven enterprise backbone, business integration, business process management, and business optimization 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.

Use of Non-GAAP Financial Information

TIBCO provides non-GAAP net income and net income per share data as additional measures of its operating results. TIBCO believes that presentation of non-GAAP net income and 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 non-GAAP results are among the primary indicators management uses as a basis for planning for 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, including, without limitation, statements regarding TIBCO’s intentions to repurchase shares of its common stock under the stock repurchase program, TIBCO’s customers’ reliance on TIBCO for obtaining value from existing assets, gaining operational efficiencies and improving customer loyalty, TIBCO’s commitment to continued growth and the contribution of Staffware to the results of the combined entities. 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, if TIBCO cannot successfully execute its growth plans or if TIBCO is unable to successfully integrate Staffware and its products. In addition, TIBCO’s intentions with regard to the stock repurchase program may be affected by a number of factors which include the market price of TIBCO’s stock, general business and market conditions, and management’s determination of alternative needs and uses of TIBCO’s cash resources. Additional information regarding potential risks is provided in TIBCO’s filings with the SEC, including its most recent Annual Report on Form 10-K and its Form 10-Q for the quarter ended May 30, 2004. TIBCO assumes no obligation to update the forward-looking statements included in this release.

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 August 29, 2004							Nine Months Ended August 29, 2004
	GAAP		Adjustments*			Non-GAAP		As Reported		Adjustments*			As Adjusted
Revenue	$	105,911	$	—		$	105,911	$	261,561	$	—		$	261,561
Cost of revenue		27,664		(2,283	)		25,381		62,496		(4,690	)		57,806
Gross profit		78,247		2,283			80,530		199,065		4,690			203,755
Operating expenses
Research and development		16,189		(5	)		16,184		43,146		(36	)		43,110
Sales and marketing		32,960		(5	)		32,955		86,489		(61	)		86,428
General and administrative		8,740		—			8,740		19,282		(13	)		19,269
Acquired in-process research and development		2,200		(2,200	)		—		2,200		(2,200	)		—
Restructuring charges		—		—			—		—		—			—
Amortization of intangibles		2,218		(2,218	)		—		3,200		(3,200	)		—
Total operating expenses		62,307		(4,428	)		57,879		154,317		(5,510	)		148,807
Income from operations		15,940		6,711			22,651		44,748		10,200			54,948
Interest and other income, net		661		—			661		2,435		—			2,435
Income before taxes		16,601		6,711			23,312		47,183		10,200			57,383
Provision for income taxes (1)		8,031		828			8,859		20,487		1,319			21,806
Net income	$	8,570	$	5,883		$	14,453	$	26,696	$	8,881		$	35,577
Net income per share - basic	$	0.04				$	0.07	$	0.13				$	0.17
Basic shares outstanding		209,442					209,442		205,815					205,815
Net income per share - diluted	$	0.04				$	0.07	$	0.12				$	0.16
Diluted shares outstanding		221,413					221,413		218,841					218,841

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

	Three Months Ended August 29, 2004			Nine Months Ended August 29, 2004
Net income, GAAP	$	8,570		$	26,696
Stock-based compensation		16			140
Amortization of intangibles		4,495			7,860
Acquired in-process research and development		2,200			2,200
Provision for income taxes (1)		(828	)		(1,319	)
Net income, non-GAAP	$	14,453		$	35,577

(1) The projected pro forma effective tax rate for 2004 of 38% has been used to adjust the provision for income taxes for non-GAAP purposes.

TIBCO Software Inc.

