Plex Systems Secures $50 Million Round of Funding Led by T. Rowe Price, Joining Existing Investors Francisco Partners and Accel Partners
TROY, Mich., June 10, 2014 /PRNewswire/ -- Plex, the leader in cloud ERP for the manufacturing enterprise, Tuesday announced it has closed $50 million in new financing. The round was led by funds and institutional accounts managed by T. Rowe Price Associates, Inc., with participation from existing Plex investor Accel Partners.
This financing further demonstrates Plex Systems' leadership in cloud-based ERP for manufacturing organizations. The company plans to use the new funding to accelerate investment in sales and marketing, as well as research and development.
Plex was founded by manufacturing professionals to provide a cloud alternative to cumbersome, expensive and inflexible legacy, on-premises solutions. The Plex Manufacturing Cloud provides the only cloud-based ERP applications to support all aspects of manufacturing, from the shop floor to the top floor. The company offers a full manufacturing ERP solution from manufacturing execution, quality, supply chain, financials, HR and CRM—all in the cloud. Nearly 400 companies representing more than 1,100 operations in 20 countries worldwide use Plex to run their businesses.
Comments on the News
"Manufacturing is moving to the cloud, and the caliber of our investors reflects both Plex's established leadership and the market opportunity in front of us," said Jason Blessing, chief executive officer of Plex Systems. "This financing allows Plex to continue to invest in our go-to-market capacity and to further expand our market-leading product portfolio. I'm thrilled to have T. Rowe Price join the roster of Plex investors, and to have Accel continue to expand their investment in us."
"Plex has established a leadership position in cloud solutions for manufacturing, with a platform that is agile enough to support everything from making beverages to assembling diesel engines," said Tom Watson, equity research analyst at T. Rowe Price Associates. "In addition, the company has strong management and has demonstrated an ability to satisfy its customers. We believe that all of these factors should position the firm for success over the long term."
"Plex built its leadership based on a fresh approach to enterprise software, leveraging the agility, connectivity and cost-savings of the cloud to transform the way manufacturing organizations run," said Petri Oksanen, principal at Francisco Partners and Plex board member. "With this funding, Plex is ideally positioned to extend that leadership position."
"Plex has established itself with an industry-leading product, a portfolio of happy customers and a proven management team," said Sameer Gandhi, partner with Accel Partners. "Our expanded investment in Plex reflects our belief in their leadership in cloud solutions for manufacturing, along with the company's excellent prospects for long-term growth."
Pacific Crest Securities acted as financial advisor and assisted Plex in this financing. Other existing investors in Plex include Francisco Partners.
Plex is the Manufacturing Cloud, delivering industry-leading ERP and manufacturing automation to nearly 400 companies in industries including aerospace and defense, food and beverage and motor vehicles. Plex pioneered shop-floor cloud solutions, connecting suppliers, machines, people, systems and customers with capabilities that are easy to configure, deliver continuous innovation and reduce IT costs. With insight that starts on the production line, Plex helps companies see and understand every aspect of their business ecosystems, enabling them to lead in an ever-changing market. Learn more at www.plex.com.