Austin software maker acquires Swedish company

Aug 14, 2014
Austin American Statesman

Austin business software maker Planview has acquired Swedish project collaboration company Projectplace for an undisclosed sum

Planview has 170 employees locally, and the new combined company will employ almost 500 around the world with revenues of $125 million, company officials said

The acquisition, officials said, will significantly expand Planview’s offerings in the portfolio and resource management market

“With this acquisition we continue to transform Planview to fulfill a broader vision of portfolio and resource management,” said Greg Gilmore, CEO of Planview

Planview’s software helps companies map out and track projects and employees while Stockholm-based Projectplace works in cloud-based project collaboration, serving almost one million users during its 15 years in the market

Current Projectplace CEO Johan Zetterström will become general manager of the new Projectplace business

“Projectplace and Planview will together create an exciting opportunity for all of our customers as we leverage each other’s complementary strengths in product offerings, geographic presence, cloud experience, and go-to-market models,” Zetterström said. “We have been searching for the perfect match in the North American market and I’m really glad that our two companies have found each other.”

Projectplace will be added as a business unit within Planview, and the combined entity will create a $125 million company with two product lines, officials said

Late last year, Planview said that New York-based venture capital firm Insight Venture Partners acquired a “substantial interest” in the company, without disclosing details

At the time, Planview said the Insight investment would be used for to advance its products and to accelerate revenue growth through international expansion, growth of the company’s cloud offering and through acquisitions

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