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Centric Software marks record growth in fiscal 2015
11
Mar '15
Centric Software, Inc. which offers product lifecycle management (PLM) software for retail said it set record-setting growth in bookings, customers and geographic expansion in fiscal ending January 31, 2015.

“Centric has earned its position as the clear industry leader despite that the markets that Centric serves, face rapid changes, growth and need to develop innovative products, said Chris Groves, CEO at Centric.

He added, “Centric’s growth reflects validation by these markets that Centric offers the best PLM solution to the challenges they face, and that we have the expertise to help customers get to the next level.”

In terms of bookings growth, total value of accepted term contracts were up 80 per cent over the previous fiscal and marks the third year in a row of more than 70 percent growth.

In fiscal 2015, Centric reached its 100th customer milestone through the addition of 40 new customers, the most in any year in the company’s history.

Among new customers were Delvaux, Centric’s first in Belgium, Mustang in Germany, Norrona in Scandanavia, Ackermans in South Africa and STF Group in Colombia.

During the reporting fiscal, Centric experienced more than 100 transactions with existing customers that expanded their implementations during the year.

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,” Groves informed.

Centric customers in the region include Bestseller Fashion Group China, Cache Cache China, Regina Miracle and The Sak.

The company grew the number of its employees by 40 per cent worldwide during the year and according to Groves, is focused on amassing the industry’s best and largest industry-focused PLM team.

Centric closed on a $24 million financing in growth capital as part of its Series D venture capital financing, led by Fung Capital USA and Silver Lake Waterman.

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.

Centric increased its leadership in mobile apps for PLM by adding five new mobile apps to its portfolio in the fiscal under review.

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. (AR)

Fibre2fashion News Desk - India

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