Plex Systems Announces Record Growth in 2010, Opens International Office, Expands Workforce
Company reports 26% Increase in recurring revenue
AUBURN HILLS, Mich., Feb. 3, 2011 - Plex Systems, Inc., provider of the No. 1 rated manufacturing ERP software, today announced record financial results for the year ended December 31, 2010. For the full year, total revenue grew 27 percent over results from 2009. Recurring revenue, based on the company's core software as a service (SaaS) subscriptions, increased 26 percent.
Note that as a private company, Plex Systems does not release dollar values for its revenue and profitability figures.
In addition, the company hired 54 new employees in 2010, and launched international operations in Germany after receiving certification from the German Institute of Auditors (Institut der Wirtchaftsprüfer in Deutschland e.V.) The certification validates Plex Online's suitability for use by multinational companies with operations in Germany or by companies headquartered in Germany.
"In 2010, Plex Systems saw an accelerating growth rate as an increasing number of manufacturers and processors chose Cloud ERP as the best solution to fit their business needs, and chose Plex Online as the best Cloud ERP solution in the market," said Plex Systems President and CEO Mark Symonds. "We continued to expand our customer base from our strong history of automotive and industrial manufacturers into a diversified set of industries that include food and beverage processing, electronics manufacturing, medical device manufacturing, aerospace and defense manufacturing, and consumer packaged goods manufacturing."
Record Number of Customers, Including Company's Largest to Date
The company added 37 new customers in 2010, including its largest ever, Invensys Controls, a London-headquartered, global technology company focused on industrial automation, rail transportation and controls.
Plex Systems' new 2010 customers represent a variety of manufacturing industries - food processing, medical devices, automotive, aerospace/defense, industrial, consumer products and more - and locations include companies in Europe, Asia and North America. The following companies joined in the fourth quarter and are implementing Plex Online functionalities:
Tianhai Electric North America - Located in Farmington Hills, Mich., Tianhai Electric North America is a wholly owned subsidiary of THB Group of China. The company develops and manufactures electronic components and connectors for the automotive industry. The company will implement the full system of Plex Online solutions.
Climax, LLC - Climax Manufacturing Company, Climax Paperboard Inc. and Climax Packaging Inc. are all owned by Climax LLC with headquarters in Lowville, New York. Climax is a world class manufacturer of folding cartons and recycled paperboard. The Company will implement the full system of Plex Online solutions at all three locations.
Steel Warehouse Profiling - Steel Warehouse Profiling is a wholly-owned business of the Steel Warehouse Company in South Bend, Indiana. It provides steel processing services for production-ready steel to metal stampers, fabricators and manufacturers. The company will implement the full system of Plex Online and Baker Tilly will execute the implementation.
SFI of Tennessee, LLC - SFI is one of the nation's leading single-source providers of heavy and medium gauge fabrication metal components and value added services used by OEMs in the agricultural, construction, industrial and transportation businesses, along with military contractors in the defense industries. The company will replace Infor's Visual Enterprise and implement the full system of Plex Online. Baker Tilly will execute the implementation.
Dokka Fasteners Inc. - Dokka Fasteners Inc. is the first manufacturing company established in the U.S. by the Wurth Group. Designed to parallel the Dokka Fasteners facility in Norway, Dokka Fasteners Inc. features a fully automated, robotic hot forging manufacturing process including in-house heat-treating. Dokka has been a proven supplier to the Wind Energy Industry for over 30 years and continually invests in leading edge equipment and technology. Dokka will implement the full system of Plex Online.
Quatro Composites(TM) - Quatro Composites(TM), a division of Tec Industries, LLC, is an Iowa-based advanced manufacturer offering a full line of services from design, analysis, prototyping and production of advanced composite products. Quatro manufactures and engineers products for the aerospace, military/defense and medical markets. The company will implement the full system of Plex Online at both company locations.
Allied Alloys - Based in Houston, Texas, Allied Alloys is a scrap metal processing company. The company will implement the full system of Plex Online.
Whitehall Industries - Whitehall Industries is a manufacturer of precision aluminum extrusions and machine-fabricated components. Based in Ludington, Mich., Whitehall Industries is a leader in the manufacturing of automotive sunroof tracks. The company chose Plex Online over Infor and will implement the core system with a plan to add additional functionality in 2011.
Yetter Manufacturing Company - Established in 1930 and based in Colchester, Illinois, Yetter Manufacturing Company is the industry leader in products and attachments that boost productivity and profitability for the agricultural industry. The company will implement the full system of Plex Online.
Ada Technologies - Based in Ada, Ohio, this company manufactures automotive shifters and transmission parts for the automotive industry. The company will implement the full system of Plex Online and Revolution Group will execute the implementation.
Ernie Green Industries, Inc. - Ernie Green Industries, Inc. manufactures and supplies wheel covers, wheel hubs, center caps, vehicle structural products, and other interior and exterior trim parts to the automotive industry. It includes Marion Industries, Plastic Platers and Florida Production Engineering. The company is replacing Infor and will deploy the full system of Plex Online.
A Michigan-based automotive assembly company has chosen Plex Systems for its ERP needs. It will implement the full system of Plex Online.
A Dayton, Ohio-based metalforming manufacturer chose Plex Systems over Epicor and will implement the core system of Plex Online.
