Francisco Partners today announced the acquisition of Plex Systems, a provider of cloud ERP software for manufacturers, from a group of shareholders, including Apax Partners. Francisco Partners has identified Plex Systems as an early mover in the cloud ERP market with significant recurring revenue and strong growth opportunities.
Plex Systems’ flagship product, Plex Online, is a “shop floor to top floor” solution providing functionality for virtually every department within quality-driven manufacturers. The company has a customer base across the automotive, aerospace and defense, food and beverage and electronics industries, where manufacturers are turning to the cloud to streamline and modernize their global operations. The company was founded in 1995 and is based in Auburn Hills, MI (www.plex.com).
“We are thrilled that Francisco Partners shares our vision and sees the huge opportunity before us,” said Mark Symonds, CEO of Plex Systems. “We have entered an era where cloud computing is impacting virtually all business operations, and Plex Systems is among the leaders of this new model for technology development and delivery. Francisco Partners is the ideal partner to enable Plex Systems to help more manufacturers compete and win in the global market.”
Francisco Partners pursues investments in technology companies with transaction values ranging from $50 million to $2 billion. Transaction structures include buyouts, divisional divestitures, recapitalizations, restructurings and growth equity financings. Francisco Partners is headquartered in San Francisco, CA (www.franciscopartners.com).
“We believe that Plex Systems has the potential to lead the transition to cloud ERP for manufacturers, and that this will be as transformative as the adoption of cloud solutions has been to sales, marketing, and human capital management,” said Petri Oksanen, a principal at Francisco Partners.
Francisco Partners was advised by Pacific Crest Securities, and Plex Systems was advised by Lazard.