In conjunction with the transaction, Greg Gilmore has been named president and CEO of Planview while former CEO and founder, Pat Durbin, will continue to serve as chairman of the board. Larry Handen, Peter Sobiloff and Hilary Gosher, managing directors at Insight Venture Partners, will also join the board of directors.
The company intends to use the funds to advance its position and accelerate its revenue growth via international expansion, increased adoption of its cloud offering, and acquisitions.
Created 23 years ago, Planview provides solutions to manage portfolios across IT, product development, services and finance.
It offers both on-premise and cloud-based applications to serve the needs of its diverse clients which include mid-size and enterprise customers worldwide.