The Next Chapter for Prophix: Sigma Conso

In 2021, Prophix acquired Sigma Conso, a prominent software company headquartered in Brussels that specialized in financial consolidation. Over 600 customers in more than 20 countries became part of the Prophix community.

This decision not only reaffirmed Prophix’s commitment to expanding our influence, but also strengthened our dominance in the mid-market.

Prophix’s acquisition of Sigma Conso also represents our strategic shift to focus on Financial Performance Management (FPM), by bolstering our capacity to deliver cutting-edge technology across the Office of the CFO.

In this article, we’ll address some of the most frequently asked questions about our acquisition of Sigma Conso, and what it means for Prophix.

Why did Prophix acquire Sigma Conso?  

Before the acquisition, Prophix and Sigma Conso were fully aligned on the importance of a strong corporate culture, a focus on customers, and a dedication to building world-class software. By combining the two companies, Sigma Conso joined Prophix as a leading cloud FPM software provider with customers worldwide, industry-leading retention rates, and best-in-class customer NPS.

We chose to acquire Sigma Conso because of their financial consolidation solution, built on the cloud. However, they required outside support to modernize their technology and processes.

We integrated Sigma Conso’s financial consolidation solution into the Prophix ecosystem – offering our customers a unified platform, with centralized access to multiple applications.

Why acquire Sigma Conso when you did?  

While acquiring Sigma Conso, we also announced that we were bringing on Hg as a financial partner.

Since that moment, our growth trajectory has accelerated. Reflecting on the evolution of our organization, I've observed a shift in our mindset. There's a newfound confidence in our team, transforming what were once aspirations into reality.

As I mentioned earlier, one of our goals is to be the key player in global mid-market FPM software. And there are two parts to this goal – the global aspect, and the FPM aspect. We didn’t want to dominate only in North America – we wanted to expand across the globe.

Over the past 30 years, Prophix has developed deep domain expertise in software for the Office of the CFO - 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 was perfectly timed. The addition of Sigma Conso’s technology and resources strengthens Prophix’s financial consolidation capabilities, while also extending our global reach. With Sigma Conso, we can take bigger and bolder steps to achieve our goals.

How do Sigma Conso and Prophix work together?  

At the beginning of our journey, we had one goal in mind: to be a unified company with multiple applications to support the Office of the CFO.

Almost three years later, Prophix One, a Financial Performance Platform, enables the creation of detailed, fully customizable audit reports, simplifying and accelerating internal or external audit processes, and significantly reducing the costs and resources devoted to audits.

With the integration of Sigma Conso, Prophix One transforms and elevates the entire financial consolidation process. By making financial consolidation a core component of our Financial Performance Platform, finance teams can streamline operations and improve collaboration.

What are the benefits of integrating Sigma Conso with Prophix One?

The integration of the Prophix and Sigma Conso teams into a single organization has created more scale to further develop our activities throughout EMEA. With around 1,000 customers in the area, we are a key player in the global mid-market for FPM software in EMEA. We have offices in Belgium, Luxembourg, France, The Netherlands, UK, Germany, Portugal, and Italy, as well as local support teams and a research & development (R&D) team based in Lisbon.

Before the acquisition, Sigma Conso invested heavily in migrating their tools to the cloud and developing new enhancements for their financial consolidation offering. And because of the integration with Prophix, this process has only been accelerated with frequent new releases.

We’ve also prioritized information security and brought Sigma Conso’s solutions up-to-date based on our three security pillars: industry-leading security, standards compliance, and advanced technology. Our platform has undergone independent third-party audits and achieved certifications like ISO/IEC 27001, SOC2, ISAE3402.

Another benefit of integrating Sigma Conso’s consolidation and intercompany functionality with Prophix One is that it has broadened Prophix’s offerings. Today, customers can use all applications in an integrated way – with more applications planned for the near future.

Finance and accounting leaders can now benefit from Prophix One’s full suite of applications, including Financial Planning & Analysis, Financial Consolidation, Account Reconciliation, Intercompany Management, and more. Our platform empowers teams to lead digital transformation initiatives by leveraging AI-powered processes.

What’s ahead for Prophix?

One of our key initiatives moving forward is continued investment in EMEA, to deliver a superior experience and ongoing value for our customers.

We plan to add additional technical support and customer success resources to the region, and roll-out Red Carpet, our online customer advocacy community, to help our customers discover new ways to improve their processes and connect with their peers in other regions and industries.

During our most recent conference, we also announced further strategic developments to Prophix One, a Financial Performance Platform - you can learn more about the announcement here.

In our recent survey of CFOs, the majority agreed that the ability to manage all their finance processes on one platform was “very important.” So, one of our priorities will be to support our customers in taking advantage of the full value of Prophix One.

Conclusion: Harnessing the power of an integrated platform

Our goal is to help the Office of the CFO reach their full potential. Prophix One empowers the Office of the CFO with automation and improved collaboration, driving operational efficiency and optimizing overall business performance.

We're excited about what's coming next for Prophix.

To learn more about our acquisition of Sigma Conso, check out what BPM Partners and BARC Research say about us. You can also read our feature in the Globe & Mail.