PowerSteering, Tenrox Acquired

  Governance   ProjectsAtWork  

The combination of the two companies creates a major player in the $1.3 billion project and portfolio management software market, with more than 500 customers and 150,000 users worldwide.

Silverback Enterprise Group, which acquires and builds industry-leading enterprise software companies, has acquired PowerSteering Software, a provider of cloud-based enterprise project and portfolio management (PPM) software, and Tenrox, a provider of cloud-based, workflow- driven project workforce management software. Terms of the transactions were not disclosed.

With more than 500 enterprise customers and 150,000 active users in more than 50 countries worldwide, the combination of these two companies creates the largest pure-play cloud PPM provider in the $1.3 billion PPM software industry. The new combined company will be called PowerSteering Software.

“The combination of PowerSteering and Tenrox creates the industry's undisputed leader in cloud-based project and portfolio management software,” said Jack McDonald, founder of Silverback Enterprise Group and chairman and CEO of the new PowerSteering Software. “Our global scale and resources, award winning products, world class development and support teams and commitment to long term customer success make this a great combination for all Tenrox and PowerSteering customers.”

Steve Sharp, current CEO …

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