Leading CPM Software Provider On Track to Reach $100M in ARR by 2023; Investments in AI Poised to Rapidly Transform FP&A
Prophix Software, a global leader in Corporate Performance Management (CPM) software, today released its business summary for the fiscal year 2018, ended December 31, 2018. The company announced that total annual recurring revenue (ARR) increased by 42% from fiscal year 2017. Revenue from the cloud business increased 440% year-over-year, and the company has established a strategic path to achieve $100M in ARR by 2023.
“At Prophix, we believe that the future is ours to rethink,” said Alok Ajmera, President &COO, Prophix. “Our progress in 2018 really embodied that belief, as we reshaped our business in the cloud, successfully penetrated new, untapped markets, and invested in new technologies like AI and machine learning, all to help financial professionals reframe challenges into genuine opportunities. Our continued growth is validation of our platform’s strength in helping midmarket finance leaders more strategically plan and manage their businesses. And we’re very excited about our longer-term growth plans that leverage the increased interest in CPM across the marketplace.”
2018 was highlighted by Prophix’s successful shift to a cloud delivery business model and expanding its global cloud client portfolio. Prophix added more than 200 new customers in 2018, 85 percent of which are cloud-based. The company further solidified its cloud leadership when it was positioned as a Visionary in Gartner’s 2018 Magic Quadrant for Cloud Financial Planning and Analysis Solutions.
Additionally, Prophix exceeded its expectations for partner enablement, expanding relationships with key partners including Sage and Viewpoint, extending the company’s ability to serve new mid-market customers that face a growing need for CPM in a rapidly changing business environment. These partnerships have bolstered Prophix’s vertical growth strategy, resulting in the addition of dozens of new customers across key verticals like construction and accounting in 2018.
Prophix Fiscal Year 2018 Highlights:
- Achieved 42 percent ARR growth in 2018, positioning the company to achieve $100M in ARR by 2023
- Completed shift to cloud business model while improving customer satisfaction, achieving an all-time high, and industry-leading, customer Net Promoter Score (NPS) of 76, the highest score when compared to all competitors, from the Trust Radius technology review site
- Added more than 200 new customers, with 85 percent in Prophix Cloud
- Attained the highest ranking in the Sage partner ecosystem, broadening Prophix’s reach into the mid-market in North America
- Added GoLive, a leading IT solutions company, as a partner in Europe to reach the Spanish mid-market sector
- Secured the company’s first $1M+ customer relationship, delivering software and services to a global manufacturing leader
- Ended year with 266 employees, an increase of 16% from 2017, in 7 offices around the world
- Invested more than 20% of revenue in R&D to reinvent the office of corporate finance through the application of technologies like artificial intelligence, natural language processing and machine learning.
Prophix believes the convergence of cloud, AI and big data will help enable disruption in the CPM space,” wrote Conner Forrest of 451 Research in the report, ‘Prophix details core themes of its CPM product roadmap.’ “Prophix’s heavy focus on artificial intelligence (AI) and innovation, and its unique approach to its partner network show that the firm has a firm grasp on the changes happening in its space and is making the right investments in its product roadmap to remain competitive in the years ahead.”
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