Silverback Announces Acquisitions of Two Leading Cloud Software Companies: PowerSteering Software and Tenrox

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Acquisitions Create the Largest Pure-Play Cloud PPM Provider in a $1.3 Billion Industry

The combination of PowerSteering and Tenrox creates the industry's undisputed leader in cloud-based project and portfolio management software.

Silverback Enterprise Group, which acquires and builds industry-leading enterprise software companies, announced today the acquisitions of PowerSteering Software, Inc., the leading provider of cloud-based enterprise project and portfolio management (PPM) software, and Tenrox, Inc., the leading provider of cloud-based, workflow-driven project workforce management software. With over 500 active 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 Chief Executive Officer 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.”

The new PowerSteering will offer customers a complete and complementary suite of award-winning PPM software capabilities for IT, Professional Services, Enterprise PMOs, Performance Improvement and Workforce Collaboration and Management. PowerSteering will continue to invest in the development and support of both Tenrox and PowerSteering product lines, and all existing Service Level Agreements and support arrangements will remain unchanged.

PPM software, which helps organizations improve business performance and accelerate results, is a $1.3 billion global market and the cloud-based segment of PPM is forecast to grow at a 40% compound annual growth rate (CAGR) for the next five years*. By using PPM software, managers are able to gain enhanced visibility into a corporation’s global portfolio of all corporate initiatives and projects, align the portfolio with the organization’s strategic objectives, maximize benefits across the portfolio, balance supply (human resources, time or money) with demand (investments, programs, projects and unplanned work), increase the productivity of the project workforce and proactively address project emergencies and changes to the existing and planned project pipeline triggered by shifts in business direction.

Prior to starting Silverback and becoming CEO of the new PowerSteering, McDonald was Chairman and CEO of Perficient, a software services company that he led from its start-up through its initial public offering to its position as an award-winning information technology consulting leader with $230 million in annual revenues and 1,200 employees in North America, Europe, India and China. Perficient completed 18 successful technology acquisitions under McDonald’s leadership. Steve Sharp, current CEO of PowerSteering Software, and Rudolf Melik, Founder and CEO of Tenrox, will both continue with the new company as key members of the management and advisory teams.

Terms of the transactions were not disclosed. PowerSteering Software and Tenrox are the second and third acquisitions for Silverback Enterprise Group, which completed its first acquisition - network management software company, Visionael - in September 2011.

About Silverback Enterprise Group

Silverback Enterprise Group acquires, optimizes and builds industry-leading software companies that provide mission-critical software products to enterprise customers. Silverback works with outstanding entrepreneurs and management teams to ensure the singular focus at every Silverback company is long-term customer success. Founded in 2010, and backed by Austin Ventures, a $3.9 billion venture capital and growth equity firm, Silverback’s leadership team has a proven track record, having completed 21 successful enterprise technology acquisitions in the past 10 years. Silverback is fully funded and actively pursuing acquisition opportunities. Visit http://www.silverbackEG.com for more information.

About PowerSteering Software

PowerSteering Software is the leader in business-driven project & portfolio management (PPM) solutions for managing Performance Improvement, IT Governance, New Product Development, and other Business PMO initiatives. PowerSteering’s easy-to-use software provides executives at BayCare, Johnson Controls, Merck, PolyOne, Shaw Industries, UK National Health Service, US Department of Defense, and over 140 other customers with executive visibility, strategy alignment, and team productivity to drive strategy and accelerate results across the organization. Visit http://www.powersteeringsoftware.com for more information.

About Tenrox

Tenrox is the only true workflow-driven project and service delivery solution for today’s globally dispersed project workforce. Tenrox Cloud PSA and Cloud PPM solutions are best of breed browser independent offerings built on the Microsoft platform. Tenrox’s intuitive user interface, easy to configure options, and quick connect technology simplify deployment, accelerate user adoption and make project workforce management fun. Since 1995, Tenrox solutions have served more than 800 organizations in 50 countries such as: IBM, General Electric, US Army, The Pentagon, Port of Long Beach, Talisman Energy, ConocoPhillips, Eaton, Pioneer Natural Resources, Invensys Rail Systems, SNC Lavalin, Hydro Quebec, JDA Software, Guidance Software, SAS, SAP, Alstom, Thales, Amphenol, Rio Tinto Alcan, Abbott, PharmaNet, Telus, Alcatel Lucent, Yellow Pages Group, Corning, Family Health International, Oxfam, Estee Lauder, Willis Group Holdings, E*TRADE Financial Corp, Blue Cross Blue Shield (NC, MT & TN), and Butler University. Visit http://www.tenrox.com for more information.

*Gartner, Inc., Competitive Landscape: SaaS Project and Portfolio Management Software, Worldwide, 2011, Asheesh Raina, Laurie F. Wurster, April 6, 2011.

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Matthew Barnett