Silver Lake and Fung lead $24m Series D for retail tech-firm


circuit board technologyLater-stage growth firm Silver Lake Waterman and Hong-Kong private equity firm Fung Capital have co-led a $24m funding round for retail IT provider Centric Software.

Previous investors Oak Investment Partners and Masthead Partners also participated in the Series D financing round.

Centric provides product lifecycle management (PLM) software to retail, footwear, luxury and consumer goods companies.

Its system helps companies manage critical business processes, such as product development, sourcing and collection management.

The US company said it will use the capital to expand its business into Asia.

Oak’s managing partner Bandel Carano said, “We welcome the inclusion of two highly strategic partners in this financing round.

“In recent years, Centric has recorded impressive growth and won industry accolades for its ground-breaking products.”

Fung Capital is the investment arm of the Hong Kong-based Fung family whose holdings include Li & Fung Limited.

The firm invested $30m in Indian supply chain and logistics company Future Logistic Solutions Limited in 2009.

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