Prophix Shows Strong Revenue Growth in Third Quarter

CBJ Newsmakers

Leading CPM Software Provider Adds 42 New Customers in Q3 FY 18; Expands Partner Network to Address Rapidly Growing Mid-Market Needs

MISSISSAUGA, Ontario, Nov. 27, 2018 (GLOBE NEWSWIRE) — Prophix Software, a global leader in Corporate Performance Management (CPM) software, today released its business summary for the third quarter of fiscal 2018, ended September 30, 2018. The company announced that total annual recurring revenue (ARR) increased by 41% from the third quarter of fiscal 2017. Revenue from the cloud business grew by 615%.

The third quarter was highlighted by the addition of a number of important new cloud customers, which contributed significantly to the strong ARR growth. Additionally, Prophix exceeded expectations for partner enablement, expanding relationships with key partners including Sage and Viewpoint. These partnerships extend Prophix’s ability to service new mid-market customers that face a growing need for CPM in a rapidly changing business environment.

“Prophix’s continued growth during the third quarter is validation of the strength of our platform to help midmarket finance leaders more strategically plan and manage their businesses,” said Alok Ajmera, President & COO, Prophix. “Customers have embraced Prophix Cloud and our focus on continuous innovation to deliver a secure, integrated solution for planning and forecasting across all delivery models, with a best-in-class user experience.”

Prophix Third Quarter Fiscal 2018 Highlights:

  • Accelerated growth in both revenue and ARR, positioning company to exceed targets for the full year 2018
  • Added 42 new customers, bringing the customer base to a total of more than 1,500 active deployments. 
  • Added important new features to its Performance Reporting platform functionality in its Summer 2018 release
  • Positioned as a Visionary in the Gartner Magic Quadrant for Cloud Financial Planning and Analysis Solutions
  • Collaborated with strategic partner Viewpoint to expand offerings to the Construction industry
  • Attained the highest ranking in the Sage partner ecosystem, broadening its 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
  • Achieved an all-time high, and industry leading, customer Net Promotor Score (NPS) of 71, while also receiving a 9.1 rating, the highest score when compared to all competitors, from the Trust Radius technology review site.

About Prophix
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.

Rachel Douglas
+1 (905) 279-8711 Ext: 502

Derek Delano
Tier One Partners
+1 (617) 335-9516