Plex Systems announces $6 million investment from multiple sources

Published on November 9, 2009 at 8:02 AM · No Comments

Plex Systems, Inc., provider of the No. 1 rated ERP software for manufacturers, today announced the company has received an investment totaling $6 million USD from multiple sources. Plex will use the growth capital to build on its strong customer base, expand its product development, and accelerate sales and marketing efforts.

Funds advised by Apax Partners, a global private equity firm that has been an investor in the company since 2006, have invested $5 million. Additional investors include company management and the founding investors.

"We have backed Plex Systems since 2006 and are pleased to be supporting the company's management team as it oversees the next phase of growth," said Jason Wright of Apax Partners.

"Plex Systems has generated robust revenue growth and expanded into new markets over the past two years, winning new business in a very challenging economy," said Plex Systems CEO and President Mark Symonds. "With our competitors faltering, and the economy starting to show signs of life, we believe we have an immediate opportunity to accelerate our growth and become the global leader is SaaS ERP software for manufacturers."

For the first nine months of 2009, Plex Systems' recurring revenue grew 34 percent over the same period last year, while total revenue grew 14 percent over the comparable period in 2008. Plex Systems credits this growth of revenue and market share to its expansion into new industries such food and beverage processing, aerospace and defense manufacturing, and medical device manufacturing, as well as growing its well established position within the automotive manufacturing space.

SOURCE: Plex Systems

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