Prophix Software Secures C$10 Million in Debt Financing To Power Its Growth Strategy

Prophix Software, a global leader in Corporate Performance Management (CPM) software, today announced it had secured $10 million Canadian in debt financing to support its accelerated growth strategy in a rapidly evolving marketplace. Funding was provided by BDC Capital and CIBC Innovation Banking.

“Prophix has grown rapidly since our launch some 20 years ago, driven entirely by our success in gaining new customers and delivering ongoing innovation to meet their changing needs,” said Paul Barber, Prophix CEO and co-founder. “As corporate performance management has evolved and become more critical to organizations, Prophix is well-positioned to take advantage of the opportunity to continue quickly capturing broader market share with the large and important mid-market segment. This debt financing will enable us to more quickly scale our organization and invest in key innovations and technologies such as artificial intelligence, that provide more value to our customers and further differentiate Prophix from others like Anaplan and Adaptive. We appreciate the confidence shown in our business plan and track record by our financial partners, BDC Capital and CIBC Innovation Banking.”

Prophix completed a strong year of growth in fiscal 2018, with a 42% increase in Annual Recurring Revenue (ARR). The company has established a goal of achieving ARR of $100 million. Prophix is holding its annual User Conference, entitled, “Reframe the Usual,’ in Nashville, Tennessee, from April 14-17, 2019.