Plex finds itself $50 million richer this summer after landing big financing investments from T. Rowe Price
and Accel Partners
The Troy-based company makes cloud-based ERP software for manufacturers. Plex
describes its software platform as built from the plant floor up, enabling users to increase productivity and profitability at existing facilities by streamlining the manufacturing process.
The 19-year-old tech company was acquired in 2012 by Francisco Partners
, a private-equity firm based in Silicon Valley. Plex also received a $30 million investment in 2012 from Accel Partners, a venture capital firm also located in Silicon Valley. The new $50 million capital infusion is considered an equity investment.
Plex plans to use its new round of seed capital to grow the sales and marketing efforts of its software platform. It is also planning to put some of that money into research and development of new technology.
"We have been working on a new user-interface over the last year," says Katy Teer, a corporate communications manager for Plex.
Plex has a staff of close to 400 employees and 20 interns. It has hired 156 people since January of last year. It also has 27 openings for everything from sales to senior technical writers right now. More information on those jobs is here
"We're in an aggressive hiring plan right now," Teer says, adding she was employee No. 220 when she started at Plex two years ago. The firm expects to cross the 400-employee threshold later this year. "We're a really fast-growing tech company here in Metro Detroit."
Source: Katy Teer, corporate communications manager for Plex
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.