PALO ALTO, Calif.--(BUSINESS WIRE)--Technology Crossover Ventures (TCV), a leading provider of growth equity for premier technology companies, announced today that it has invested in IQMS, a leading manufacturing ERP software and manufacturing execution system (MES) solution provider. TCV, along with Banneker Partners, invested $40 million in IQMS, bringing the two firms’ total investment over the past year to $75 million.
“IQMS is reinventing the way people think about manufacturing software by uniquely combining ERP and MES into a single system,” said Jake Reynolds, TCV general partner. “We are excited to extend our investment in the company and partner with IQMS in building on its established leadership in the fast-growing manufacturing sector.”
“TCV shares our goal to see IQMS become a top five ERP vendor for manufacturers worldwide,” said Randy Flamm, chairman at IQMS. “With TCV’s investment and expertise in growth-stage companies, we have the resources to grow as a leader in manufacturing ERP and automation, and our customers and prospects can look forward to increased investment in the product and the business.”
In conjunction with the investment, Kapil Venkatachalam, TCV principal, becomes a director on the IQMS board, joining Jake Reynolds. Additionally, Gary Nemmers joins as IQMS CEO, bringing 30 years of experience in manufacturing, ERP, supply chain, and application software. IQMS founder, Randy Flamm, will transition to the role of chief product officer and remain as chairman of the board of directors.
“As manufacturing regulations become more complex, IQMS is viewed as mission critical by customers in providing visibility to the shop floor,” said Mr. Venkatachalam. “We are thrilled to partner with Randy and Gary, two leading authorities on ERP and manufacturing with a track record in successfully growing companies, in continuing to expand the value IQMS brings to customers worldwide.”
For more than 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 offers a scalable system designed to adeptly grow with the client and complete business functionality, including accounting, quality control, supply chain, shop floor, WMS, CRM and business. With offices across North America, Europe and Asia, IQMS serves manufacturers around the world. For more information, please visit www.iqms.com.
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 20 years. Selected investments include Altiris, C|NET, ExactTarget, Expedia, Facebook, Fandango, FX Alliance, GoDaddy, Genesys Software, HomeAway, Netflix, RealNetworks, Redback Networks, Rent the Runway, Sitecore, Splunk, Spotify, Thinkorswim, VICE Media, 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.