Plex Announces Financial Results
AUBURN HILLS -- Plex Systems Inc., provider of Plex Online cloud ERP for manufacturers, announced its financial results for the second quarter ending June 30. Total revenue for the quarter increased 24 percent. Recurring revenue increased by 35 percent.
As a private company, Plex Systems does not release dollar values for its revenue and profitability figures.
In June, Plex Systems announced its pending acquisition by Francisco Partners, a technology-focused private equity firm. Francisco Partners identified Plex Systems as an early mover in the Cloud ERP market with significant recurring revenue and strong growth opportunities.
In the second quarter, the company grew by adding 13 new customers and 25 employees. It now has 245 people on staff, an increase of 40 since the beginning of the year.
In addition, at its 11th annual PowerPlex user conference, Plex Systems announced two enhancements of Plex Online that are important to Plex Systems customers:
* IntelliPlex, a business intelligence tool that enables the creation of sophisticated reports and dashboards to help manufacturers make immediate, data-driven decisions.
* Plex Online community driven development, a collaborative ecosystem consisting of Plex Online users, Plex Systems partners and Plex Systems developers.
"We had an eventful and successful second quarter," said Mark Symonds, Plex Systems president and CEO. "Francisco Partners supports our potential to grow and strengthens our ability to enhance Plex Online and provide the highest quality service to our community of Plex Online users."
Plex Systems also received two Renaissance Awards for its integrated marketing communications and media relations program from the Detroit chapter of the International Association of Business Communicators. And the company announced Make-A-Wish Foundation of Michigan as its charity partner for 2012.
At the 11th annual PowerPlex, Plex Systems and its customers and partners raised a total of $22,012 through a silent auction featuring donated items; rides in an authentic Indy-style car; and other activities. The money raised, which exceeded the company's goal, will allow the dreams of four seriously ill children to come true.
