IQMS (Paso Robles, CA), an enterprise resource planning (ERP) and manufacturing execution system (MES) authority, announced that growth equity firms Technology Crossover Ventures (TCV) and Banneker Partners have made an additional $40 million investment in IQMS, 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. "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."
In conjunction with the investment, IQMS has hired veteran enterprise software professional Gary Nemmers as its new CEO. Joining IQMS from HighJump, a vendor of warehouse management systems, Nemmers has a proven track record of helping companies achieve sales and operational excellence. IQMS founder Randy Flamm will be transitioning to the role of Chief Product Officer and will remain as Chairman of the Board of Directors.