Ownership of portfolio and work management company Planview has changed hands through a new deal between new majority owners TPG Capital and TA Associates and Thoma Bravo, who will retrain a minority stake.
The $1.6bn deal was first announced in November, but the deal to acquire Planview has now been finalised.
Simultaneously with the announcement, it was revealed that Planview CEO Greg Gilmore would step down from his role in the coming months.
“For the last two and a half decades, I’ve had the extraordinary honor of working alongside world-class colleagues, customers, and partners as we helped to transform strategy to delivery,” said Gilmore. “It is rewarding to reflect on all that we’ve accomplished, and I’m confident about the company’s great future in partnership with TPG Capital and TA Associates. I look forward to working with our investment partners, as well as Planview’s Board of Directors, to identify the right leader for Planview to carry forward our vision and drive our next chapter of growth.”
Commenting on the deal and Gilmore stepping down, Nehal Raj, partner at TPG Capital, stated, “Greg has been instrumental in positioning Planview as a market leader and has been a driving force behind the company’s significant growth and entrepreneurial culture. We thank him for his tremendous contributions and look forward to continuing our work together. Greg has set a very high bar, so we will be diligent in our search for a successor who can build on Planview’s strong momentum and success.”
Ashu Agrawal, a managing director at TA Associates, added, “I have known Greg for more than a decade and it has been a pleasure watching him build Planview into a thriving business and an industry leader. We welcome the opportunity to work with Greg during the transition to a new CEO, and longer term in his role as an independent director. Day-to-day, we are looking forward to working closely with Greg and the Planview management team to pursue continued organic and inorganic growth for the company.”
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