Executive Transition Supports Company’s Growth Strategy to Reach $100M in ACV by 2023, Transform Financial Planning & Analysis Industry
MISSISSAUGA, ONTARIO – Prophix Software, a global leader in mid-market Corporate Performance Management (CPM) software, today announced President and Chief Operations Officer Alok Ajmera has been appointed Chief Executive Officer to lead the company through its next phase of growth. Ajmera steps into the CEO role previously held by founder Paul Barber, who remains with Prophix as Executive Chairman. Ajmera will also retain his Presidency title and will work closely with Barber to ensure a seamless leadership transition for customers, partners and employees.
“Since Prophix’ inception, my vision has been to create a scalable model for our company’s continued growth and long-term success,” said Barber. “This includes investments in our product roadmap to remain competitive in the years ahead and recognizing and grooming remarkable leaders like Alok who share this same passion for innovation and excellence. Through his proven leadership in building exceptional operations teams, driving customer satisfaction, and exceeding growth targets in cloud and AI, Alok is the ideal person to lead the next chapter of Prophix as we work to transform the CPM industry.”
Stepping into his role as COO in 2014 and president two years later, Ajmera’s appointment to CEO marks a deliberate succession plan to ensure ongoing strong leadership as Prophix continues tracking towards its goal of $100M in annual contract value by 2023. Revenue from Prophix’ cloud business has increased by more than 170% this year thanks to new customers and additional cloud migration from existing customers.
“At Prophix, we are fully invested in our customers and always looking at new ways to help midmarket finance leaders utilize advanced technologies, including AI and machine learning, to more strategically plan and manage their businesses for competitive advantage,” said Ajmera. “The pandemic has reinforced the value of cloud-based CPM tools for real-time scenario planning and reforecasting during volatile times, enabling finance professionals to reframe their business challenges into genuine opportunities. I’m excited about Prophix’ opportunity to drive the CPM market forward through technology disruption while fulfilling our strategy for long term growth.”
Since founding the company in 1987, Barber has transformed Prophix into a leading CPM solution that empowers financial professionals to take a more strategic and proactive approach to budgeting and planning. Prophix became a Cloud SaaS vendor in 2016 and introduced the industry’s first AI-powered Virtual Financial Analyst (VFA) in September 2019 to further position finance professionals to play a more strategic role in their organizations. The VFA leverages Natural Language and ML for increased CPM efficiencies, including deeper chart insights that eliminate time-consuming manual tasks, as well as anomaly detection features that help financial professionals quickly conduct “forensic analyses” of their data to spot and mitigate any potential risks that might have escaped detection.
Prophix has received top marks in third-party reviews by Gartner Group, Trust Radius, BPM Partners, Dresner and Nucleus Research, and continues to lead in the industry in high Customer Net Promoter scores.
Your business is evolving. And the way you plan and report on your business should evolve too. Prophix helps midmarket companies achieve their goals more successfully with its innovative Corporate Performance Management (CPM) software. With Prophix, finance leaders improve profitability and minimize risk by automating budgeting, planning and reporting and puts the focus back on what matters most – uncovering business opportunities and driving competitive advantage. Whether in the cloud or on-premise, Prophix supports your future with a platform that flexes to suit your strategic realities, today and tomorrow.
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