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Apax Funds to Sell Plex Systems, Inc. to Francisco Partners

6th June 2012

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.

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



Ben Harding / Georgiana Brunner
Apax Partners
Tel: +44 (0)20 7872 6401 / 6429
Email: communications@apax.com


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Todd Fogarty
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