Thoma Bravo, a private equity firm, announced Thursday its plans to acquire Planview, an Austin-based software company.

The two companies have entered into a definitive agreement for Thoma Bravo to acquire Planview form Insight Venture Partners. The financial terms of the acquisition were not disclosed.

Thoma Bravo will become the new majority shareholder of Planview upon the closing of the transaction, while Insight Venture Partners will maintain a minority stake in the company.

Planview’s CEO Patrick Durbin founded the company in 1989. The company makes project portfolio management tools and has offices in the U.S., Europe and Asia. It has more than 550 customers worldwide including Wells Fargo, WellPoint, Citi, Hallmark, Freddie Mac, BP, Aetna and others.

“Planview is on an exciting journey that is redefining our company, the market, and the value we can provide to our customers,” Greg Gilmore, CEO of Planview said in a news statement.

The company plans to keep its headquarters in Austin. The deal is expected to close in the first quarter of this year, subject to regulatory approval.