ERP software developer Plex Systems Inc. reports it has received investments from several sources totaling $6 million, and will use the capital “to build on its strong customer base, expand its product development, and accelerate sales and marketing efforts.” Private-equity group Apax Partners invested $5 million, and the remainder was raised from 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,” stated Apax Partners’ Jason Wright.
From January through September 2009 Plex Systems reported an increase of 34 percent in recurring revenue versus the comparable period of 2008. Total revenue during that period increased 14 percent over January-September 2008. The company pointed to its expansion into new industries (food and beverage processing, aerospace and defense manufacturing, medical device manufacturing) for its revenue and market-share increase. It also said it is expanding its position in automotive manufacturing.
“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 in SaaS ERP software for manufacturers,” according to Plex Systems CEO and president Mark Symonds.