It’s been since the dot-com boom that Stockholm’s Projectplace was called a startup, but it’s interesting to note the company has been acquired by Austin, Texas based Planview, a cloud-based portfolio and resource management company. Projectplace provides a collaboration tool used by enterprise companies like ABB, Sony, Volvo, and others, counting close to 1,000,000 users in 150,000 projects.

Like many private acquisitions, the terms of the deal were not disclosed, but the turnover of the new company is said to be more than $125 million. The company was formally owned by InnovationsKapital and VIA Venture Partners.

With the acquisition of this collaboration software, Planview will have a “broader vision of portfolio and resource management,” according to CEO Greg Gilmore.

“It is very satisfying to be able to present online collaborators, project managers and enterprise decision makers such a powerful joint offering. Both Projectplace and Planview are pioneers in their respective fields, which makes this a natural and exciting venture. Together, we will provide users with unique solutions and an even greater possibility to grow with us as their business needs grow,” says Johan Zetterström, CEO of Projectplace.