Michigan-based manufacturer of energy absorbing bumper systems for the transit industry and engineered stone panels for residential and commercial use will implement the full system of Plex Online.
Many existing customers expanded their use of Plex Online during 2010, further contributing to Plex Systems' growth. In the fourth quarter, the following companies purchased additional functionalities.
NHK Spring Precision of America, Inc. - This Louisville, Kentucky-based company is a subsidiary of NHK Springs Co, Ltd. and a leading manufacturer of automotive suspension springs, automotive seats, precision spring and components, HDD suspensions and mechanical components and industrial machinery and equipment. In 2010, the company purchased quality, tooling and HR functionalities of Plex Online. Plante Moran is responsible for the deployment.
A supplier of specialized tubular products for the automotive industry has added Plex Online's finite scheduling functionality to its existing system and will deploy it in all of its U.S. locations.
Revstone - Revstone, with offices in Kentucky and Michigan, is a leading global manufacturer of innovative products and services used in a wide range of industrial and consumer applications including transportation, aerospace, energy, general industrial, agriculture and electronics. The Revstone Formed Metals Group, focused on engineered fineblanked components/sub-assemblies and specialty stamped fasteners, recently purchased the Penzberg, Germany and Waterloo, Canada operations from the HOERBIGER Group. It will implement the full system of Plex Online in the newly acquired operations.
A leading global designer and supplier of metal-formed components and assemblies for engine and transmission applications expanded its Plex Online use by purchasing the supplier scorecard functionality.
Strategic Alliances
In 2010, the company announced several strategic and technology partnerships to provide the highest-quality service to its customers.
o Plex Systems attained Gold Certified Partner status in the Microsoft Partner Program with competencies in Business Intelligence and Hosting Solutions, recognizing Plex Systems' expertise and impact in the technology marketplace.
o Plex Systems entered a partnership with Xtrategit Corp., a management and IT consultancy based in Puerto Rico, to introduce the Plex Online SaaS ERP solution to manufacturers in Latin American and North American markets.
o Plex Systems partnered with Pacejet, a provider of shipping, logistics and mobile software, to offer automated shipping functionality.
o Plex Systems has partnered with a cloud-based and on-premise data innovation company for third party integration of SAP, Oracle and other software.
o Plex Systems partnered with Revolution Group to offer additional functionality for users of Plex Online who also use CRM provider Salesforce.com.
o Plex Systems has been named a TEC Certified Vendor for its cloud/SaaS ERP solution for manufacturers, Plex Online.
o Plex Systems has partnered with Denver-based Cloud-MFG, Inc., offering Engineer to Order (ETO) and other industrial manufacturers access to a new breed of ETO-specific ERP functionality to help manage complex quotation and order entry; track project costing and reduce lead-time.
Industry Recognition
Plex Systems is proud to have received 28 industry awards during 2010, including the following:
o The Business of Science and Technology - Corp! magazine honored Plex Systems for leading the way in science and technology through innovation, research and applied science.
o Food Logistics FL 100 - Plex Systems was named one of the top 100 service and technology providers to the food processing industry.
o 2010 Economic Bright Spot - Plex Systems was named one of Michigan's Economic Bright Spots by Corp! magazine.
o Network Products Guide Best Products and Services Reader Trust - Plex Online was selected by readers of the Network Product Guide as the Best in SaaS and Cloud Computing.
o Metropolitan Detroit's 101 Best and Brightest Companies to Work For- Plex Systems received this award from the Michigan Business and Professional Association(MBPA) for the second consecutive year.
o Detroit Free Press Top Workplaces 2010 - Plex Systems received the honor for the second consecutive year for positive workplace culture, communication, values and benefits as identified by Plex Systems employees.
Commitment to Community
Plex Systems showed its commitment to helping others by raising $19,613 for the Cystic Fibrosis Foundation and $14,387 for the Humane Society of Monroe County, the charity partners selected by Plex Systems employees. Each year, employees select charities to support with volunteer efforts and contributions and Plex Systems provides matching donations. This year's fundraising activities included a pancake breakfast, bake sales, beer tasting, raffles, wine tastings and more. In addition, the company also sponsored charity events including the Humane Society Walk and Moonlight and Martinis.
The company also invested in future Michigan talent through its on-the-job technology training for co-op students from Kettering University, Oakland University and Lawrence Technological University. The company employed 13 students in 2010. This program allows students to rotate school work with on-the-job training to enhance their skill sets and employability upon graduation. Additionally, the company sponsored the Rochester Adams / Stoney Creek High School (Rochester Hills, Michigan) Robotics Team's participation in the 2010 season FIRST robotics competitions.
About Plex Systems, Inc.
Plex Systems, Inc. is the developer of Plex Online, a SaaS ERP (software as a service) cloud ERP solution for the manufacturing enterprise. Plex Online offers industry-leading features for virtually every department within a manufacturer, including Manufacturing Execution Systems (MES) and Quality Management Systems (QMS) for the shop floor, Supply Chain Management (SCM) for procurement, and Enterprise Resource Planning (ERP) for finance and management. Plex Online's comprehensive functional coverage delivers a "shop floor to top floor" view of a manufacturer's operations, enabling management to run its business at maximum efficiency. Founded in 1995, Plex Systems is headquartered in Auburn Hills, Michigan, with customers around the globe.
