IQMS Secures Significant Growth Investment from Technology Crossover Ventures and Banneker Partners
Backing from the leading technology growth equity firm, Technology Crossover Ventures, highlights IQMS' leadership position and technology innovation in the manufacturing ERP software market
PASO ROBLES, Calif., August 19, 2014-- IQMS, a leading manufacturing ERP and MES software provider with an ongoing, proactive commitment to its product and relationships, today announced that Technology Crossover Ventures (TCV) led a strategic growth equity investment in the company. IQMS joins Facebook, Expedia, Netflix, OSIsoft and other technology innovators as a TCV investment. Banneker Partners also invested in IQMS.
This investment marks the first institutional round of funding received to date, which IQMS will use to accelerate growth through investment in sales, marketing and product development, while continuing to deliver superior customer support. IQMS founders, Randy and Nancy Flamm, will retain a substantial ownership position in the company. Terms of the transaction were not disclosed.
Founded in 1989, IQMS provides extended ERP and MES software, as well as hardware solutions, for the repetitive, process and discrete manufacturing industries. Its comprehensive, real-time solution is utilized by several thousand users across a variety of end markets including automotive, medical, packaging, consumer goods, food and beverage and chemicals. Built on a single database, IQMS' flagship offering, EnterpriseIQ, is a scalable platform designed to adeptly grow with the client and offers more than 25 modules, including accounting, quality control, supply chain, shop floor, quality management and CRM.
“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 fueled 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,” said Jake Reynolds, TCV general partner.
“With regulatory environments becoming stricter and need for more visibility on the shop floor rising, manufacturing customers view IQMS as an absolute necessity to remain competitive,” said Stephen Davis, a managing partner at Banneker Partners.
“We are extremely excited to partner with TCV and Banneker Partners because of their demonstrated experience in adding value to profitable, growing software businesses,” said Randy Flamm, CEO and founder of IQMS. “Over the past several years, IQMS has substantially grown revenues and increased market share primarily through earned trust and client referrals. With TCV’s financial backing and strategic guidance, we will strive to accelerate that growth and extend our leadership position even further, while focusing our efforts where it matters most: building and developing the industry’s most easy-to-use, innovative and powerful manufacturing ERP software. What won’t change is our strong commitment to customer support.”
About Technology Crossover Ventures:
Technology Crossover Ventures (TCV), founded in 1995, is a leading provider of capital to growth-stage private and public companies in the technology industry. With nearly $10 billion in capital raised, TCV has invested in more than 200 technology companies over the last 18 years. Selected investments include Altiris, C|NET, ExactTarget, Expedia, Facebook, Fandango, GoDaddy, Genesys Software, Netflix, RealNetworks, RiskMetrics Group, Splunk, Spotify, and Zillow. TCV is headquartered in Palo Alto, California, with offices in New York and London. For more information about TCV, including a complete list of TCV investments, visit www.tcv.com.
About Banneker Partners:
Banneker Partners, founded in 2010, is a private equity and growth capital firm focused on making investments in leading software/SaaS, Internet and technology businesses. Selected investments include, Auditfile.com, Ancestry.com, Genesys Software and RocketLawyer Banneker Partners is located in San Francisco, California. For more information about Banneker Partners, please visit www.bannekerpartners.com
For the past 25 years, IQMS has been designing and developing manufacturing ERP software for the repetitive, process and discrete industries. Today, IQMS provides a comprehensive real-time ERP software and MES solution to the automotive, medical, packaging, consumer goods and other manufacturing markets. The innovative, extended single-database enterprise software solution, EnterpriseIQ, offers a scalable system designed to adeptly grow with the client and complete business functionality, including accounting, quality control, supply chain, shop floor, CRM and eBusiness. With offices across North America, Europe and Asia, IQMS serves manufacturers around the world. For more information, please visit www.iqms.com.
Daniele Fresca, Director of Marketing
Venture Capital Database