Plex Systems pulls in $6M in venture capital

Plex Systems can now count all of the ways it’s going to grow – six million ways, in fact.

That’s how much venture capital the Auburn Hills-based firm received earlier this week. A combination of private-equity firm Apax Partners,
company management, and founding investors made the investment so the
firm can build its customer base, expand its product development and
accelerate sales and marketing efforts.

Plex Systems
has watched its recurring revenue grow 34 percent in the first nine
months of this year compared to 2008. Total revenue is up 14 percent
over the comparable period from last year. The company has expanded
into new industries, such as food and beverage processing, aerospace
and defense manufacturing, and medical device manufacturing. It also
grew its position within automotive manufacturing.

“That’s been pretty average for the last 2-3 years in a row,” says
Patrick Fetterman, vice president of marketing for Plex Systems.

The company employs 135 people and eight student co-ops from Lawrence
Technological and Kettering universities. It has hired about 15-20
people so far this year and expects to continue to hire next year. It
is preparing for an initial public offering in the next 2-3 years.

Plex
Systems creates enterprise resource planning software that lets
manufacturers work more efficiently and provide the same services on a
website. It’s widely used in the automotive, defense, life sciences,
and food and beverage industries. Plex Systems competitors include the
likes of Microsoft, Oracle, and the European SAP.

Source: Patrick Fetterman, vice president of marketing for Plex Systems
Writer: Jon Zemke