Prophix Software Announces Impressive Third Quarter; Growth Fueled by Continued Cloud Migrations and Strong Customer Retention

November 30, 2021

Net customer retention rate jumps to 112% as Prophix wraps its strongest quarter in company history with 1,700 active customers

MISSISSAUGA, ONTARIO – Prophix Software, a global leader in Corporate Performance Management (CPM) software, today released its business summary for Q3 2021, which ended on September 30, 2021. The company finished its strongest quarter in company history with cloud billings increasing 76% over the trailing twelve month period, more than 1,700 active customers, and a greater than 110% net customer retention rate. Prophix also saw double digit revenue growth in the construction sector as companies increasingly adopted its financial automation software to successfully navigate business challenges in today’s volatile construction market.

“Our customers understand the importance of leveraging advanced cloud-based FP&A solutions to make strategic and timely decisions, especially in today’s environment of constant change,” said Alok Ajmera, president and CEO of Prophix Software. “Our strong third quarter growth and high customer retention rates underscore the value Prophix delivers and advances us further on our path to dominate the mid-market CPM space.”

Key Q3 Achievements

  • Prophix was named a 2021 Stratus Award winner based on its contributions to driving FP&A innovation in the cloud; the company was also recognized as an overall experience and credibility leader for the seventh consecutive year in Dresner’s Wisdom of Crowds Study.
  • Prophix executives were recognized as thought leaders in their fields: Ajmera was named one of The Software Report’s Top 50 SaaS CEOs of 2021 and Susan Gershman, Prophix’s chief customer innovation officer, was named one of the top 50 women leaders in SaaS by The Software Report.
  • Prophix reported an impressive employee satisfaction rate of 92% and employee net promoter score of 76.
  • Upon hitting its quarterly revenue goals, Prophix also donated CAD $25,000 to the Toronto Refugee Alliance, sponsoring two Eritrean families in the U.S as part of its annual employee-led CSR program. Prophix’s CSR program is dedicated to creating a lasting impact on the global community through financial support, and Prophix has contributed to a range of worthy charitable organizations since the program’s inception.

“As we scale and grow as a company, we remain invested in not only creating exceptional customer service but an environment where every employee feels valued and where a premium is put on individual growth and professional development,” said Ajmera. “Actions speak louder than words, and it’s gratifying to see a direct correlation between our commitment to creating a positive workplace and an engaged workforce that is committed to the success of both Prophix and our customers.”

 

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