Balance Sheets

(unaudited, in thousands)

	August 29, 2004			May 30, 2004			November 30, 2003
ASSETS
Current assets:
Cash and cash equivalents	$	178,767		$	101,254		$	83,278
Short-term investments		263,168			278,165			521,391
Accounts receivable, net		84,391			70,528			53,659
Accounts receivable from related parties		570			2,598			4,454
Cash restricted for acquisition		—			150,000			—
Other current assets		21,257			16,863			15,549
Total current assets		548,153			619,408			678,331
Property and equipment, net		117,652			115,567			119,124
Other assets		37,118			35,725			34,923
Goodwill		264,527			98,691			103,006
Acquired intangibles, net		67,816			4,510			7,875
Total assets	$	1,035,266		$	873,901		$	943,259
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	6,150		$	3,968		$	3,692
Amounts due related parties		—			1			1,641
Accrued liabilities		72,517			47,280			36,219
Accrued excess facilities costs		38,962			38,509			42,522
Deferred revenue		60,190			49,458			42,914
Current portion of long term note payable		1,681			1,666			1,624
Total current liabilities		179,500			140,882			128,612
Long-term liabilities:
Long-term deferred income tax payable		19,484			—			—
Long-term note payable		50,795			51,009			51,853
Total long-term liabilities		70,279			51,009			51,853
Stockholders’ equity:
Common stock		211			199			213
Additional paid-in capital		918,667			822,554			921,038
Unearned stock-based compensation		(161	)		(174	)		(254	)
Accumulated other comprehensive income		(1,496	)		(267	)		225
Accumulated deficit		(131,734	)		(140,302	)		(158,428	)
Total stockholders’ equity		785,487			682,010			762,794
Total liabilities and stockholders’ equity	$	1,035,266		$	873,901		$	943,259

TIBCO Software Inc.

Statements of Operations

(unaudited, in thousands, except per share data)

	Three Months Ended August 29, 2003		Nine Months Ended August 29, 2003			Three Months Ended May 30, 2004			Three Months Ended August 29, 2004			Nine Months Ended August 29, 2004
License Revenue:
Non-related parties	$	32,410	$	85,171		$	41,261		$	53,697		$	131,417
Related parties		2,192		15,205			4,057			3,751			12,119
Total license revenue		34,602		100,376			45,318			57,448			143,536
Service and maintenance revenue:
Non-related parties		26,574		77,786			31,644			44,279			105,264
Related parties		4,189		11,239			3,317			2,860			9,696
Billed expenses		749		1,834			970			1,324			3,065
Total service and maintenance revenue		31,512		90,859			35,931			48,463			118,025
Total revenue		66,114		191,235			81,249			105,911			261,561
Cost of revenue:
Stock-based compensation		44		164			9			6			30
Other cost of revenue non-related parties		15,326		44,237			18,410			27,658			62,466
Other cost of revenue related parties		1,479		2,081			—			—			—
Gross Profit		49,265		144,753			62,830			78,247			199,065
Operating expenses:
Research and development
Stock-based compensation		77		452			7			5			36
Other research and development		14,120		48,515			13,832			16,184			43,110
Sales and marketing
Stock-based compensation		85		223			20			5			61
Other sales and marketing		28,404		84,352			26,871			32,955			86,428
General and administrative
Stock-based compensation		10		67			9			—			13
Other general and administrative		4,404		15,157			5,727			8,740			19,269
Acquired in-process-research and development		—		—			—			2,200			2,200
Restructuring charges		—		1,100			—			—			—
Amortization of acquired intangibles		499		1,498			483			2,218			3,200
Total operating expenses		47,599		151,364			46,949			62,307			154,317
Income (loss) from operations		1,666		(6,611	)		15,881			15,940			44,748
Interest and other income, net		1,391		10,118			722			721			2,615
Realized gain (loss) on investments		747		2,115			(563	)		(60	)		(180	)
Net income (loss) before income taxes		3,804		5,622			16,040			16,601			47,183
Provision for (benefit from) income taxes		1,088		1,806			6,441			8,031			20,487
Net income (loss)	$	2,716	$	3,816		$	9,599		$	8,570		$	26,696
Net income per share - basic	$	0.01	$	0.02		$	0.05		$	0.04		$	0.13
Shares used to compute net income per share - basic		211,827		211,088			198,816			209,442			205,815
Net income per share - diluted	$	0.01	$	0.02		$	0.05		$	0.04		$	0.12
Shares used to compute net income per share - diluted		219,681		218,991			212,658			221,413			218,841