Staff Writer- Austin Business Journal
Roll-up software company Silverback Enterprise Group has acquired two more companies.
Austin-based Silverback revealed Wednesday that it bought Boston-based PowerSteering Software Inc. and Montreal-based Tenrox Inc. for undisclosed amounts. The two will be combined and operate in Austin under the PowerSteering Software name, according to a Silverback news release.
Austin Ventures-backed Silverback is another one of the firm’s roll-up portfolio companies that grow by acquiring and combining similar companies. Austin Ventures, which bills itself as a combination growth equity and venture capital firm, previously announced its plan to invest up to $50 million in Silverback.
In November 2010, Silverback Acquisition Corp. reported receiving $11.5 million from 14 investors one week after announcing its formation. In September 2011, it acquired California-based network management software maker Visionael Corp. for an undisclosed amount.
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