TPG and TA Associates to Acquire Planview from Thoma Bravo for $1.6 Billion
TPG Capital, the private equity platform of global alternative asset firm TPG, and TA Associates, a leading global growth private equity firm, today announced that they have signed a definitive agreement to acquire Planview, a global leader in Portfolio Management and Work Management. TPG Capital and TA Associates will acquire the company for a purchase price of $1.6 billion. Planview’s existing majority shareholder, Thoma Bravo, will retain a minority interest in the company.
“We've spent more than three decades delivering innovation, driving the market forward, and reinventing ourselves. I truly believe that the best is yet to come for our customers and for Planview,” said Greg Gilmore, CEO of Planview. “We’re grateful for Thoma Bravo’s partnership over the last four years, and look forward to this next chapter as we accelerate our vision and continue to be a journey partner for our customers as they transform strategy to delivery.”
Planview has more than 30 years of experience partnering with organizations to help them connect strategy to delivery. The company provides a comprehensive platform that spans the spectrum of Portfolio Management and Work Management solutions that enable organizations to transform and accelerate on-strategy delivery at enterprise scale. Through the platform, organizations can build an innovation culture, realize agile at scale, make the project to product shift, and adapt to the changing world of work.
“The nature of work has been changing over the last several years as technology has enabled employees to be productive in ways that weren’t previously possible,” said Nehal Raj, Partner at TPG Capital. “This shift has only accelerated during the pandemic, and what is emerging is a new and enduring model of work that’s increasingly flexible, fragmented, and distributed. As more of our work lives transition to digital, organizations will require tools that provide executives visibility and connectivity across the entire enterprise. With Planview, we see an opportunity to partner with an innovative leader at the forefront of this new way of working. We look forward to supporting the company in its next chapter of growth.”
“We have followed Planview for over a decade and have been impressed by the company’s strong growth under Greg Gilmore’s leadership,” said Ashu Agrawal, a Managing Director at TA Associates. “We believe that Planview’s comprehensive portfolio and work management solutions provide continued market opportunities as they are uniquely positioned to help organizations effectively navigate and accelerate strategy to delivery. We look forward to partnering with the Planview management team during the company’s next growth phase, and are pleased to be investing alongside TPG and Thoma Bravo.”
“Planview is another example of Thoma Bravo working with existing management to implement our proprietary, operational approach to value creation while complementing the organic growth of the business with strategic and creative M&A,” said Holden Spaht, a Managing Partner at Thoma Bravo. “We’re proud of being a part of Planview’s transformation from an IT PPM provider to a broader Portfolio and Work platform with unique, dual leadership across Agile and traditional Project domains, and we believe Planview is well positioned to continue its growth amidst a changing world of work. We look forward to continuing to invest in a company with strong market leadership, a highly differentiated platform, and a clear ability to execute.”
UBS Investment Bank and Deutsche Bank Securities Inc. provided committed debt financing, and alongside Barclays and Jefferies LLC acted as financial advisors to TPG Capital and TA Associates. Ropes & Gray served as legal counsel to TPG Capital, and Goodwin Procter served as legal counsel to TA Associates. JP Morgan acted as financial advisor to Planview and Thoma Bravo, and Kirkland & Ellis served as legal counsel.
Planview has one focus: enabling the transformation journey as organizations rewire strategy to delivery in today’s fast-paced, highly disruptive markets. Our solutions uniquely help organizations navigate this journey and accelerate on-strategy delivery at enterprise scale. Planview’s full spectrum of Portfolio Management and Work Management solutions create organizational focus on the strategic outcomes that matter and empower teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enable customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, Planview has more than 700 employees supporting 3,500 customers and 1 million users worldwide. For more information, visit: https://www.planview.com/.
