Prophix achieves critical mass in cloud CPM with rapid growth and adoption of its cloud business, amid conclusion of its investment transaction with Hg
MISSISSAUGA, ONTARIO – Prophix Software, a global leader in Corporate Performance Management (CPM) software, today released its business summary for Q1 2021, which ended on March 31, 2021. The company saw its first quarter cloud billings increase by 74% from the same period last year and its cloud customer base grew by over 280%, with the number of customers migrating to the cloud from on-premise hitting critical mass. “The significant growth we have witnessed over the last quarter underscores the growing need for our cloud-based technology as businesses start to plan for the post-pandemic boom,” said Alok Ajmera, President & CEO, Prophix Software.
The pandemic underscored the value of being in a virtual, cloud environment, which resulted in the number of Prophix customers signing up to migrate to the cloud more than doubling from the same period last year. Understanding the challenges associated with cloud migration, Prophix honed in on maintaining exceptional customer satisfaction and boasted an NPS score above 70 and greater than 100% customer retention. “As we continue to grow and invest in new technologies, we want to provide new customers with a seamless transition to our platform while ensuring our existing customers are highly satisfied with our service,” said Ajmera. “At the end of the day, we want to create a lasting impact on the global community and make it easier for businesses to thrive in an ever changing business environment.”
Following the conclusion of an important investment transaction with leading global software investor Hg, Prophix saw growth in both vertical and international markets – including a 150% YOY increase in the construction sector and a 100% increase in bookings from the company’s UK operation. Hg’s investment will help accelerate and scale Prophix’s growth and fund further development of its product capabilities. To keep pace with business growth, Prophix expanded its employee base by 20% in Q1 and maintained a 92% employee satisfaction rate despite looming COVID fatigue faced by employees in the industry. “Our journey so far has shown us the market potential for our technology is still largely untapped,” said Ajmera. “We have significant ambitions to scale our business, while our employees and customers will always be at the heart of everything we do. As we invest further in our sales, marketing and R&D functions, we remain committed to creating a healthy work environment that our employees are proud to be a part of.”
Notably, at the end of Q1, Prophix was named Gartner Peer Insights Customers’ Choice for Cloud Financial Planning & Analysis Solutions, an award that recognizes vendors that have been verified by end-user professionals, considering both the number of reviews and the overall user ratings. This recognition is in addition to more than 17 other awards received from third party review sites in Q1, including accolades from TrustRadius, G2 and Capterra.
About Prophix Software
Your business is evolving. And the way you plan and report on your business should evolve too. Prophix helps mid-market companies achieve their goals more successfully with innovative, cloud-based Corporate Performance Management (CPM) software. With Prophix, finance leaders improve profitability and minimize risk by automating budgeting, forecasting, and reporting and puts the focus back on what matters most – uncovering business opportunities. Prophix supports your future with AI innovation that flexes to meet your strategic realities, today and tomorrow. Over 1,500 global companies rely on Prophix to transform the way they work. For more information, visit newsdotprophix.wpengine.com.
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