TPG Capital, the private equity firm based in Fort Worth and San Francisco, has bought Austin-based Planview, a portfolio and work management company.
The acquisition deal, announced earlier this week, is worth $1.6 billion.
Planview currently has more than 700 employees. Chicago’s Thoma Bravo, Planview’s majority shareholder, will retain minority ownership in the company, according to the announcement.
“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,” TPG Capital partner Nehal Raj said in a statement. “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.”
Raj added that Planview is at the “forefront of this new way of working.”
Although the acquisition stemmed from a desire to leverage new challenges of the digital age, Planview was on the investment fund manager’s radar for more than a decade, according to Ashu Agrawal, a managing director at TA Associates. TPG Capital is a private equity arm of global asset firm TPG and 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,” Agrawal said. “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.”