IQMS, a software company based in Paso Robles, announced Aug. 4 that growth equity firms Technology Crossover Ventures and Banneker Partners have made an additional $40 million investment, for a total of $75 million over the past year.
“IQMS is a strong business in a healthy marketplace, and our initial August 2014 investment in IQMS has developed into a successful partnership,” said Jake Reynolds, TCV general partner, in a news release. “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.”
IQMS has hired Gary Nemmers as its new CEO. IQMS founder Randy Flamm will transition to the role of chief product officer and remain chairman of the board.
“TCV and Banneker are growth investors. Our mutual goal is to see IQMS become a top five ERP vendor for manufacturers worldwide,” said Flamm. “With TCV’s investment, we have the resources to ensure IQMS is properly funded and managed for the future. IQMS will continue to grow as a leader in manufacturing ERP and automation and our customers and prospects can look forward to increased investment in the product and the company.”
Added Nemmers, “IQMS is an exciting company. It serves manufacturers with a unique brand of ERP that is both comprehensive and focused on solving shop floor challenges. From what I have seen, IQMS’ potential for growth is unlimited. I couldn’t be prouder to serve at the helm of IQMS as we continue to evolve into the leading authority in manufacturing ERP software.”