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TPG and TA Associates to acquire Planview from Thoma Bravo for USD1.6bn

TPG Capital, the private equity platform of global alternative asset firm TPG, and TA Associates, a global growth private equity firm, are to acquire Planview, a specialist in Portfolio Management and Work Management from Thoma Bravo in a USD1.6 billion deal.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,” says 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 organisations 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 organisations to transform and accelerate on-strategy delivery at enterprise scale. Through the platform, organisations can build an innovation culture, realise 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,” says 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, organisations 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,” says 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 and DBO Partners acted as financial advisors to Planview and Thoma Bravo, and Kirkland & Ellis served as legal counsel.
 

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