CONCORD Mass. – aPriori, a provider of product cost management software solutions, today announced $5 million in new venture capital from existing investor Sigma Partners. The funding announcement follows record results for fiscal year 2012 ended April 30.
The funding will be used to expand the company’s sales and services teams in Europe and accelerate development of its sales channel in the Asia/Pacific region. aPriori will also continue to invest in the expansion of its product costing capabilities for expert cost engineers and sourcing personnel, and expand best practices within its professional services organization to help customers maximize value from their investments in aPriori.
The company will also be funding and ramping a new Supplier Network initiative. It addresses strong demand from suppliers in the automotive, aerospace and industrial machinery industries for a costing solution that enables quick and accurate quote generation. These suppliers are looking to embed the aPriori quote generator within existing aPriori deployments at their major discrete manufacturing customers. This strategy helps suppliers respond more quickly to requests for quotes, scale their business and effectively establish themselves as the preferred vendor for future business.
“We’ve just completed a great year and we see tremendous opportunity in the US, European and Asia-Pacific marketplaces right now,” said Stephanie Feraday, president and CEO of aPriori. “This funding enables us to build on the success of the last two years to capitalize on these opportunities and make aPriori the product cost standard for discrete manufacturers.”