AUBURN HILLS – Accel Partners has made a $30 million strategic investment in ERP manufacturing software maker Plex Systems and will gain a seat on the board of director, joining Francisco Partners, which acquired Plex Systems earlier this year.
?Plex Systems was early in bringing the cloud to manufacturing ERP, and it now has the most advanced offering in the industry, which has brought them a large and loyal customer base and resulted in a high growth business with significant upside,? said Sameer Gandhi, a partner with Accel Partners and newly appointed Plex board member.
?Accel?s investment philosophy is to invest in companies that have the greatest potential for success due to their market position, disruptive technology and prospects for future growth,? said Gandhi. ?We believe the manufacturing ERP market represents at least a $5 billion opportunity, and that less than 10 percent of the market has transitioned to SaaS so far.?
Accel also has invested in Facebook, Kayak, Qlik Technologies, Dropbox and Cloudera.
Earlier this year, Plex Systems was acquired by Francisco Partners, a leading technology-focused private equity firm, which had identified the company as an early mover and pioneer in the cloud ERP market, with strong growth opportunities.
?Plex Systems is already a ?category killer? in cloud ERP for manufacturing,? said Petri Oksanen, a principal with Francisco Partners. ?There are few opportunities to build a truly disruptive platform in the ERP market, and we believe Plex Systems is one of them. Accel is an ideal strategic partner to bring to the table given their strong track record in scaling high-growth companies.?
Plex serves hundreds of customers across a wide range of industries including aerospace, automotive, electronics, general industrial & manufacturing, and food & beverage.
