Centric Software Marks Record Year of Growth
12 March 2015 | News | Source: Centric Software
Centric Software, Inc., marked its 2015 fiscal year (ending Jan. 31) with record-setting growth in bookings, customers and geographic expansion.
"Centric has earned its position as the clear industry leader," says Chris Groves, president and CEO of the company, which provides product lifecycle management (PLM) software for retail, apparel, footwear, luxury and consumer goods companies. The markets that Centric serves face rapid changes, growth and the relentlessness need to develop innovative products at an ever-faster pace, Groves explains. "Centric's growth reflects validation by these markets that Centric offers the best PLM solution to the challenges they face, and that the Centric team has the greatest expertise to help customers get to the next level."
Bookings growth: Bookings (total value of accepted term contracts) were up 80 percent percent over the previous fiscal year. This marks the third year in a row of more than 70 percent growth.
Customer growth: Centric reached its 100th customer milestone through the addition of 40 new customers, the most in any year in the company's history.
Among the new customers were Centric's first in Belgium (Delvaux), Germany (MUSTANG), Scandanavia (Norrøna), South Africa (Ackermans) and Colombia (STF Group).
Customer expansion: Centric experienced more than 100 transactions with existing customers that expanded their implementations during the year.
Asian expansion: Centric opened its first Asian office in Shanghai in the fall of 2014, and by year end had reached double-digit staffing in China. "The rate of new customer adoption in China has been exciting, and Centric plans to accelerate its investment in the region," says Groves. Centric customers in the region include Bestseller Fashion Group China, Cache Cache China, Regina Miracle and The Sak.
Staff expansion: The company grew staffing by 40 percent worldwide during the year. "We are focused on amassing the industry's best and largest industry-focused PLM team," says Groves.
Additional financing: Centric closed on $24 million in growth capital as part of its Series D venture capital financing. Fung Capital USA and Silver Lake Waterman led the round. Fung Capital USA is the investment arm of the Hong Kong-based Fung family, whose holdings include Li & Fung Limited. Prior investors Oak Investment Partners and Masthead Partners also participated in the round. Centric's primary use for the funds is the expansion of its presence in China and other global markets.
New products: Centric increased its leadership in mobile apps for PLM by adding five new mobile apps to its portfolio. The company also increased the footprint of its best-in-class, web-based PLM product suite, with development of the Merchandising Planning module for Centric 8.
"Centric is poised for substantial worldwide growth in the coming year," says Groves. "As the industries that Centric serves become more demanding, so, too, are their business processes," he explains. "The market is ripe for the innovation, efficiency, and ability to rapidly adapt to market trends that Centric offers."
Read about Centric Software in the PLM directory