IQMS gets $40 million investment and new CEO
Founder Randy Flamm transitioning from CEO to chief product officer
– IQMS, a Paso Robles-based software company, this week announced that growth equity firms, Technology Crossover Ventures (TCV) and Banneker Partners, have made an additional $40 million investment in IQMS, for a total of $75 million over the past year.
“IQMS is a strong business in a healthy marketplace, and our initial August 2014 investment in IQMS has developed into a successful partnership,” said Jake Reynolds, TCV general partner. “With its combination of ERP (enterprise resource planning) and MES (manufacturing execution system) in a single package, IQMS is reinventing the way people think about manufacturing software, and we are excited to deepen our investment in the company and the manufacturing industry.”
In conjunction with the investment, IQMS has hired veteran enterprise software professional, Gary Nemmers as its new CEO. Joining IQMS from WMS vendor, HighJump, Nemmers has a proven track record of taking companies to the next level of sales and operational excellence. IQMS founder, Randy Flamm, will be transitioning to the role of chief product officer and remain as chairman of the board of directors.
“TCV and Banneker are growth investors. Our mutual goal is to see IQMS become a top five ERP vendor for manufacturers worldwide,” said Randy Flamm, chairman at IQMS. “With TCV’s investment, we have the resources to ensure IQMS is properly funded and managed for the future. IQMS will continue 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 company.”
“IQMS is an exciting company – It serves manufacturers with a unique brand of ERP that is both comprehensive and focused on solving shop floor challenges,” said Gary Nemmers, new CEO at IQMS. “From what I have seen, IQMS’ potential for growth is unlimited. I couldn’t be prouder to serve at the helm of IQMS as we continue to evolve into the leading authority in manufacturing ERP software.”
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.
About Technology Crossover Ventures
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.
About Banneker Partners
Banneker Partners, founded in 2010, is a private equity and growth capital firm focused on making investments in leading software/SaaS, Internet and technology businesses. Selected investments include, Auditfile.com, Ancestry.com, Genesys Software and RocketLawyer Banneker Partners is located in San Francisco, California. For more information about Banneker Partners, visit www.bannekerpartners.com.