Seeing rapid growth, Summit provides additional equity funding to retail software provider Relex
Summit Partners has provided a second round of growth equity funding for Relex Solutions, a provider of integrated retail and supply chain planning software services. The amount of the funding and other financial details were not disclosed.
Through precise demand forecasting, automated replenishment, revolutionary space planning and assortment optimization, Relex helps retailers and their suppliers improve their planning, sell more and waste less despite fast-changing market conditions.
Summit originally invested in Relex in 2015. Over the past two years, Relex has entered the North American market, added over 90 new customers and nearly tripled its revenues. During this period, the company completed the acquisition of Galleria RTS, a space and optimization software provider, and invested in Zenopt, an advanced workforce optimization solution provider.
Relex maintains offices in Atlanta and London. Its customers include retailers WHSmith, Morrisons, AO.com, Coop Denmark and Rossmann. The company’s founders will continue to serve in a senior leadership capacity and remain the majority owners.
“We remain impressed by the company’s continued commitment to customer success during this period of rapid growth,” said Summit Partners managing director and Relex board member, Han Sikkens. “Relex Solutions delivers rapid, measurable ROI to customers, and we are delighted to continue our partnership for this next phase of growth.”
Founded in 1984, Summit Partners is a growth equity firm that is currently investing more than $9.5 billion into growth equity, fixed income and public equity opportunities. Summit has invested in more than 440 companies worldwide in the technology, healthcare and other growth sectors. These companies have completed more than 135 public offerings, and more than 150 have been acquired through strategic mergers and sales.
Earlier this year, Summit sold its stake in Mi9 Retail, a provider of software that helps retailers measure shopping behavior and other data, to New York-based middle-market private equity firm General Atlantic.
Retailers have been under pressure to keep up with changing customer behavior, driving up demand for data providers. Blackstone Group LP (NYSE: BX) and New Mountain Capital have invested $570 million in retail data provider JDA Software Group Inc.; The Carlyle Group LP (Nasdaq: CG) has acquired consumer data provider Claritas from Nielsen (NYSE: NLSN); and HGGC has been making add-on acquisitions to its platform company Survey Sampling, a brand tracker.