"IQMS is a strong business in a healthy marketplace, and our initial August 2014 investment in IQMS has developed into a successful partnership," said Jake Reynolds, TCV General Partner. "With its combination of ERP and MES in a single package, IQMS is reinventing the way people think about manufacturing software, and we are excited to deepen our investment in the company and the manufacturing industry."

In conjunction with the investment, IQMS has hired veteran enterprise software professional Gary Nemmers as its new CEO. Joining IQMS from HighJump, a vendor of warehouse management systems, Nemmers has a proven track record of helping companies achieve sales and operational excellence. IQMS founder Randy Flamm will be transitioning to the role of Chief Product Officer and will remain as Chairman of the Board of Directors.

"TCV and Banneker are growth investors. Our mutual goal is to see IQMS become a top five ERP vendor for manufacturers worldwide," said Flamm. "With TVC's investment, we have the resources to ensure IQMS is properly funded and managed for the future. IQMS will continue to grow as a leader in manufacturing ERP and automation, and our customers and prospects can look forward to increased investment in the product and the company."

New CEO Nemmers added, "IQMS is an exciting company—it serves manufacturers with a unique brand of ERP that is both comprehensive and focused on solving shop-floor challenges. From what I have seen, IQMS' potential for growth is unlimited. I couldn't be prouder to serve at the helm of IQMS, as we continue to evolve into the leading authority in manufacturing ERP software."

For more than 25 years, IQMS has been designing and developing manufacturing ERP software for repetitive, process and discrete industries, including the automotive, medical, packaging, consumer goods and other manufacturing markets. IQMS has offices across North America, Europe and Asia.