US: Centric Software, announces strong fiscal 2008
25 February 2009 | News | Source: Centric Software
Centric provides product lifecycle management (PLM) and sourcing solutions for companies in the fast-moving consumer goods industries, including those that globally source private-label products. At a time when many businesses are struggling to survive, Centric closed out its fiscal year, which ended Jan. 31, on an upswing, continuing a three-year trend of year-over-year sales growth. "We continue to build traction in our target markets," says Chris Groves, president, "as evidenced by new customer wins and significant additional investments from existing customers. Especially in the current environment, customers seek the rapid, economic results our solutions deliver."
Among the company's highlights:
Sales and bookings growth. Centric experienced 60 percent year-over-year sales growth from new licenses and expansion of deployments in targeted vertical markets.
Management and staffing. The company expanded global operations to drive growth and better serve its customers with the addition of PLM and sourcing industry experts in its sales, marketing, product development, and services departments.
Funding. In January 2008, Centric announced closing of $14.3 million in series B venture capital financing. Oak Investment Partners led the funding round, which included Masthead Venture Partners and BancBoston Ventures (a Bank of America company), Centric's current investors. Centric is using the additional financing to expand product development, and sales and marketing efforts.
Product investment. Centric continues to aggressively invest in its product offerings, with the overarching goal of satisfying customer demand for solutions that deliver economic benefits and measurable results.
Market and industry recognition. Centric received accolades throughout the year for its technology and industry leadership.
- Consumer Goods Technology. The media group recognized Centric for its unique contributions to the consumer goods industry as a "CGT Editors' Picks" choice.
- START-IT 125. The manufacturing industry publication named Centric to its "125 List of Top Manufacturing Technology Providers."
- Aberdeen Group. The research and analyst firm, in its report detailing PLM use, cited Centric PLM technology as "helping fashion, apparel, and footwear companies become more agile and meet the challenges of their markets."
- The Academy of Distinguished Engineering Alumni, Georgia Institute of Technology's College of Engineering, inducted Ravi Rangan, Centric's chief technology officer, for his significant contributions to the profession and the distinction he brings to Georgia Tech.
"This year has demonstrated that, despite a challenging economy, Centric provides the value companies need to improve their competitive position and to ensure their ongoing success," says Groves. "Our customers are taking a leadership position in their respective markets by investing now in Centric solutions to improve their operations today and into the future. Customers tell us they are expanding their use of Centric PLM and sourcing to improve efficiency and do more with less, and thereby create a competitive advantage. We see customers achieve real impact to their profit and loss statements within the first fiscal year after deploying Centric solutions."
About Centric Software, Inc.
Centric Software is a leading provider of product lifecycle management (PLM) and sourcing solutions for companies in the fast-moving consumer goods industries, including those that globally source private-label products. Centric 8 enables companies to speed new products to market, drive margin improvement, and improve global collaboration and compliance.
Centric's proven Web-based product intelligence technology enables team members and partners to securely access the information they need to improve global collaboration, execution and business performance. Global enterprises including Artsana, Best Buy, Bristol-Myers Squibb, Coleman, Kiewit, Le Coq Sportif, Moen, Timex and United Stationers Inc. use Centric's solutions to achieve top-line revenue growth and cost reductions.
Read about Centric Software in the PLM directory