RELEX Solutions, a provider of unified supply chain and retail planning solutions, today announces that funds managed by Blackstone Growth (BXG), Blackstone’s growth equity investing business, and TCV, a leading investment firm focused on investing in global, category-defining, technology companies, have increased their investment in RELEX by purchasing all of the shares of original RELEX investor, Summit Partners. [Financial details of the transaction are not disclosed.]
Summit Partners has been an investor since 2015. Steffan K. Peyer, managing director at Summit Partners, has served on the board of directors at RELEX, and says, “We are proud to have been part of the RELEX growth trajectory, supporting its transformation into one of the leading software growth companies with an impressive global footprint. We wish the company well on their ongoing mission to minimize cost and waste across the supply chain.”
Blackstone and TCV’s additional investment underscores their conviction in RELEX’s growth trajectory, and reaffirms a commitment to supporting the Company’s strategy, which includes expanding the addressable market into the consumer packaged goods (CPG) and manufacturing sectors following the acquisition of Optimity earlier this year.
As reported in August, RELEX continues to deliver impressive growth, with reported subscription revenue increasing 37% year-over-year (YoY), and total revenue growth of 35% YoY, during the first half of 2024. RELEX also benefitted from continued customer growth across all sectors, with new and expanded customer signings across the globe, as a variety of retailers and consumer goods companies recognize the inherent value in the company’s planning solutions.
“We are deeply grateful to Summit Partners for their decade-long commitment to RELEX. The firm’s support of our vision and strategy has been instrumental in our transformation and growth into new markets and new regions. We wish Summit Partners well as they move on to new ventures,” said Mikko Kärkkäinen, Group CEO and Co-founder of RELEX Solutions. “As we look ahead to the next chapter, we are thrilled to have Blackstone and TCV reinvest in RELEX. Their support will enable us to further expand our addressable market, strengthen our product offerings, and deliver even greater value to our customers worldwide. Our partnership is based on a commitment to our customers and building a very happy customer-base.”
“Our increased investment in RELEX reflects our confidence in their exceptional team and their AI-driven retail and supply chain planning platform. RELEX has shown remarkable growth and resilience, and their solutions are more relevant than ever in today’s dynamic market environment. We are thrilled to support their journey as they continue to innovate and leverage AI to bring more value to customers, and expand their reach, particularly in the consumer packaged goods and manufacturing industries,” said John Doran, General Partner at TCV.
“RELEX has cemented its position as a leading next-generation supply chain software player globally. RELEX has an impressive track record of strong growth, successful customer implementation and exceptional customer satisfaction. We are excited to reinvest in the Company and look forward to our ongoing partnership to support their continued expansion into new markets and sectors,” said Paul Morrissey, senior managing director at Blackstone Growth.
