Silverback Enterprise Group Buys Two Firms

Austin-based Silverback Enterprise Group, which is backed by Austin Ventures, made two big acquisitions of software-as-a-service, cloud-based enterprise project management firms Thursday. Silverback said it acquired Tenrox, a maker of workforce management software, and PowerSteering Software, in the project management area, today, creating a new, combined company called PowerSteering Software. Financial details of the acquisition were not disclosed. The acquisitions are the third for Silverback Enterprise Group, which acquired network management software company, Visionael, in September. Silverback Enterprise Group is headed by Jack McDonald, the former Chairman and CEO of Perficient.