CIMdata PLM Industry Summary Online Archive
5 October 2004
Company News
Centric Software Secures $19 Million in Private Equity Placement to Extend its Lead in PLM Innovation Management Market
Centric Software, Inc. announced that it has secured a private equity placement in the amount of $19 million. Oak Investment Partners led this funding round, with co-investors Masthead Venture Partners, and existing investor Boston Capital Ventures. This round accelerates Centric Software's growth through expansion of its sales and marketing activities, increased engineering capacity, and extended global reach with key partners.
"This investment validates our vision as we drive the future of the PLM market," said Chris Groves, president and chief executive officer of Centric Software, Inc. "Centric Software is the critical environment for connecting manufacturers with their supply chain in innovating new products together."
"We are excited by Centric Software's unique open PLM solution and its ability to deliver a strong value proposition to manufacturers in this largely untapped marketplace," said Bandel Carano, general partner at Oak Investment Partners. "There are enormous benefits to be gained through manufacturers innovating as a team with their supply chain to bring new products to market with greater speed and efficiencies."
"True competitive advantage lies in the ability to leverage intellectual property throughout the supply chain to create differentiated products, and Centric Software has the best approach," said Brian Owen, general partner at Masthead Venture Partners. "Centric Software's PLM solutions provide companies with unique insight into their product portfolio."
"Centric Software has made a big impact in the PLM marketplace," said Jack Shields, general partner, Boston Capital Ventures. "I'm proud to join this funding round to further their lead in PLM Innovation Management and expand their capacity to help companies succeed in this challenging global economy."
Based in San Jose, Calif., Centric Software, Inc. accelerates product innovation through its Product Lifecycle Management (PLM) Innovation Management suite, Centric Innovation. This solution suite enables manufacturers to drive top line revenue growth and achieve direct cost reductions, by leveraging intellectual property throughout the supply chain to create differentiated products. Centric Innovation provides portfolio and program management with online decision support for go-to-market goals by leveraging distributed product content. Multidisciplinary teams can collaborate to explore and validate multiple product possibilities. Centric Software's solutions are used by global 1000 companies, including: aerospace, automotive, heavy manufacturing, consumer electronics, and defense. Visit http://www.centricsoftware.com for more information.
Oak Investment Partners is a multi-stage venture capital firm with a total of $5.8 billion in committed capital. Investments are primarily focused on growth opportunities in enterprise application and infrastructure software, telecommunications equipment and services, data storage, financial services technology, outsourced services, healthcare services and retail. Over a 25-year history, Oak has achieved a strong track record as a stage-independent investor funding more than 350 companies at key points in their lifecycle. A representative list of Oak portfolio companies includes 2Wire, Aquantive, Inktomi, InterNAP, Parametric, Pivotal, Polycom, Primus, Seagate, Sybase, Synopsys, TeleAtlas, Tensilica, Wellfleet and Wireless Facilities. For additional information visit http://www.oakvc.com .
Headquartered in Cambridge, Massachusetts, Masthead Venture Partners is a venture capital firm dedicated to providing early stage information technology, internet infrastructure & services, communications, and IT-intensive life sciences companies with the capital and hands-on operational support they need to develop into industry leaders. For more information please visit http://www.mvpartners.com .
Boston Capital Ventures (BCV) ( http://www.bcv.com/ ) manages private venture capital partnership funds for individual and institutional investors who make strategic investments in companies with high growth potential. Its original BCV fund, formed in 1982, and current BCV partnerships have attracted leading U.S. institutions and individuals from 16 countries as investors. BCV investments focus on software companies in the security, infrastructure, revenue management, marketing, CAD/CAM, PLM, hospitality and travel sectors where leveraging the strong industry and operating experience of their general partners help to accelerate growth, increase profitability and enhance shareholder value.
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