Austin business software maker Planview has acquired a San Francisco project portfolio management company Innotas for an undisclosed sum.
Planview has 250 workers locally, and the new combined company will employ about 700 around the world with annual revenue of $180 million, company officials said.
Officials said the deal will significantly expand Planview's offerings in IT project portfolio management to small- and mid-sized customers.
"With this acquisition we continue to transform the market and take another big step forward in fulfilling our vision of helping companies globally optimize their resource potential," said Greg Gilmore, CEO of Planview.
Planview's software helps companies map out and track projects, employees and resources, while Innotas provides IT project portfolio management for small and midsized companies.
Innotas, founded in 2006, has hundreds of customers nationwide in healthcare, government, education and other industries. The combined company will have more than 3,000 customers.
The acquisition is the third by Planview in the past two years, and the company is considering additional purchases in the work and resource management category, Gilmore said.
Industry analysts estimate that work and resource management software has grown into an $8 billion category. The impetus for the growth, Gilmore said, was the 2008 recession.
"People were forced to do more with less, and the last thing that returned was hiring," he said. "The idea of how to make the best and most effective use of resources to do the most strategic work is what catalyzed this as a true category."
Planview is backed by New York-based venture capital firm Insight Venture Partners, which said in 2013 that it acquired a "substantial interest" in the company, without disclosing details.