TPG is a leading global alternative asset firm founded in 1992 with approximately $83 billion of assets under management and offices in Austin, Beijing, Fort Worth, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, San Francisco, Seoul, Singapore, and Washington, DC. TPG's investment platforms are across a wide range of asset classes, including private equity, growth equity, real estate, and public equity. TPG aims to build dynamic products and options for its investors while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio. For more information, visit www.tpg.com on Twitter @TPG.
About TA Associates
TA Associates is a leading global growth private equity firm. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services – TA invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 500 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in high quality growth companies. TA has raised $33.5 billion in capital since its founding in 1968 and is committing to new investments at the pace of over $3 billion per year. The firm’s more than 100 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA Associates can be found at www.ta.com.
About Thoma Bravo
Thoma Bravo is a leading private equity firm focused on the software and technology-enabled services sectors. With more than $70 billion in assets under management as of October 31, 2020, 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. The firm has offices in San Francisco and Chicago. For more information, visit www.thomabravo.com.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
Philip Nunes, BackBay Communications
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Illumination and Nintendo Announce Theatrical Release Date and Voice Cast for the Super Mario Bros. Animated Film24.9.2021 01:46:00 CEST | Press release
Illumination (HQ: Santa Monica, CA, USA; Founder and CEO: Chris Meledandri) and Nintendo Co., Ltd. (HQ: Kyoto, Minami-ku, Japan; Representative Director and President: Shuntaro Furukawa, “Nintendo” hereafter) today announced that their new animated film based on the world of Super Mario Bros. will be released worldwide during the 2022 holiday season. Universal Pictures will release the film in North America on December 21, 2022, with the release schedule for additional countries and regions to be announced at a future date. The film will be co-financed by Universal Pictures and Nintendo. In addition, the two companies announced the voice actors for the characters Mario (Chris Pratt), Princess Peach (Anya Taylor-Joy), Luigi (Charlie Day), Bowser (Jack Black), Toad (Keegan-Michael Key), Donkey Kong (Seth Rogen), Cranky Kong (Fred Armisen), Kamek (Kevin Michael Richardson) and Spike (Sebastian Maniscalco). Each voice actor was cast for their ability to capture the unique spirit of their c
NuScale Power Signs Memorandum of Understanding with Getka and UNIMOT to Explore SMR Deployment in Poland23.9.2021 19:00:00 CEST | Press release
NuScale Power, Getka Group (Getka) and UNIMOT S.A. (UNIMOT) announced today the three companies have signed a Memorandum of Understanding (MOU) with business purposes including to explore the deployment of NuScale’s small modular reactor (SMR) technology as a coal repurposing solution for existing coal-fired power plants in Poland. Getka is an Oklahoma-based integrated energy company providing construction, and delivery of petroleum, refined products, and alternative energy. Through its Zero Impact Strategy, Getka is focused on reducing emissions output through renewable energy. UNIMOT is a Poland-based multi-energy Capital Group that offers its wholesale and retail customers fuel products, gas and electricity, including renewable energy. This agreement demonstrates the value of international partnership and collaboration in utilizing NuScale’s SMR technology to repurpose coal plants across the country. This press release features multimedia. View the full release here: https://www.bus
Fluence by OSRAM Experts Join Speaker Lineups at Global Horticulture and Cannabis Conferences This Fall23.9.2021 17:54:00 CEST | Press release
Fluence by OSRAM (Fluence), a leading global provider of energy-efficient LED lighting solutions for commercial cannabis and food production, announced its upcoming schedule of speakers who will present at virtual and in-person horticulture and cannabis industry conferences this fall. “We’re thrilled our speakers are joining industry thought leaders from across the world to share their deep knowledge with cultivators, researchers, partners and others,” said David Cohen, CEO of Fluence. “At Fluence, our experts lead with science and are dedicated to advancing the industry’s awareness and application of LED lighting technologies to better understand the interaction between light and life. We look forward to connecting with conference participants, engaging in valuable conversations and discussing insights and learnings about what’s possible for LED lighting technology.” Fluence’s roster of speakers includes: NCIA’s Midwest Cannabis Business Conference: Corinne Wilder, vice president of g
