Austin-based Silverback acquires cloud-based computing company [Austin American-Statesman]
(Austin American-Statesman (TX) Via Acquire Media NewsEdge) Nov. 20--Austin-based business software company Silverback Enterprise Group has acquired another cloud-based computing company.
Silverback, which is backed by $50 million from Austin Ventures, purchased San Diego-based EPM Live, which provides cloud-based project portfolio and work management software that's built on Microsoft's SharePoint platform.
The company will be folded into another Silverback-owned company, Boston-based PowerSteering Software, which sells software that helps corporate customers manage projects, IT governance, new product development and other business.
Financial terms of the deal weren't disclosed.
Silverback chairman and CEO Jack McDonald said the acquisition is complementary to PowerSteering's existing offerings and will help solidify the company's position as the lead vendor of cloud project and portfolio management software.
"The (project and portfolio management) market is growing faster than the enterprise software industry as a whole, and cloud is the fastest growing segment of that market," he said. "The acquisition of EPM Live increases the scale and resources of the PowerSteering business so we can capitalize on this tremendous growth opportunity. At the same time, it gives our clients access to a broader range of PPM products."
The combined company will have more than 800 enterprise clients and more than a quarter of a million users in 50 countries, company officials said.
EPM Live CEO Joe Larscheid called joining PowerSteering a "winning outcome for our clients and employees alike."
"It was important to us to team up with a company that shared our focus as a 'best of breed' cloud PPM provider, our vision to advance work management in the market, and most critically, our commitment to investing in EPM Live's products and customers," he said in a news release.
Silverback is part of Austin Ventures' strategy of teaming with seasoned executives to build new companies. Silverback is buying companies that develop software for corporate customers, with a focus on those that have standout products and marquee clients but have been unable to achieve rapid growth independently.
This is Silverback's fourth acquisition in the past 15 months, and Silverback has a "pretty active pipeline" of additional acquisitions, McDonald said.
The company now has a presence in Boston, Montreal and San Diego, in addition to a sales force presence in London.
While EPM's staff of just under 50 will stay in San Diego, Silverback will be adding additional staff to its Austin headquarters of about a dozen, McDonald said, though he didn't give specific numbers.
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