Prophix Achieves $100M in Annual Recurring Revenue Ahead of Plan; Recaps Significant 2022 Business Momentum
MISSISSAUGA, ON — Prophix, a global leader in Corporate Performance Management (CPM) software, today announced the company has surpassed $100 million in Annual Recurring Revenue (ARR). “In 2018, we set an aggressive goal to become the mid-market leader in our segment and, more importantly, reach the $100M mark by 2023. At the time, growing 40x revenue seemed an audacious target, which makes it all the more gratifying to achieve, particularly well ahead of schedule,” said Alok Ajmera, President & CEO, Prophix. “Throughout our history, Prophix has been a balanced, high-growth company, making the right investments to support our customers while achieving our aggressive growth goals. In today’s volatile economic environment, this strategy continues to pay off.”
Q3 ARR and Cloud Customer Base Enjoy Double-Digit Growth
In January of 2021, Hg, a leading global software investor, made a significant investment in Prophix. With this investment, Prophix accelerated and scaled key areas of its go-to-market and product development, helping to drive growth in both vertical and international markets. Prophix saw its third quarter 2022 ARR increase by 24% from the same period year-over-year and its cloud customer base grow by over 41%. This was the result of both strong net-new cloud deals and existing customers migrating from on-premise to cloud at record rates. “We are very pleased with our investment in Prophix and the outstanding progress they’ve made in the market,” said Ben Meyer, Partner, HG Capital. “Prophix has both the team and the product needed to redefine the corporate performance management industry and make it relevant to the needs of today’s modern finance teams, helping to drive competitive advantage.”
Expanded Executive Team Drives Company Momentum
Prophix’s 2022 growth has been supported by the addition of several senior executives. These include Tad Finer in the role of Chief Revenue Officer (CRO), Steve Hardy as Chief Marketing Officer (CMO) and Vita DiSerio taking the lead role for HR as Vice President, People. “We’re fortunate to have built a strong leadership team that collectively focuses on sustainable growth and building profitability,” said Ajmera. “Our employee base has more than doubled over the past year, and now consists of 500 staff located around the globe, supporting more than 2,600 customers. This rapid growth made it imperative to expand our leadership bench with proven veterans who bring the deep expertise we’ll need to further scale.”
Prophix Continues to Disrupt CPM “Business as Usual” with New Product Developments
Prophix has introduced several important new product developments in 2022 that help elevate the role of finance professionals through advanced data analytics and reporting capabilities to deliver more strategic business insights and outcomes. These new capabilities include extending the core Prophix platform with new Consolidation, Intercompany Close and Enablement Services that help companies automate and speed these critical but time-consuming processes. Similarly, the company launched Prophix for Microsoft 365, providing an easy on-ramp for organizations struggling with manual processes and the security risks inherent in spreadsheets. Prophix also achieved HiTrust Certification, which gives Prophix customers assurance that their mission critical, business sensitive information is secured and protected.
Third Parties Honor Prophix
Prophix received several notable acknowledgments from analysts and industry observers this year. These include being named a Top Construction Technology Firm by Construction Executive Magazine for the second consecutive year and winning the 2022 Nucleus Research ROI Award for Prophix’s work with Mission Health Communities, which resulted in a 110% annual return on investment. Prophix also earned the TrustRadius Tech Cares Award for a third time, in recognition of its decades-long corporate focus on CSR and community give-back.