Silverback Enterprise Group announced on Thursday that it has successfully bought Noetix Corporation, a software products provider based in Redmond, Washington. Comerica Bank provided the company's financing for the deal. No financial terms were divulged by both companies.

Silverback Enterprise Group is comprised of several members of entrepreneurs focusing on the technology sector. The firm's portfolio of companies includes Upland Software, the world's biggest provider of Project, Portfolio, and Work Management software. The company services a total of 1,200 currently operating businesses and 300,000 concurrent users in over 50 countires.

Noetix provides instant operational reporting including the commonly used Oracle E-Business Suite.

Noetix president Doug Moore said, "Partnering with Silverback will give us access to the resources we need to achieve the rapid growth we envision for Noetix."

"Noetix customers and partners will benefit from this extremely positive next step for our business, which will improve our ability to deliver even more innovative BI products," he added.

Silverback is based in Austin, Texas.