CIMdata PLM Industry Summary Online Archive
11 May 2005
Financial News
Centric Software Closes Round Now Totaling More Than $33 Million in Funding-One of the Largest Technology Investments in Silicon Valley This Year
Centric Software, Inc . announced that it has closed another $10 million in its latest round of funding, raising the total to more than $33 million. Oak Investment Partners was the lead investor, along with co-investors Masthead Venture Partners, Boston Capital Ventures and BancBoston Ventures (a Bank of America company). Centric will use the funding to expand their engineering, sales and marketing, and field support operations in the United States and Europe.
Centric's innovation, portfolio, and program management solutions enable 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's Open PLM approach is attractive to global manufacturers because it integrates office documents, MCAD, ECAD, CAE, PDM and more, into their common environment, leveraging enterprise wide content and existing IT infrastructure investments. Additionally, the solution can be fully implemented in weeks rather than months or years as with competing solutions.
"This level of funding clearly demonstrates the confidence our investors have in the market opportunity and the compelling value delivered to customer's through our innovation, portfolio and program management solutions," said Chris Groves, chief executive officer at Centric Software. "Centric's Open PLM solutions address the needs of everyone involved bringing products to market, from the highest level executive to program managers to individual team members. As a result, we are helping our customers accelerate the product and project cycle and deliver innovative products and projects to market."
Strong Business Momentum
In recent weeks Centric Software has announced several major customer implementations and expansions, including: MEDRAD, INC., a global manufacturer of medical devices; Sensus, a global manufacturer of water, electrical, and gas metering systems; Hamilton Sundstrand Aerospace, a subsidiary of United Technologies Corporation (NYSE:UTX) and Iowa State University who expanded their use of Centric's Design-Build solution.
Key Partner Relationships
A key impetus of Centric's growth is their partnerships with best-in-class software, service, and system integrators to quickly provide their customers with the most far reaching and complete intra-and inter-enterprise innovation environment available. Specifically, Centric's partnerships with IBM PLM and Dassault Systèmes gives them access to world-class technologies and domain expertise and joint opportunities with some of the world's largest, most sophisticated manufacturing organizations.
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