RELEX Solutions has closed a second round of funding led by Summit Partners to support continued growth. Terms of the deal were not disclosed.
Summit Partners made an initial investment in RELEX in September 2015 to support the supply chain solutions provider. Since then, the company has tripled revenues, entered the North American market and added 90 new customers, including Rossmann, WHSmith and Morrisons.
“Operational excellence — in merchandising, supply chain and store operations — is required for retailers to survive in today’s extremely competitive market,” said Mikko Kärkkäinen, Group CEO of RELEX Solutions in a statement. “Unifying these core operational processes enables retailers to really step up their game. We have, for example, seen our customers reduce out-of-stocks by up to 80% and significantly decrease labor cost in stores by optimizing planograms to enable straight-to-shelf deliveries, minimizing the need for backroom storage.”