Texas Business reports:  AUSTIN—Silverback Enterprise Group, which acquires and builds enterprise software companies, acquired PowerSteering Software Inc., a provider of cloud-based enterprise project and portfolio management (PPM) software, and Tenrox Inc., a provider of cloud-based, workflow-driven project workforce management software.

Terms of the transactions were not disclosed.

With more than 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 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.”

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 market.

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 chief executive of the new PowerSteering, McDonald was chief executive of Perficient, a software services company that he led from its start-up through its initial public offering to its position as an 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 chief executive of PowerSteering Software, and Rudolf Melik, founder and chief executive of Tenrox, will both continue with the new company as key members of the management and advisory teams.

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.