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T Rowe Price leads $50m funding for Accel-backed Plex

11 Jun 2014

manufacturing lathe industrialUS private equity firm T Rowe Price has led a $50m funding round for Accel Partners-backed cloud business management software maker Plex.

Accel also re-upped its investment through the round, which is slated to be spent on sales and marketing as well as R&D.

Plex provides cloud business resource planning software for companies in the manufacturing industry, and is used by more than 400 businesses in 20 countries.

T Rowe Price research analyst Tom Watson said, “Plex has established a leadership position in cloud solutions for manufacturing, with a platform that is agile enough to support everything from making beverages to assembling diesel engines.

“In addition, the company has strong management and has demonstrated an ability to satisfy its customers.

“We believe that all of these factors should position the firm for success over the long term.”

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