Sunday, December 28, 2014

Quintiq raises capital from LLR, NewSpring

The business-software developer, with dual headquarters in Wayne and the Netherlands, attracted an undisclosed amount from two of the Philadelphia region's most active private-equity firms.

Quintiq raises capital from LLR, NewSpring

Business-software developer Quintiq has big ambitions to increase its sales over the next five years to $250 million from $50 million in 2010.

Now the privately held company, which has one of its two headquarters in Wayne, has raised its first outside capital from two Philadelphia-area private-equity firms: LLR Partners and NewSpring Capital.

Just don't ask how much Quintiq raised. Neither CEO Victor Allis nor his venture partners would disclose the dollar amount, only that LLR and NewSpring had acquired a 48 percent stake in the maker of advanced planning and scheduling software.

Allis, who has been based in Quintiq's Tredyffrin Township offices for about a year, will remain chief executive. Arjen Heeres will continue as chief operating officer from his based in The Netherlands where Quintiq began in 1997.

In an interview, Allis said he anticipates that this will be the only outside capital Quintiq will raise. While the capital infusion is certainly important, he said attracting investors who have helped other software companies grow in the United States will be "very valuable."

"It's unusual to see a company get to this scale without institutional investment," said Greg Case, partner at LLR Partners in West Philadelphia.

Marc Lederman, a partner in Radnor-based NewSpring, noted that his firm has invested in plenty of U.S. software companies that have sought to go global. Quintiq, in contrast, is a global company that's looking to expand in the United States.

Quintiq has about 350 employees worldwide, including about 30 in Wayne. Allis said the company is profitable and sales grew 40 percent from 2009 to 2010.

Mike Armstrong Inquirer Columnist
About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at marmstrong@phillynews.com.

Mike Armstrong Inquirer Columnist
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