Product lifecycle management specialist looks to expand market share, increase alliances
Lawrence, MA — June 16, 2004 — Product lifecycle management (PLM) solutions provider Aras Corporation has secured $12.25 million in Series C funding that the company plans to use to expand market share and to continue building a network of strategic alliance partners.
Venture capital firm Oak Investment Partners, an early investor in Parametric Technology Corporation (now PTC), led this round of investment, with participation by existing investors Greylock Partners and Matrix Partners.
"We are proud to have Oak Investment Partners lead the funding, and with the participation of our previous investors, Greylock Partners and Matrix Partners, we have assembled an outstanding group of quality institutional shareholders," said Rick Lucier, CEO of Aras.
Founded in 2000, Aras offers a Web-based solution for PLM targeted at mid-tier companies. The solution provider asserts that its system's architecture makes it easier and less expensive for companies to adopt.
"The ability to modify solutions without programming drives customer results much faster than previously possible representing a fundamental change in the market," said Bill Kaiser, general partner at Greylock Partners. "With our follow on investment they are well positioned to extend their leadership."
Auto industry supplier Freudenberg-NOK has been working with Aras to streamline its product development processes. Read more in the article Stuck in the Middle, in the April/May 2004 issue of Supply & Demand Chain Executive.
Lawrence, MA — June 16, 2004 — Product lifecycle management (PLM) solutions provider Aras Corporation has secured $12.25 million in Series C funding that the company plans to use to expand market share and to continue building a network of strategic alliance partners.
Venture capital firm Oak Investment Partners, an early investor in Parametric Technology Corporation (now PTC), led this round of investment, with participation by existing investors Greylock Partners and Matrix Partners.
"We are proud to have Oak Investment Partners lead the funding, and with the participation of our previous investors, Greylock Partners and Matrix Partners, we have assembled an outstanding group of quality institutional shareholders," said Rick Lucier, CEO of Aras.
Founded in 2000, Aras offers a Web-based solution for PLM targeted at mid-tier companies. The solution provider asserts that its system's architecture makes it easier and less expensive for companies to adopt.
"The ability to modify solutions without programming drives customer results much faster than previously possible representing a fundamental change in the market," said Bill Kaiser, general partner at Greylock Partners. "With our follow on investment they are well positioned to extend their leadership."
Auto industry supplier Freudenberg-NOK has been working with Aras to streamline its product development processes. Read more in the article Stuck in the Middle, in the April/May 2004 issue of Supply & Demand Chain Executive.