ESI Group appoints Francis Griffiths as Executive Vice President of Sales23.9.2021 17:30:00 CEST | Press release
Regulatory News: ESI Group (ISIN Code: FR0004110310, Symbol: ESI) is pleased to announce the appointment of Francis Griffiths as Executive Vice President of Sales, effective October 1st, 2021. He will report to Mike Salari, Corporate COO Revenue Generation, and join the leadership team of Cristel de Rouvray, CEO of the Group. He will be based in the United Kingdom. Francis Griffiths, 57 years old, is a long-standing executive with more than thirty years of experience in the realms of business and technology. He has a long history of success in the global marketplace with technical and scientific software solutions and has experience with the type of transformation we are driving at ESI. He brings to ESI an impressive track record of growth in Test & Measurement, Simulation and Industrial Automation in various industries including Automotive, Aerospace, Heavy Machinery, Communications, Energy, and Electronics. From this point onwards, Francis will be entrusted with leading and overseein
2J Antennas Launches The World’s Smallest 5GNR, WiFi-6E and GNSS Combination 9-in-1 Antennas For Critical Communication Modernization23.9.2021 16:50:00 CEST | Press release
2J Antennas, a global leader in high performance antenna solutions, introduces the new Stellar Series that is designed for a large suite of devices with a focus on sub 6 GHz, 5G NR, 4G LTE, 3G, 2G, WiFi-6E and GNSS technologies. With superior reliability, quality, performance, real time connectivity and smaller size, the Stellar Series caters to law enforcement, medical transportation, fire rescue, and any other applications where mission critical communication is a requirement. This series includes single or up to 9-in-1 configuration choices within the range of 617 MHz to 7125 MHz frequency bands. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210923005703/en/ Stellar Series by 2J Antennas (Photo: Business Wire) The cutting-edge patent pending technology reduces the antenna footprint by 55% while implementing a new double trifilar design and longitudinal resonances for MIMO/ ARRAY configurations that traditionally have mor
Saladax Biomedical Announces Salvatore J. Salamone, Ph.D. Received the Prestigious Dr. C.E. Pippenger Award23.9.2021 16:05:00 CEST | Press release
Salvatore J. Salamone, Ph.D. received the prestigious Dr. C.E. Pippenger Award at the 2021 International Association of Therapeutic Drug Monitoring and Clinical Toxicology (IATDMCT) annual meeting in Rome, Italy. This award is given to individuals who have made outstanding contributions to the field of Therapeutic Drug Monitoring (TDM). TDM is a field of medical science that seeks to ensure that patients receive a personalized dose of drugs to achieve an optimum therapeutic result. Unfortunately, many medications, such as anticancer, antibiotics, and antifungal treatments, have severe toxicities when overdosed and are ineffective when underdosed. TDM seeks to ensure that the patient receives enough drug to treat the condition but not too much to cause toxicities and potentially death. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210923005035/en/ Dr. Salvatore J. Salamone (Photo: Business Wire) Dr. Salamone received this aw
HarbourVest Partners Announces Close of Direct Lending Fund23.9.2021 16:00:00 CEST | Press release
HarbourVest Partners, a global private markets asset manager, today announced the final close of its HarbourVest Direct Lending Fund (HDL) at over $892 million in limited partner commitments, including the General Partner commitment. The Fund was oversubscribed and closed above the target size of $600 million. This close follows the firm’s final close of Credit Opportunities Fund II, HarbourVest’s junior credit offering, earlier this year. “We are pleased to mark the final close of our inaugural, dedicated direct lending fund, bringing our total capital under management for credit investments to over $3.3 billion*,” said John Toomey, Managing Director, HarbourVest Partners. “The past year has demonstrated the resilience of the asset class and reinforced our objective to broaden the reach of HarbourVest’s solutions to help clients invest in rapidly growing strategies.” The Fund targets senior credit investments in private equity-backed middle-market companies, predominantly in North Ame