Centric Software Closes Round Now Totaling More Than $33 Million in Funding; One of the Largest Technology Investments in Silicon Valley This Year.SAN JOSE, Calif. -- Centric Software, Inc., the leading provider of Open PLM (Product Life cycle Management) A comprehensive information system that coordinates all aspects of a product from initial concept to its eventual retirement. Sometimes called the "digital backbone" of a product, it includes the requirements phase, analysis and design (TM) solutions for the extended enterprise, today announced that it has closed another $10 million in its latest round of funding, raising the total to more than $33 million. Oak Investment Partners was the lead investor, along with co-investors Masthead Venture Partners, Boston Capital Ventures and BancBoston Ventures (a Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. company). Centric will use the funding to expand their engineering, sales and marketing, and field support operations in the United States and Europe. Centric's innovation, portfolio, and program management solutions enable manufacturers to drive top line revenue growth and achieve direct cost reductions by leveraging intellectual property throughout the supply chain to create differentiated products. Centric's Open PLM approach is attractive to global manufacturers because it integrates office documents, MCAD MCAD Microsoft Certified Application Developer MCAD Mechanical Computer Aided Design MCAD Medium-Chain Acyl-CoA Dehydrogenase (inherited metabolic disease) MCAD Minneapolis College of Art and Design , ECAD ECAD Electronic Computer-Aided Design ECAD European Cities Against Drugs ECAD European Center for Aviation Development ECAD external carotid artery dysplasia , CAE (1) (Computer-Aided Engineering) Software that analyzes designs which have been created in the computer or that have been created elsewhere and entered into the computer. , PDM (1) (Product Data Management) An information system used to manage the data for a product as it passes from engineering to manufacturing. The data includes plans, geometric models, CAD drawings, images, NC programs as well as all related project data, notes and and more, into their common environment, leveraging enterprise wide content and existing IT infrastructure investments. Additionally, the solution can be fully implemented in weeks rather than months or years as with competing solutions. "This level of funding clearly demonstrates the confidence our investors have in the market opportunity and the compelling value delivered to customer's through our innovation, portfolio and program management solutions," said Chris Groves, chief executive officer at Centric Software. "Centric's Open PLM solutions address the needs of everyone involved bringing products to market, from the highest level executive to program managers to individual team members. As a result, we are helping our customers accelerate the product and project cycle and deliver innovative products and projects to market." Strong Business Momentum In recent weeks, Centric Software has announced several major customer implementations and expansions, including: MEDRAD, INC., a global manufacturer of medical devices; Sensus, a global manufacturer of water, electrical, and gas metering systems; Hamilton Sundstrand Aerospace, a subsidiary of United Technologies Corporation (NYSE NYSE See: New York Stock Exchange :UTX UTX United Technologies Corporation (stock abbreviation, AMEX) UTX Unreal Texture (a texture pack for Unreal-engine games) UTX Unit Training Exercise UTX Under Track Crossing ); and Iowa State University Academics ISU is best known for its degree programs in science, engineering, and agriculture. ISU is also home of the world's first electronic digital computing device, the Atanasoff–Berry Computer. , which expanded their use of Centric's Design-Build solution. Key Partner Relationships A key impetus of Centric's growth is their partnerships with best-in-class software, service, and system integrators to quickly provide their customers with the most far reaching and complete intra-and inter-enterprise innovation environment available. Specifically, Centric's partnerships with IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) PLM and Dassault Systemes gives them access to world-class technologies and domain expertise and joint opportunities with some of the world's largest, most sophisticated manufacturing organizations. About Centric Software, Inc. Centric Software accelerates innovation and program execution through its family of industry-leading Open PLM(TM) solutions. Centric's rapidly deployed solutions suite provides innovation, portfolio and program management capabilities that leverage intellectual capital throughout the value chain. Its solutions are used by global enterprises such as Bristol-Myers Squibb, Hamilton Sundstrand, Siemens, SNC-Lavalin, Timex, Volvo, Iowa State University and others to drive top line revenue growth and achieve direct cost reductions. Centric's customers include aerospace, automotive, consumer goods, AEC, pharmaceutical, electronics companies and universities. |
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