Plex Systems Announces Record Third Quarter 2010 Financial Results
Company Reports 32% Increase in Revenue, Wins Largest Sale in Company History
AUBURN HILLS, Mich., October 27, 2010 -- Plex Systems, Inc., provider of the No. 1 rated manufacturing ERP software, today announced record financial results for its third quarter ending September 30, 2010.
Total revenue for the quarter increased 32 percent, while recurring revenue increased 25 percent. The company also added eleven new customers, including its largest ever. (Note that as a privately owned company, Plex Systems does not disclose detailed financial information.)
Mark Symonds, chief executive officer at Plex Systems, said, "The demand for manufacturing ERP in the cloud continues to increase dramatically. Additionally, new industries have responded positively to the manufacturing-centric design of our solution, driving success among companies in food and beverage processing, alternative energy manufacturing, and consumer product manufacturing."
Plex Systems' newest customers include:
Invensys Controls - Based in Carol Stream, Illinois, Invensys Controls is one of three business units of Invensys plc, a London-headquartered, global technology company focused on industrial automation, rail transportation and controls. Invensys Controls, with 25 locations worldwide, is Plex Systems' largest customer to date.
Vornado Air - Based in Wichita, Kansas, Vornado is a manufacturer of fans, heaters, humidifiers, and steam products, primarily selling through large retailers including Target Corporation, Bed Bath & Beyond and The Home Depot. The company will implement the full suite of Plex Online solutions.
Cast Aluminum Solutions, LLC (CAS) - Located in Batavia, Illinois, CAS is a specialty aluminum foundry with expertise in the design and manufacture of standard and custom cast aluminum thermal parts for OEM's in many industries, which include food service, medical and semiconductor equipment manufacturers. The company chose Plex Online for its enterprise resource planning solution over competitors Epicor and Consona Corporation.
Broadway Companies, Inc. - This Dayton, Ohio-based company manufactures plastic molds and large cavity preform molds for the plastic industry. They will implement Plex Online's core system. The company joins its sister companies, Encon, EnKon, and EnKon West, as well as new customer Enkon Dallas, in using Plex Online.
EnKon Dallas - The company manufactures plastic preforms, containers and closures and will implement Plex Online's core system. The company joins its sister companies, Broadway Companies, Encon, EnKon and EnKon West, in using Plex Online.
E&E Manufacturing - This Plymouth, Michigan-based company manufactures stampings and fasteners for the automotive, military and industrial sectors. The company is switching from QAD and will implement the full suite of Plex Online.
Sopogy, Inc. - Sopogy is a Honolulu, Hawaii-based solar power manufacturer that specializes in MicroCSP(TM) solar thermal technology. Sopogy brings the economics of large solar energy systems to the industrial, commercial and utility sectors in a smaller, more cost-effective package. The company will implement the full Plex Online solution.
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, electronics and consumer industries. The company will implement Plex Online's ERP solution for its enterprise-wide human resources management, replacing its current ERP systems.
In addition, three Revstone facilities under its new RPM-TEC group, including Power-Tec Engineering LLC, Arrow Racing Engines and Saleen Performance Vehicles, will implement the full Plex Online solution.
o Power-Tec Engineering LLC is a full service supplier of engineering design, R&D, testing, calibrations, validation and prototype through high volume manufacturing.
o Arrow Racing Engines is a subsidiary of Power-Tec that specializes in engine design, R&D, building, testing, and warranty services.
o Saleen Performance Vehicles is a provider of vehicle build programs with extreme performance and expressive styling.
Jensen Meat Company - Located in California, Jensen Meat Company is a producer of quality ground beef products for the food servicee distribution, restaurant, retail and school markets. They will implement the full Plex Online system.
Paragon Metals - Headquartered in Charlotte, North Carolina, Paragon Metals is a full service manufacturer and supply chain manager of precision-engineered components to US and European automotive, truck, and general OEMs. The company is switching from Microsoft Dynamics GP and will implement the full Plex Online solution.
Energy Control Systems Engineering, Inc. - Based in California, EnergyCS is an engineering services firm specializing in dynamic energy management solutions. A premier supplier of battery and energy management technology, EnergyCS is best known for its design of the first Toyota Prius plug-in hybrid. The company chose Plex Systems over Microsoft Dynamics GP and QAD, and will implement the core system of Plex Online.
Industry recognitions and sponsorships
Plex Systems continues to receive recognitions and awards. It was named the "Metropolitan Detroit's 101 Best and Brightest Companies to Work For" by the Michigan Business and Professional Association (MBPA) for second consecutive year. It also won the elite award for work-life balance category.
Plex Systems was named in Lead411's "Hottest Companies" list of leading technology companies, Midwest Region. It was also the winner of the Info Security Products Guide's 2010 Tomorrow's Technology Today award in the Enterprise Management category.
Key executives at Plex Systems have also been recognized for their outstanding work. Mark Symonds, chief executive officer, was a finalist for the CEO of the Year award by Automation Alley, Michigan's largest technology business association, and Taya Johnson, human resources manager, won the "Michigan's HR Executive of the Year" award from the American Society of Employers (ASE).
Along with winning several awards, Plex Systems also established its presence in key vertical markets by sponsoring and exhibiting at several strategic events including the 2010 CAR Management Briefing Seminars, Process Expo 2010, Precision Metalforming Association's (PMA) Marketing and Sales Conference, PMA's Information Technology Roundtable, International Manufacturing Technology Show, InterBev 2010 and Design & Manufacturing Midwest/Green Manufacturing Expo, among others.
In addition, Plex Systems also announced that users of Plex Online, a cloud ERP solution for the manufacturing enterprise, report 98 percent customer satisfaction, a full 50% higher than their average competitors. The Chaos Report, produced by The Standish Group, reported an industry average of just 66 percent of customers is satisfied with computer system implementations.
About Plex Systems, Inc.
Plex Systems, Inc. is the developer of Plex Online, a software as a service (SaaS) 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. Follow Plex Systems on Twitter. More information is online at www.plex.com.
