The Welsh midfielder joined the Grecians in July 2012, after finishing the 2011/12 season at Northampton.
He started out as a youth team player with Southampton, before going out on loan to League One side Barnsley in 2004.
In December of that year he moved to Yeovil Town on a free transfer. After a solid first season with the Glovers, Davies blossomed during 2005-06, scoring 8 league goals.
The 2006/07 campaign saw Davies score 6 league goals, plus two more in Yeovil's 5-2 Football League One play-off semi-final win against Nottingham Forest at the City Ground helping the Glovers to a 5-4 aggregate win.
In a combined £1.2m deal with team-mate Chris Cohen, Davies moved to Forest that summer, signing a 3 year contract.
He missed the start of the 2007/08 campaign due to injury but finally made his debut by coming off the bench in Forest's 0-0 draw against Oldham.
In September 2009, Davies signed a loan deal with Brighton and Hove Albion and enjoyed a similar spell back at former club Yeovil.
He joined Peterborough United in the summer of 2010 to rejoin former manager Gary Johnson and after appearing 28 times in all competitions for the Posh, scoring once, he made the move to Northampton in 2011.