Enterprise software provider Plex Systems, Inc. is doing a little resource planning of its own, thanks to a $6 million cash infusion, announced this week.
Apax Partners, a global private equity firm that has invested in the software-as-a-service (SaaS) ERP vendor since 2006, put up $5 million, while Plex management and the company’s founding investors kicked in the other $1 million.
Since the recession took hold late last year, manufacturing capital has often been in short supply. Asked how Plex was able to buck the trend, President and CEO Mark Symonds told Managing Automation, “Unlike trying to get an outsider to believe, our existing investors have seen us execute throughout the Great Recession and grow the business and maintain cash. They agreed with me that we are poised for faster growth and it’s time to start stoking the fires.”
“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, in a prepared statement.