AUSTIN, Texas and SAN FRANCISCO, Jan. 19, 2017 /PRNewswire/ -- Planview®, the global leader in work and resource management, and Thoma Bravo, a leading private equity firm, today announced that Thoma Bravo has entered into a definitive agreement to acquire Planview from Insight Venture Partners. Thoma Bravo will become the new majority shareholder of Planview upon the closing of the transaction, while Insight Venture Partners will maintain its original 2014 capital investment in the company.
The acquisition of Planview by Thoma Bravo is a strong validation of Planview's vision for the work and resource management (WRM) category. As today's market dynamics put organizations under increasing pressure to accelerate the translation of strategy into execution, WRM represents a comprehensive approach across a broad range of work and resource types to increase innovation capacity, improve time-to-market, and accelerate digital transformation. Thoma Bravo, known for pursuing profitable investments with the goal of increasing business value through operational improvements, growth initiatives, and strategic add-on acquisitions, recognizes the distinct opportunity Planview has to establish WRM as the next enterprise application growth category.
"Planview is on an exciting journey that is redefining our company, the market, and the value we can provide to our customers," said Greg Gilmore, CEO of Planview. "We see WRM as a mainstream opportunity that leverages our expertise in project portfolio management (PPM), collaborative work management (CWM), and enterprise architecture (EA), but brings them together in a way that addresses the broader strategy-to-execution challenge organizations have, from teams to the enterprise. We are excited to partner with Thoma Bravo, who shares our deep commitment to further accelerating this strategic vision, continuing to drive innovation, and strengthening our worldwide leadership position in this emerging category."
"We are thrilled that Planview will be joining our family of portfolio companies and to have this opportunity to work closely with their team, lending our expertise in enterprise technology and strategic growth. It is very exciting to partner with a company that has such a clear vision and is at a pivotal moment in the transformation of its industry," said Holden Spaht, a managing partner at Thoma Bravo. "Planview has continued to outperform its industry peers in both execution and innovation, and we look forward to accelerating and promoting Planview's ongoing success."
"It has been a privilege to work alongside Greg and the executive team as they've driven Planview to be the market leader in their industry," said Peter Sobiloff, managing director at Insight Venture Partners. "We look forward to continuing our relationship and partnering with the team at Thoma Bravo in this new phase of growth."
Founded in 1989, with a mission to help companies realize their resource potential, Planview has built a comprehensive portfolio of solutions to serve organizations and teams of all sizes and levels of maturity, including:
- Planview Enterprise® – portfolio and resource management for global enterprises
- Innotas® – project and portfolio management (PPM) for maturing organizations
- Troux® – enterprise capability and technology management
- Projectplace® – collaborative work management for teams of all sizes
Planview headquarters will remain in Austin, Texas. The transaction, which is subject to customary closing conditions, is expected to be completed in the first quarter of 2017. William Blair is acting as the exclusive financial advisor to Insight Venture Partners and Planview during the transaction. Financial terms of the transaction were not disclosed.
As the global leader in work and resource management, Planview makes it easier for all organizations to achieve their business goals. We provide the industry's most comprehensive solutions designed for strategic planning, portfolio and resource management, new product development, work collaboration, and enterprise architecture. Our solutions span every class of work, resource, and organization to address the varying needs of diverse and distributed teams, departments, and enterprises. Headquartered in Austin, Texas, Planview's 700 employees serve more than 3,000 customers worldwide through a culture of innovative technology leadership, deep market expertise, and highly engaged communities. For more information, visit planview.com.
About Thoma Bravo
Thoma Bravo is a leading private equity firm focused on the software and technology-enabled services sectors. With a series of funds representing more than $17 billion in capital commitments, Thoma Bravo partners with a company's management team to implement operating best practices, invest in growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings, with the goal of increasing the value of the business. Representative past and present portfolio companies include industry leaders such as Blue Coat Systems, Deltek, Digital Insight, Global Healthcare Exchange, Hyland Software, PowerPlan, Riverbed, SolarWinds, SonicWall, Sparta Systems and TravelClick. The firm has offices in San Francisco and Chicago. For more information, visit www.thomabravo.com.
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth software, mobile and internet companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $13 billion and invested in more than 250 companies worldwide. Our mission is to find, fund and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. For more information on Insight and all of its investments, visit http://www.insightpartners.com or follow us on Twitter: @insightpartner.
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SOURCE Thoma Bravo; Planview