Insight Venture Partners has bought a “substantial” stake in Planview. No financial terms were disclosed. Lazard advised Planview on the transaction. In conjunction with the funding, Greg Gilmore has been named president and CEO of Planview. Also, Larry Handen, Peter Sobiloff and Hilary Gosher, managing directors at Insight Venture Partners, will join the firm’s board of directors. Based in Austin, Texas, Planview is a provider of portfolio and resource management software.
Austin, Texas – December 30, 2013 – Planview®, a global provider of portfolio and resource management software, today announced that Insight Venture Partners has acquired a substantial interest in the company. The investment will be used to advance its product leadership position and accelerate the company’s revenue growth via international expansion, increased adoption of its cloud offering, and acquisitions.
In conjunction with this investment, Greg Gilmore has been named president and CEO of Planview. Gilmore has been instrumental in the company’s success over the past 17 years, serving most recently as president and COO. The company’s former CEO and founder, Pat Durbin, will continue to serve as Planview’s chairman of the board. Larry Handen, Peter Sobiloff and Hilary Gosher, managing directors at Insight Venture Partners, will also join the board of directors.
Planview’s 23-year history has been marked by product innovation and customer success in the project portfolio management (PPM) market. The company’s worldwide client base of mid-size and enterprise customers uses Planview technology to maximize the return on their people and capital expenditures in the areas of IT, product development, services, and corporate finance. Planview offers both on-premise and cloud-based applications to serve the needs of its diverse clients.
For the third consecutive year, Gartner named Planview a “Leader” in its “Magic Quadrant for Integrated IT Portfolio Analysis (IIPA) Applications,” published on November 19, 2013. Planview also received a “Strong Positive” rating – the highest possible given – in the Gartner May 14, 2013, “MarketScope for IT Project and Portfolio Management Software Applications.”
“Insight Venture Partners has a proven track record of helping software companies build on their success and this investment is an endorsement of our market leadership and vision,” said Greg Gilmore, CEO of Planview. “We have a significant opportunity ahead of us to accelerate growth and believe that Insight’s software industry expertise and financial strength will enable us to execute our strategy while meeting the expectations of Planview’s customers, partners, and employees.”
Larry Handen, managing director at Insight Venture Partners, noted, “Planview fits clearly with our investment strategy of partnering with growing companies in leadership positions, with large market opportunities and strong management. Planview provides unique value to clients, helping companies leverage their limited human and financial resources to improve business results. We look forward to contributing to the company’s continued growth and success.”
Lazard served as financial advisor to Planview and Wilson Sonsini Goodrich & Rosati served as legal counsel. Goodwin, Proctor LLP served as counsel to Insight Venture Partners.
About Insight Venture Partners
Insight Venture Partners is a leading global private equity and venture capital firm investing in software, Internet, and data-services companies. Founded in 1995, Insight has raised more than $7.6 billion and made more than 190 investments worldwide. Insight’s mission is to find, fund, and work successfully with visionary executives who are driving change in their industries. Insight provides them with practical, hands-on growth expertise to foster long-term success. For more information on Insight and all of its investments, visit www.insightpartners.com.