Equity firms Technology Crossover Ventures (TCV), Palo Alto, Calif., and Banneker Partners, San Francisco, have recently invested $40 million in software firm IQMS, Paso Robles, Calif., bringing their total support over the past year to more than $75 million.
IQMS specializes in enterprise resource planning (ERP) and manufacturing execution system (MES) software. With this cash infusion, it has named a new CEO, hiring veteran software professional Gary Nemmers. He succeeds IQMS founder Randy Flamm, who will transition to the role of chief product officer and remain as chairman of the board of directors.
"IQMS is a strong business in a healthy marketplace, and our initial August 2014 investment in IQMS has developed into a successful partnership," says Jake Reynolds, general partner of TCV.
"With its combination of ERP and MES 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."
According to its most recent half-year report, IQMs experienced record-breaking growth to start 2015, with 65 new manufacturing facilities added to its customer base. In August, it was recognized by Inc. magazine as one of the fastest-growingprivate companies in America for the fifth consecutive year, making it one of only 318 companieson this year's Inc. 5000 list that can make that claim.
Over the first half of 2015, IQMS expanded its portfolio, releasing two new language packs, an advanced warehouse management system and an in-line vehicle sequencing application. Since the start of the year, more than 60 new employees have joined the company.
