The Next Chapter for Prophix: Sigma Conso
On October 22, I had the pleasure of sharing some exciting news with our employees - we are acquiring Sigma Conso!
This marks a new chapter in Prophix’s story. At the beginning of the year, we vowed to “dominate the global mid-market for Corporate Performance Management (CPM) software,” and this acquisition is one massive step towards that goal.
Much like an Indian wedding, with two large families on either side, this acquisition means our families are becoming one!
I am thrilled to see how our teams will integrate and innovate to revolutionize how the finance world works.
As we welcome our new Belgian family into the fold, I wanted to take the time to answer some of the most common questions around our acquisition of Sigma Conso.
Who is Sigma Conso?
Sigma Conso is an organization based in Europe that specializes in financial consolidations. Financial consolidation is always something we’ve strived to get better at, which is what Sigma Conso brings to the market. Founded in 2002, they have a global presence with over 600 customers in more than 20 countries. With headquarters in Brussels, Belgium, the company has 67 employees worldwide, who will all be joining the Prophix family.
Why Do We Choose to Acquire Sigma Conso?
First and foremost, Prophix and Sigma Conso are fully aligned on our culture, customer focus, and dedication to building world-class software. Sigma Conso joins Prophix’s ranking as a leading cloud CPM software provider with more than 1700 active customers worldwide, industry-leading retention rates, and best-in-class customer NPS.
We chose to acquire Sigma Conso because they’re developing a cloud practice with an opportunity for growth. However, they require their technology and processes to be modernized. They have capabilities and market presence where we do not – we have the power to accelerate their technology and growth, which makes it the perfect marriage of companies.
Why Acquire Sigma Conso Now?
It was this time last year that we announced that we were bringing on Hg as a financial partner. Since then, we’ve been on an accelerating arc of growth. As I reflect on the more qualitative aspects of the organization, I’ve also seen a change in our thought processes. We’re more confident as an organization, and the things we dreamed of accomplishing are now possible.
As I mentioned earlier, one of our big goals for the year was to “dominate the global mid-market for CPM software.” And there are two parts to this goal – the “global” aspect and the “CPM” aspect. We didn’t want to dominate only in North America – we wanted to expand across the globe.
Over the past 30 years, we’ve developed deep domain expertise in software for the Office of Finance. But there’s more to finance than budgeting, planning, and forecasting. So, we knew that we wanted to broaden our portfolio to better serve finance leaders.
This is why our acquisition of Sigma Conso is perfectly timed. The addition of Sigma Conso’s technology and resources strengthens Prophix’s consolidations capabilities while also extending our global reach. With Sigma Conso, we’ll be able to take bigger and bolder steps to achieve our goals in an accelerated way.
How Will Sigma Conso and Prophix Work Together?
At the end of this journey, we have one goal in mind. And that is to be a single, unified company with three products. Sigma Conso will become part of the Prophix family, and our products will offer a seamless user experience.
How Will This Affect Prophix’s Customers, Partners, and Vendors?
Both Sigma Conso and Prophix put our customer and partner relations as our highest priority. Consequently, we will be working very closely with them to ensure a smooth and seamless transition.
These are exciting times! I hope you’re as excited as I am about this next step in our journey.
Read more about the acquisition from the perspective of BPM Partners and BARC Research. You can also check out our feature in the Globe & Mail.