Plex More Than Quintupled Subscription Revenue Under Francisco Partners’ Ownership
Francisco Partners, a global investment firm that specializes in partnering with technology businesses, announced it has signed a definitive agreement to sell Plex Systems, the leading cloud-native smart manufacturing software platform, to Rockwell Automation, Inc. (NYSE: ROK) for $2.22 billion in cash.
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Plex’s software solutions help manufacturers streamline and modernize their global operations by leveraging the power of shop-floor data to drive improved production performance. The Company offers the only single-instance, multi-tenant SaaS manufacturing platform operating at scale, including advanced manufacturing execution systems, quality, and supply chain management capabilities. Plex has over 700 customers across 37 countries and manages more than 8 billion transactions per day.
“Plex has always been at the forefront of the smart manufacturing revolution having launched its first cloud-native products more than two decades ago,” said Petri Oksanen, Partner at Francisco Partners. “We are grateful to have had the opportunity to support the Plex team in accelerating their execution against this transformative vision and greatly scaling the business along the way, with Plex’s subscription revenues more than quintupling during our ownership.”
“Francisco Partners was the ideal partner to help us grow and realize the full potential of our business,” said Bill Berutti, CEO of Plex Systems. “Their experience with investing in and providing operational support to vertically-focused application software businesses combined with their deep understanding of our end-market, products, customer base and value proposition played a crucial role in helping build Plex into the industry leader in smart manufacturing we are today.”
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“It has been a pleasure to partner with Plex Systems and their management team to build a truly differentiated business,” said Dipanjan “DJ” Deb, Co-Founder and CEO of Francisco Partners. “As Plex continues to fulfill its vision and support its customers in delivering on the promise of smart manufacturing, we believe Rockwell will be a great long-term home for the company, its customers and employees.”
Goldman Sachs & Co. LLC acted as the exclusive financial advisor and Paul Hastings LLP acted as legal advisor to Francisco Partners.
The transaction is expected to close in Rockwell’s fiscal fourth quarter, subject to customary closing conditions and completion of regulatory review.
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