TROY — Plex Inc., the Troy-based developer of manufacturing management software, announced Tuesday that it had closed $50 million in new financing, led by funds and institutional accounts managed by Baltimore, Md.-based T. Rowe Price Associates Inc. Also participating was existing Plex investor Accel Partners of Palo Alto, Calif.
Plex said it 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 software. The Plex Manufacturing Cloud system supports all aspects of manufacturing — as the company says, “from the shop floor to the top floor.”
Included are modules for manufacturing execution, quality, supply chain, financials, personnel and customer relationship management — all in the cloud.
Nearly 400 companies representing more than 1,100 operations in 20 countries worldwide use Plex to run their businesses.
Said Plex CEO Jason Blessing: “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.”
Added Tom Watson, equity research analyst at T. Rowe Price Associates: “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. 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.”
And Petri Oksanen, principal at existing Plex investor Francisco Partners of San Francisco, Calif. and a Plex board member; “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. With this funding, Plex is ideally positioned to extend that leadership position.”
Plex also announced new mobile business intelligence capabilities, allowing users to access and share analytic dashboards from virtually any mobile device, anywhere.
Plex also announced the availability of a new Finite Scheduling application, which gives managers real-time control over plant operations, including people, tools, fixtures and work centers to maximize resources and ensure just-in-time delivery for end customers.
And Plex announced Plex Enterprise Edition, a suite of applications built to support complex, global, multiplant manufacturing organizations’ financial and supply chain Management requirements. With Plex Enterprise Edition, the company says large manufacturers can centralize purchasing, cash management, invoicing and reporting — all in the cloud — for comprehensive management across and between all of their business entities.
Finally, Plex has demonstrated a new, role-based user interface, as well as integration with Google Glass.
More at www.plex.com.