Los Gatos, Calif., July 29, 2014 – Centric Software, Inc., the industry-leading provider of PLM software for retail, apparel, footwear, luxury and consumer goods companies, has closed on $24 million in growth capital as part of its Series D venture capital financing.
The Series D financing was co-led by Fung Capital and Silver Lake Waterman. Fung Capital is the investment arm of the Hong Kong-based Fung family whose holdings include Li & Fung Limited, a public company that sources and distributes consumer products globally with more than $20 billion in revenues. Silver Lake Waterman is the growth capital arm of Silver Lake, the global leader in technology investing. Prior investors Oak Investment Partners and Masthead Partners also participated in the financing round.
The Centric 8 PLM suite delivers easy-to-use functionality to manage critical business processes, including product development, sourcing, business planning, quality management and collection management. Centric 8 implements and delivers value rapidly using an Agile DeploymentSM methodology. Working with marquee brands and consumer products companies, Centric has demonstrated the highest growth and innovation in the industry as recognized by Red Herring in its Global Top 100 Private Companies List in 2013.
“We welcome the inclusion of two highly strategic partners in this financing round,” said Bandel Carano, managing partner of Oak Investment Partners. “In recent years, Centric has recorded impressive growth and won industry accolades for its groundbreaking products. This round of strategic funding, combined with the continued support of Oak Investment Partners and Masthead Partners, will power Centric’s plans for Asian expansion and an acceleration of its pace of innovation.”
“Centric has achieved a strong record of product innovation, and transformed the way retailers and brands bring products to market,” said John Seung, partner at Fung Capital USA. “The Centric solution is flexible, easy to use and increasingly adopted by companies of all sizes.”
“We are excited to partner with Centric Software,” said Shawn O’Neill, managing director and co-group head of Silver Lake Waterman. “Centric has a track record of rapid growth, an impressive customer portfolio, and is well positioned for further product innovation and market expansion.”
“Investment from such highly respected investors, combined with the sustained commitment of our existing investors, is an exciting validation of our vision and opportunities,” said Chris Groves, president and CEO of Centric. “Centric is ready for the challenges of geographic expansion and providing unmatched business value to retail, apparel and consumer goods customers globally.”