CIMdata PLM Industry Summary Online Archive
25 February 2009
Financial News
Centric Achieves Record Year, 60 Percent Sales Growth
Centric Software, Inc., recently closed out its fiscal year with record sales, significant growth and positive performance across operations.
Effectively leveraging investments, the company grew aggressively and improved awareness and leadership position in targeted consumer markets, while developing the foundation for additional products in its core Centric 8 product suite.
Centric provides product lifecycle management (PLM) and sourcing solutions for companies in the fast-moving consumer goods industries, including those that globally source private-label products. At a time when many businesses are struggling to survive, Centric closed out its fiscal year, which ended Jan. 31, on an upswing, continuing a three-year trend of year-over-year sales growth. “We continue to build traction in our target markets,” says Chris Groves, president, “as evidenced by new customer wins and significant additional investments from existing customers. Especially in the current environment, customers seek the rapid, economic results our solutions deliver.”
Among the company’s highlights:
• Sales and bookings growth. Centric experienced 60 percent year-over-year sales growth from new licenses and expansion of deployments in targeted vertical markets.
• Management and staffing. The company expanded global operations to drive growth and better serve its customers with the addition of PLM and sourcing industry experts in its sales, marketing, product development, and services departments.
• Funding. In January 2008, Centric announced closing of $14.3 million in series B venture capital financing. Oak Investment Partners led the funding round, which included Masthead Venture Partners and BancBoston Ventures (a Bank of America company), Centric’s current investors. Centric is using the additional financing to expand product development, and sales and marketing efforts.
• Product investment. Centric continues to aggressively invest in its product offerings, with the overarching goal of satisfying customer demand for solutions that deliver economic benefits and measurable results.
• Market and industry recognition. Centric received accolades throughout the year for its technology and industry leadership.
“This year has demonstrated that, despite a challenging economy, Centric provides the value companies need to improve their competitive position and to ensure their ongoing success,” says Groves. “Our customers are taking a leadership position in their respective markets by investing now in Centric solutions to improve their operations today and into the future. Customers tell us they are expanding their use of Centric PLM and sourcing to improve efficiency and do more with less, and thereby create a competitive advantage. We see customers achieve real impact to their profit and loss statements within the first fiscal year after deploying Centric solutions.”
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