PowerSteering Software, Inc. (PowerSteering), a leading cloud-based provider of project and portfolio management (PPM) software owned by Advent and Hudson Ventures, has been sold to Silverback Enterprise Group (Silverback), a software acquisition platform backed by Austin Ventures, for an undisclosed consideration.
PowerSteering’s cloud solutions address the complete spectrum of PPM functionality, including IT governance, process and performance improvement, M&A management and new product development.
Headquartered in Austin, Texas, and backed by Austin Ventures, a US$3.9 billion venture capital and growth equity firm, Silverback plans to combine PowerSteering with Tenrox, a new portfolio company in the project workforce management space, to create the largest pure play cloud platform in the enterprise PPM arena.
One of Oaklins' teams in the USA served as the exclusive financial advisor to the seller in this transaction.
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