Fast-growing business software maker Planview has agreed to be acquired by Thoma Bravo, a Chicago-based private equity firm.
Thoma Bravo is buying Planview from Insight Venture Partners, a New York-based venture capital firm that acquired the company in 2013.
Financial terms of the transaction were not disclosed.
When the deal closes, Thoma Bravo will become the new majority shareholder of Planview, and Insight Venture Partners will maintain its original capital investment in the company, officials said.
Planview’s headquarters will remain in Austin, where it has 250 employees.
Founded in 1989, Planview sells software that helps companies map out and track employees. The company has grown by buying smaller project management players.
In August, Planview purchased San Francisco-based Innotas for an undisclosed sum. Innotas works in project portfolio management, including analytics and program, resource and financial management.
The deal was the third by Planview in the past two years, and Planview CEO Greg Gilmore said at the time that the company was looking for additional purchases in the work and resource management category.
Last year, Planview moved into a new 51,000 square-foot headquarters at 12301 Research Blvd. The company said the new space would allow for 50 percent headcount growth.
Last year, the company said that over a two-year period it had expanded its worldwide workforce from 250 to 600 employees. It has since grown to 700 employees.
Planview said that between 2014 and 2016, revenue grew at a compound annual rate of 35 percent, and 2016 revenue was expected to exceed $150 million, with increased profitability.
“Planview has continued to outperform its industry peers in both execution and innovation, and we look forward to accelerating and promoting Planview’s ongoing success,” Holden Spaht, a managing partner at Thoma Bravo, said in a written statement.
Gilmore said Planview is “excited to partner with Thoma Bravo, who shares our deep commitment to further accelerating this strategic vision, continuing to drive innovation, and strengthening our worldwide leadership position in this emerging category.”
The deal is expected to close in the first quarter of 2017.