Aras, an Andover, Massachusetts-based open product lifecycle management (PLM) company, has raised $70 million in Series D funding. Goldman Sachs Private Capital Investing led this round of funding. Silver Lake Kraftwerk also participated in this round along with existing investor GE Ventures.
This round of funding will support Aras’ expansion of global operations and rapid growth of its open PLM platform. And the funding will support the development of Aras’ in-house development and technology acquisition. In conjunction with this round of funding, Hillel Moerman and Holger Staude of Goldman Sachs will be joining Aras’ Board of Directors. Moerman will become a board member and Staude will become an observer.
“This funding round with Goldman Sachs PCI enables us to move forward rapidly on multiple fronts and deliver the critical capabilities our customers need to innovate and transform their operations. We view this additional capital as another positive step forward for our entire open PLM community so that we can deliver capability faster, on a larger scale,” said Aras founder and CEO Peter Schroer.
Aras’ open software platform is disrupting the industrial software markets for PLM, repair, overhaul (MRO), and quality management systems (QMS). And the open software platform enables the largest manufacturers in the world to digitally transform their enterprises. Earlier this year, Aras acquired Impresa MRO and the company expanded its global operations with offices in the UK and Italy.
“At Goldman Sachs, our focus is on high-growth companies with significant barriers to entry, leading technology, and experienced management teams –these characteristics drove our interest in Aras,” added Moerman. “Globally, industrial businesses are wrestling with the transition to the digital era, whether refreshing mission-critical enterprise applications or positioning themselves for new opportunities. Aras’ innovative software platform enables them to execute digital transformation projects.”