Apax Partners

PlanView is a leading provider of IT Governance software solutions to the Global 2000. The company’s web-based applications help IT departments make strategic investment decisions, optimize the utilization of resources and manage/monitor IT projects. These types of solutions have become increasingly important as IT departments have been under increasing pressure to justify expenditures and track return on investment.
 
PlanView’s solution is “battle-tested” with 400 customers and 350,000 desktop users globally. Leading industry companies have chosen PlanView for the following reasons:

- PlanView’s proven track record, particularly in services-oriented sectors such as financial services, healthcare and government

- The product’s breadth of functionality including process management, time tracking, scheduling, budgeting, forecasting and ROI tracking

- The company’s customer service orientation that gives clients the training and tools necessary to achieve desired benefits

- PlanView has grown organically since it was founded in 1989 by its CEO, Pat Durbin. Durbin built PlanView the “old-fashioned” way

- with cash flow generated from operations. While the company has been profitable and growing since 1993, PlanView has been largely “under-the-radar” in terms of market presence

Apax’ later stage technology team has been focused on enterprise software opportunities that address significant pain points for the Global 2000. We identified PlanView as an attractive opportunity and approached the company in 2004 about a potential investment. Durbin was considering a financing at the time and decided to talk to a few potential investors that could add significant value. Apax Partners was ultimately selected and invested $25MM in October 2004 to accelerate the company’s growth and to provide liquidity to existing shareholders.

Since the investment, Apax Partners has worked closely with PlanView as the company executes its growth strategy. An important element of this strategy is to expand European operations. PlanView’s management team has worked with Apax Partners’ offices in London, Paris and Munich to determine the optimal strategy for attacking the European markets and to discuss hiring needs. This effort has resulted in a new GM for PlanView in Europe and an overall increased presence on the continent.

We have worked together to increase PlanView’s overall market awareness. To that end, Apax has tapped its extensive network of contacts and has introduced the company to potential partners, analysts, bankers and industry executives. Apax has also provided access to internal partners with significant operational expertise to help refine PlanView’s marketing and product development strategy. Lastly, Apax and PlanView have evaluated a number of potential acquisitions that could expand the product offering.

Apax was uniquely qualified to be PlanView’s partner due to our significant European presence and ability to garner the resources necessary to facilitate European expansion, our internal resources that are able to provide expert advice related to specific functions (marketing, IT, etc.) our extensive network of contacts who can both increase PlanView’s profile and facilitate its growth strategy. “Planview is an ideal fit for Apax’ late stage technology investing practice as it is a leader in the emerging global market for IT governance solutions where Apax’ footprint in the US, Europe and Israel can be of assistance on multiple levels from team building to channel development,” Greg Case, Partner.

“International reach was a critical part of the decision to bring Apax Partners onboard as an investment partner. Apax Partners offers powerful relationships throughout the United States, Europe and Israel,” said Patrick Durbin, chief executive officer of PlanView. “They remain vital to helping us expand our global reach, secure strategic relationships and evaluate acquisition opportunities. Apax Partners offers us access to skills that would be difficult for us to acquire on our own. With 30-plus years of experience helping companies grow their global footprint, we’re pleased to have a firm of their stature committed to our success.”