Plex Systems nails down $6M in venture capital

metromode, 11/12/2009

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