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Primavera Set to Expand With New Ownership
Leading project portfolio management firm plans to double its growth rate and workforce in next three years after two equity firms invest up to $200 million to gain a 75 percent stake.
In a move to accelerate its growth in the $2-billion-plus project and portfolio management software market, Primavera Systems has sold a 75-percent interest in the company to two private-equity firms, Francisco Partners and Insight Venture Partners. Though terms of the transaction were not disclosed, the investment is estimated between $150 million and $200 million, and coincides with Primavera reporting record revenue and profitability for the fiscal year ended Dec. 31, 2005.
Primavera’s new investment partners have “proven track records of helping software and technology companies build on their success,” said Joel Koppelman, who will continue as CEO of Primavera. He told ProjectsAtWork that the cash influx would help the 23-year-old Bala Cynwyd, Pa.-based company double its 18-percent growth rate through strategic acquisitions. Though he didn’t identify specific targets, Koppelman said he believed the first deal would be competed by the end of the year.
Primavera also expects to significantly increase its workforce, currently at about 420 people worldwide. “I think we will double in size within three years, and that’s independent of any acquisitions that we do,” Koppelman said. “We’re …
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