Partnership will accelerate Planview’s growth and vision for Agile and PPM for Enterprises
In conjunction with the close of the transaction, Planview announced that CEO Greg Gilmore has decided he will step down from his role in the coming months after nearly 25 years of service. The process is not immediate, and Gilmore will continue to oversee the company’s day-to-day operations throughout the search for, and onboarding of, Planview’s next CEO. Gilmore will advise on the comprehensive search in partnership with Planview’s Board of Directors and will continue to serve the company as an independent director following a thoughtful leadership transition.
“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.”
“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,” said Nehal Raj, Partner at TPG Capital. “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.”
“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,” said Ashu Agrawal, a Managing Director at TA Associates. “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.”
On November 10, 2020, TPG Capital and TA Associates announced that they had entered into a definitive agreement to acquire Planview for $1.6 billion. Founded in 1989, Planview provides a comprehensive platform that spans the spectrum of Portfolio Management and Work Management solutions that enable organizations to transform and accelerate on-strategy delivery at enterprise scale. Together with TPG Capital, TA Associates, and Thoma Bravo, Planview is poised to meet the needs of large enterprises as they transform strategy to delivery in today’s fast-paced, highly disruptive markets.
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.
Planview has one focus: enabling the transformation journey as organizations rewire strategy to delivery in today’s fast-paced, highly disruptive markets. Our solutions uniquely help organizations navigate this journey and accelerate on-strategy delivery at enterprise scale. Planview’s full spectrum of Portfolio Management and Work Management solutions create organizational focus on the strategic outcomes that matter and empower teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enable customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, Planview has more than 700 employees supporting 3,500 customers and 1 million users worldwide. For more information, visit: https://www.planview.com/.