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TCV backs manufacturing software business IQMS Banneker

20 Aug 2014

manufacturing lathe industrialUS growth investor Technology Crossover Partners has invested in manufacturing software maker IQMS Banneker Partners.

The round is the first institutional funding received by IQMS, which said it would look to expand sales, marketing and product development with the capital.

Founded in 1989, IQMS provides extended ERP and MES software, as well as hardware solutions, for the repetitive, process and discrete manufacturing industries.

The company provides enterprise resource planning and manufacturing execution systems software for repetitive, process and discrete industries.

TCV general partner Jake Reynolds said, “IQMS has built a remarkable franchise in the manufacturing ERP market.

“Having closely followed this space for more than two decades, we were very impressed with the company’s rapid growth, which has been fuelled by its market-leading ERP and MES offering and customer centricity, unparalleled by any other in the sector.

“We are excited to lead the next chapter in IQMS’ journey to help manufacturing companies across the globe.”

Last month TCV led a $25m financing round for dough, the combined entity of online financial network tastytrade and financial engagement platform

The firm said the new funding would go towards new on-air talent for tastytrade and increased development resources for, as well as expansion to international markets.

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