CMX Announces $50 Million Series A Investment Led by Morgan Stanley Expansion Capital
May 26 2021 - 7:30AM
CMX, a leading provider of enterprise quality management software
(EQMS), today announced it has completed an investment led by
Morgan Stanley Expansion Capital. The financing will be used to
accelerate the company’s growth by enabling CMX to expand its team
and product offerings and execute its vertical market expansion
strategy.
Using automation, data, visibility, and insights, the CMX1
platform enables food, retail, hospitality, and service
organizations to digitally transform quality, risk, safety, and
compliance-focused programs. The platform empowers organizations to
protect brand reputation, maintain customer trust, and drive
operational performance across their locations.
“CMX was founded based on the increasing challenges we saw for
large distributed companies to protect their brands and manage the
quality of their operations and supply chains,” said CMX founder
and CEO Mitch Porche. “Our one platform mission has consolidated
the myriad of systems required to manage quality and mitigate risk
into a single cohesive management platform. We look forward to the
partnership with Morgan Stanley Expansion Capital to further expand
on that vision and accelerate our growth.”
CMX customers include some of the world’s most recognized brands
including Restaurant Brands International, Inspire Brands,
Chick-fil-A, Bloomin’ Brands, Taco Bell, Raley’s Supermarkets,
Hasbro, and Bureau Veritas, among others. During the COVID-19
pandemic, the CMX1 platform has been instrumental in helping
companies accelerate digital transformation initiatives, maintain
compliance with new operational standards, and ensure the health
and safety of their employees and customers.
“CMX has demonstrated impressive growth and capital efficiency
since inception, and we are excited to partner with Mitch and his
outstanding team to take CMX to the next level. The digital
transformation of managing brand quality and risk, combined with
ever increasing consumer needs and regulatory complexity, is
accelerating demand for world-class solutions. CMX, now trusted by
over 40 leading brands, is at the forefront of technological
leadership in the quality, risk and safety assurance market,” said
Lincoln Isetta, Managing Director of Morgan Stanley Expansion
Capital.
“The high cost of failure for brands has made quality and risk
management critically important for businesses today. We believe
CMX is well-positioned to address increasing demand for these
services as well as the accelerated adoption of enterprise cloud
solutions,” added Nick Nocito, Vice President at Morgan Stanley
Expansion Capital.
Isetta and Nocito will join the CMX Board from Morgan Stanley
Expansion Capital, alongside Adam Aarons and Phil Sanford. Aarons
brings 20-plus years of enterprise software sales experience,
formerly serving as the Chief Revenue Officer of Okta (NASDAQ:OKTA)
through their 2017 IPO. Sanford brings significant experience as a
senior executive and board member, having previously served as CEO
and owner of The Krystal Company and as CEO of Jackson Hewitt Tax
Services.
Barnes & Thornburg LLP led the legal effort from the
investment group. CMX was represented by advisory firm Hilliard
Advisors, investment bank JMP Securities, and the law firm of
Wilson Sonsini Goodrich and Rosati, LLP. Morgan Stanley Private
Credit also participated in the fundraising. Morgan Stanley
Expansion Capital and Morgan Stanley Private Credit are part of
Morgan Stanley Investment Management’s Private Credit & Equity
platform.
About CMX Leading brands including Burger King,
Arby’s, Taco Bell, Sonic Drive-In, Raley’s Supermarkets, RaceTrac,
and Hasbro trust CMX’s cloud-based Enterprise Quality Management
Software (EQMS) CMX1 to help them achieve and maintain Operational
and Quality Excellence. For over a decade, CMX has led the market
with the most comprehensive, user-friendly, cloud-based EQMS
platform for food and consumer brands. It’s the only enterprise
solution to effectively combine supply chain quality and
operational excellence into a single, fully configurable operating
platform. For more information please visit www.cmx1.com or call
1-858-997-2140.
About Morgan Stanley Private Credit and
EquityMorgan Stanley Private Credit & Equity, part of
Morgan Stanley Investment Management, is comprised of investment
strategies providing private capital with a primary focus on
middle-market companies. The division’s investments range from
minority equity stakes in growth businesses to majority control of
more mature companies. Investment strategies focus on high-quality
businesses that are leading players in their industries and have
significant growth potential. Morgan Stanley Private Credit &
Equity is uniquely positioned to drive growth in portfolio
companies and add value to our investments by leveraging the
broader Morgan Stanley franchise. For further information about
Morgan Stanley Private Credit & Equity, please visit
www.morganstanley.com/im.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a6d31f5e-aff7-44d2-945c-174f107af364
Contact:
Paula Johns
PJC
+1.760.522.0941
paula@paulajohnscommunications.com
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