Reflexis Systems gets $10M Series A
Date: Friday , September 01, 2006
Six years after its inception, Reflexis Systems Inc., a maker of retail task and execution management software has raised $10 million from Pequot Ventures. Reflexis will use the funds to enhance its position in the retail task and execution management sector.
Prashanth Palakurthi, Chairman and CEO says there was tremendous interest from the VCs. “Retail Execution Management, sometimes referred to as Task Management or Store Execution Management, has been adopted by many of the category leaders and early adopters of technology, and Reflexis has shown tremendous sales momentum over the past year.”
Today a host of retailers all the way from Wal-Mart to retailers within $100 million range all use task management software to increase revenues and profits, reduce costs, and enable a consistently positive customer experience. “Since there is a positive RoI from a combination of increased sales, cost reductions, and improvements to management efficiencies, the demand is great and the only real obstacle to tapping into this market fully is our ability to spread the word effectively,” says Palakruthi who is also quick to add that the market size for task management software is worth $1 billion.
Palakruthi snubs the competition and says Reflexis has won every major every deal against its competitors in the last 20 months. He says, “There are a few competitors also approaching the major retail market, however the Reflexis technology is superior to the competitors to the extent that two of the world’s largest retailers have recently switched to Reflexis.” Reflexis, which has about 100 employees, is headquartered in Norwood, MA, with offices in London and a large development center in Pune, India.