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United States : $50M in private-equity funding gained by Plex

June 13, 2014

Plex finds secured $50 Million big financing investments from T. Rowe Price and Accel Partners.

The Troy-based company makes cloud-based ERP software for manufacturers. Plex explained its software platform as built from the plant floor up, facilitating users to add to productivity and profitability at present facilities by simplifying the manufacturing process.

In 2012, the 19-year-old tech company was acquired by Francisco Partners, a private-equity firm based in Silicon Valley. Plex in addition gained a $30 million investment in 2012 from Accel Partners, a venture capital firm in addition situated in Silicon Valley. The new $50 million capital infusion is considered an equity investment.

Plex intends to use its new round of seed capital to grow the sales and marketing efforts of its software platform. It is in addition intending to put some of that money into research and development of new technology.

Katy Teer, a corporate communications manager for Plex said, "We have been working on a new user-interface over the last year .

Plex has a staff of near to 400 workers and 20 interns. It has employed 156 people since January of last year. It in addition has 27 openings for everything from sales to senior technical writers right now.

Teer said, "We're in an aggressive hiring plan right now . "We're a really fast-growing tech company here in Metro Detroit."

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Source: TendersInfo (India)

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