CIMdata PLM Industry Summary Online Archive
15 January 2008
Financial News
Centric Software Secures $14 Million Series B Financing
Centric Software announced that it has closed $14.3 million in series B venture capital financing. The funding round was led by Oak Investment Partners and included Centric’s current investors: Masthead Venture Partners and BancBoston Ventures (a Bank of America company). Centric will use the additional financing to expand product development, sales and marketing efforts, and address the growing market opportunity for Product Lifecycle Management (PLM) technology solutions within Apparel, Footwear and Accessories (AFA), and private label sourced products for the wholesale and retail markets.
“We see a significant, untapped market for PLM within apparel and other fast-moving consumer industries,” said Bandel Carano, managing partner at Oak Investment Partners. “Centric’s innovative Product Intelligence technology is elevating PLM for apparel and other consumer industries to the next level. This unique technology combined with the executive team’s domain expertise in PLM will enable the company to meet the specific requirements of these markets and become the de facto PLM standard. Our investment in Centric underscores our confidence in the company’s market opportunity and ability to execute.”
“Apparel and other fast-moving consumer goods companies are under intense pressure today to bring more products to market faster to meet short market window opportunities, while simultaneously improving margins and improving collaboration with suppliers,” said Chris Groves, president and CEO of Centric Software. “Our PLM solutions, powered by our ground-breaking Product Intelligence technology address these industry requirements, while also delivering the added benefits of rapid implementation and end-user adoption, flexibility, and easy integration with legacy systems. This funding highlights our distinct position and will enable us to address the market opportunity in our targeted industries.”
Centric offers unique PLM solutions for AFA and other fast-moving consumer industries. The company’s powerful Product Intelligence™ platform assures that everyone involved in the line planning, product design, sourcing and supply chain processes has secure access to the most up-to-date, comprehensive view of their products and product lines, operations execution and business performance. Unmatched data aggregation functionality within Centric’s solutions allow all information about the product—visual, data-based, text-based, etc.—to easily be collected in a aggregate repository that is readily accessed by any user without requiring specialized IT skills. Centric’s Product Intelligence™ capabilities provide multi-level analysis and web-based dashboards to managers, allowing them to quickly spot trends and exceptions. This combination of capabilities helps product teams collect relevant information for product initiatives, form action plans, execute those plans and assess progress against business goals. Importantly, Centric’s application suite can be fully deployed in weeks rather than the months or years typically required to implement traditional PLM solutions.
Become a member of the CIMdata PLM Community to receive your daily PLM news and much more.
Tell us what you think of the CIMdata Newsletter. Send your feedback.
CIMdata is committed to your privacy. Your personal information will never be sold or shared outside of CIMdata without your express permission.