In a press release issued earlier today by Prophix Software under the headline "Prophix Software Achieves 49% Annual Recurring Revenue Growth in 2019," please note that the headline has been corrected. In addition, in the first paragraph, there was a correction from "49%" to "50%" growth in ARR; in the fifth paragraph, total available points for a Net Promoter score "(out of 100)" was removed and in the first bullet point under Prophix Fiscal Year 2019 Highlights, there was a correction from "49%" to "50%" in ARR and "100M in ARR by 2023" has been corrected to "$100M in ACV in 2022". The corrected release follows.
MISSISSAUGA, Ontario, Feb. 05, 2020 (GLOBE NEWSWIRE) -- Prophix Software, a global leader in Corporate Performance Management (CPM) software, today released its business summary for the fiscal year 2019, ended December 31, 2019. The company reported strong growth, recording an impressive 50% growth in annual recurring revenue (ARR), an increase from 42% ARR in 2018, continuing its goal of generating $100M in ARR in the near future. Revenue from Prophix’ cloud business increased 247% year-over-year, with 95% of all new customers in the cloud.
Prophix acquired more than 60 new customers in Q4 alone (with customers hailing from industries including construction, not-for-profits, sports entertainment, and manufacturing); totaling more than 1580 active customers worldwide. Prophix also expanded its global presence in 2019, providing its solutions to customers in more than 100 countries with more than 500 customers located outside of North America.
Prophix also launched the industry’s first AI-powered Virtual Financial Analyst in 2019, with compelling new voice and text capabilities to enable dialogue on financial insights through cloud-delivered natural language innovation.
“Our goal at Prophix continues to be driving innovative solutions to the market to help financial professionals complete their work with improved accuracy and efficiency,” said Alok Ajmera, President & COO, Prophix. “Prophix’ launch of the Virtual Financial Assistant was an important step in realizing that vision, providing financial departments with the first CPM solution equipped with AI and Natural Language technology. Delivering faster, more accurate insights frees financial professionals from the time-consuming shackles of manual data entry and reporting to elevate the financial department to a more valuable strategic position within an organization. As consumers, we enjoy these sorts of convenience technologies in our day to day lives and it only makes sense that we deliver those same advancements to the Office of Finance.”
With an industry-high Customer Net Promoter Score of 77, Prophix continues to lead in customer satisfaction, winning accolades from industry analyst firms including in Gartner’s 2019 Peer Insights Customer Choice report, where Prophix was named a leader in Cloud and Financial Planning and Analysis. Prophix continues to grow and develop their partnership ecosystem, announcing over 50 new partners this year, including Acumatica, a leader in cloud ERP software. Prophix also announced a new certified integration with Sage Intacct accounting software platform for financial planning, reporting, and consolidations, providing joint customers with unparalleled insights into business performance.
Prophix achieved additional accolades this year when Anita McArter, Vice President of Channels and Alliances, was recognized as one of The Top 50 Women Leaders in SaaS of 2019 in recognition of her exceptional leadership and results. The company also had a successful year giving back to the community, raising a total of $125,000 for local charities as part of Prophix’ Corporate Social Responsibility Program.
Prophix Fiscal Year 2019 Highlights:
- Achieved 50% ACV in 2019, positioning the company to cross $100M in ACV in 2022
- Over 95% of customers acquired in 2019 are on the cloud
- More than 60 new customers added in Q4; totaling over 1580 active customers
- Prophix surpassed 500 clients outside of North America, in more than 100 countries
- Launched industry’s first AI-Powered Virtual Financial Assistant
- Established over 50 new partners, including Acumatica and new Sage Intacct certification
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.
Contact:
Rachel Douglas
Prophix
+1 (905) 279-8711 Ext: 502
rdouglas@prophix.com
Colleen Irish
Tier One Partners
+1 (617) 842-1511
cirish@tieronepr.com