LOS GATOS, Calif., Tuesday, July 29, 2014 –
Centric Software, Inc., the industry-leading provider of PLM software for retail, apparel, footwear, luxury and consumer goods companies, has closed on $24 million in growth capital as part of its Series D venture capital financing.
The Series D financing was co-led by Fung Capital and Silver Lake Waterman. Fung Capital is the investment arm of the Hong Kong-based Fung family whose holdings include Li & Fung Limited, a public company that sources and distributes consumer products globally with more than $20 billion in revenues. Silver Lake Waterman is the growth capital arm of Silver Lake, the global leader in technology investing. Prior investors Oak Investment Partners and Masthead Partners also participated in the financing round.
The Centric 8 PLM suite delivers easy-to-use functionality to manage critical business processes, including product development, sourcing, business planning, quality management and collection management. Centric 8 implements and delivers value rapidly using an Agile DeploymentSMmethodology. Working with marquee brands and consumer products companies, Centric has demonstrated the highest growth and innovation in the industry as recognized by Red Herring in its Global Top 100 Private Companies List in 2013.
“We welcome the inclusion of two highly strategic partners in this financing round,” said Bandel Carano, managing partner of Oak Investment Partners. “In recent years, Centric has recorded impressive growth and won industry accolades for its groundbreaking products. This round of strategic funding, combined with the continued support of Oak Investment Partners and Masthead Partners, will power Centric’s plans for Asian expansion and an acceleration of its pace of innovation.”
“Centric has achieved a strong record of product innovation, and transformed the way retailers and brands bring products to market,” said John Seung, partner at Fung Capital USA. “The Centric solution is flexible, easy to use and increasingly adopted by companies of all sizes.”
“We are excited to partner with Centric Software,” said Shawn O’Neill, managing director and co-group head of Silver Lake Waterman. “Centric has a track record of rapid growth, an impressive customer portfolio, and is well positioned for further product innovation and market expansion.”
“Investment from such highly respected investors, combined with the sustained commitment of our existing investors, is an exciting validation of our vision and opportunities,” said Chris Groves, president and CEO of Centric. “Centric is ready for the challenges of geographic expansion and providing unmatched business value to retail, apparel and consumer goods customers globally.”
Fung Capital USA
Fung Capital USA is the private investment arm of the families of Victor Fung and William Fung who are the controlling shareholders of the Fung Group, which comprises three public companies including Li & Fung Limited, a public company that sources, distributes and retails consumer products globally with more than $20 billion in revenues and 35,000 employees in more than 40 countries. Fung Capital USA invests primarily in B2B technology companies that enable omnichannel retailing and supply chain efficiency. For more information about Fung Capital USA, please visit: www.fungcapitalusa.com
Silver Lake Waterman
Silver Lake Waterman is part of Silver Lake, the global leader in technology investing with over $23 billion in combined assets under management and committed capital and a team of approximately 110 investment and value creation professionals located around the world. Silver Lake Waterman focuses on providing growth capital, via its Growth Debt product, to later-stage growth companies in the technology and technology-enabled industries. Growth Debt is a proprietary instrument created by Silver Lake to provide a flexible solution for companies in the technology industry ecosystem seeking to finance expansion. For more information about Silver Lake Waterman and Silver Lake, please visit www.silverlake.com.
Oak Investment Partners
Oak Investment Partners is a multi-stage venture capital firm and a lead investor in the next generation of enduring growth companies. Since 1978, the firm has invested $9 billion in over 500 companies around the world, earning the trust of entrepreneurs with a senior team that delivers steady guidance, deep domain expertise and a consistent investment philosophy. The firm’s five major growth sectors of focus are information technology, Internet and consumer, financial services technology, healthcare services and clean energy. For more information, visit www.oakvc.com.
Centric Software, Inc. (www.centricsoftware.com)
Centric Software is a leading provider of product lifecycle management (PLM) software for retail, apparel, footwear, luxury and consumer goods companies. The Centric 8 PLM suite delivers easy-to-use functionality to manage critical, inseparable business processes, including product development, sourcing, business planning, quality management and collection management. Centric 8 implements and delivers value rapidly using an Agile DeploymentSM methodology. Centric received the Frost & Sullivan 2012 Global Product Differentiation Excellence Award in Retail, Fashion and Apparel Product Lifecycle Management (PLM). Red Herring named Centric to its North America Top 100 list for 2013. WhichPLM recognized Centric as the overall PLM market leader for fashion in its 2012-2013 Annual Review.
Centric is a registered trademark of Centric Software. Other brands and product names may be commercial trademarks of their respective owners.