Apax Funds to Sell Plex Systems, Inc. to Francisco Partners
6 June 2012
New
York and Auburn Hills, Michigan
Funds advised by Apax Partners today announced a definitive
agreement to sell Plex Systems, Inc. a pioneer in cloud-based ERP
software for manufacturers, to Francisco Partners.
Apax acquired a majority stake in Plex Systems in 2006 and
supported the company's growth into the leading provider of Cloud
ERP solutions for global manufacturers. Plex Systems'
revenues have tripled since the company changed to a
subscription-based business model in 2007, and its employee count
has also grown by more than three times during Apax's
ownership. From 2007-2011, the company's revenues increased
by a 25 percent compound annual growth rate.
"Apax has been a great partner to Plex Systems," said Mark
Symonds, President and CEO. "They provided important
strategic guidance as we transitioned to a subscription-based
business model in 2007, and committed additional equity at a key
point to accelerate Plex Systems' growth. We will miss our
collaboration with Apax even as we embark upon a new phase of our
growth with Francisco Partners."
Jason Wright, Partner in the Apax Tech & Telecom team,
commented: "We are proud of our partnership with Mark Symonds and
the entire Plex Systems team and the successes we've achieved
together since 2006. The company has been unwavering in
pursuit of its mission to enable manufacturers to dramatically
improve their operations and lower their costs, and continues to
demonstrate extraordinary growth as a true market leader in cloud
ERP."
Mr. Wright continued: "We also are pleased that the exit from
our investment in Plex Systems contributes to Apax's track record
of success in the software industry. Realized software
investments since 2000 have achieved a weighted average return of
4.6x for Apax Funds."
The Apax Tech & Telecom team has extensive experience in the
software and IT space through previous investments including Epicor
Software Corporation/Activant Solutions, Sophos, The TriZetto
Group, RealPage, IntraLinks, Princeton Softech, Planview and
Autonomy. In total, Apax Funds have invested over $1.7
billion of equity in the enterprise software sector.
Lazard served as a financial advisor to Plex Systems and Skadden
Arps Slate Meagher & Flom provided legal counsel to Apax in the
transaction.
About Plex Systems Inc.
Plex Systems, Inc. is the developer of Plex Online, a cloud ERP
solution for the manufacturing enterprise. Plex Online offers
industry-leading features for virtually every department within a
manufacturer, including Manufacturing Execution Systems (MES) and
Quality Management Systems (QMS) for the shop floor, Supply Chain
Management (SCM) for procurement, Enterprise Resource Planning
(ERP) for finance and management, and Business Intelligence (BI)
for executive management. Plex Online's comprehensive functional
coverage delivers a "shop floor to top floor" view of a
manufacturer's operations, enabling management to run its business
at maximum efficiency. Founded in 1995, Plex Systems is
headquartered in Auburn Hills, Michigan, with customers around the
globe. Plex Systems and Plex Online are trademarks of Plex Systems,
Inc.
More information is available at www.plex.com. Follow Plex Systems at
twitter.com/plexsystems.
About Apax Partners
Apax
Partners is one of the world's leading private equity investment
groups. It operates across the United States, Europe and Asia
and has more than 30 years of investing experience. Funds
under the advice of Apax Partners total over $40 billion around the
world. These Funds provide long-term equity financing to
build and strengthen world-class companies. Apax Partners
Funds invest in companies across its global sectors of Tech &
Telecom, Retail & Consumer, Media, Healthcare and Financial
& Business Services.
For further
information about Apax, please visit: www.apax.com
Contacts:
Ben Harding
/ Georgiana Brunner
Apax Partners
Tel: +44 (0)20 7872 6401 / 6429
Email: communications@apax.com
US enquiries:
Kekst and
Company
Todd Fogarty
Tel: +1 212 521 4854
Email: todd-fogarty@kekst.com