Prophix Drives Continued Cloud Revenue Momentum in Q3 2019 and Introduces First AI-Powered Virtual Financial Assistant

November 7, 2019

Leading CPM Provider Sees 250% Cloud Revenue Growth in Q3 2019 Delivers Industry-leading AI Capabilities to Transform FP&A

MISSISSAUGA, ONTARIO – Prophix Software, a global leader in mid-market Corporate Performance Management (CPM) software, today announced that it generated more than 250 percent cloud revenue growth for the third quarter ending October 31, 2019, and a 61 percent increase in its annual contract value year to date.  During the quarter, Prophix also launched the industry’s first AI-powered Virtual Financial Assistant, with a compelling new voice and text capabilities to enable a dialogue on financial insights through cloud-delivered natural language innovation.

Since January 1, 2019, Prophix has acquired 150 new customers in healthcare, construction, and manufacturing, among other sectors, validating the need for mid-sized organizations to automate their FP&A processes for improved business performance.

Prophix’s new AI-powered CPM, including the industry’s first Virtual Financial Analyst, ushers in a new era of financial planning and analysis by improving insights, reducing risk, and driving efficiency, dramatically advancing Prophix’ continued mission to transform the Office of Finance. Early customer reaction has been highly positive.

“Our goal at Prophix has always been to offer the most innovative solutions on the market to help financial professionals complete their work easier, quicker and more efficiently,” said Alok Ajmera, President & COO, Prophix. “Prophix’s Virtual Financial Analyst takes this commitment a giant step further by leveraging the power of AI and Natural Language (NL) technology. Through a user-friendly, cloud-delivered NL platform, financial professionals can move beyond the time-consuming tasks of data entry and reporting and utilize an interactive dialogue with their financial data to gather high-level insights, automatically positioning the Office of Finance more strategically for an organization.”

With a Customer Net Promoter Score of 78 (industry average is 33), Prophix continues to win accolades from its customers and leading industry analyst firms, exemplified in Gartner’s 2019 Peer Insights Customers Choice report earlier this year where Prophix was named a Cloud FP&A leader. Fully committed to solving customer challenges through cloud enablement, Prophix also recently announced a partnership with Acumatica, a leader in cloud ERP software, and new certified integration with the Sage Intacct accounting software platform, for financial planning, reporting, and consolidations, giving joint customers unparalleled insight into business performance.

Prophix achieved additional success this quarter when Anita McArter, Vice President of Channels and Alliances, was named to The Top 50 Women Leaders in SaaS of 2019 for her exceptional leadership results. In addition, as part of the company’s Corporate Social Responsibility program that promotes employee-driven community initiatives worldwide, a $25,000 donation was made to employee-chosen charity “Transforming Faces,” a Canadian organization that offers cleft-care treatment to more than 225 children worldwide. Prophix employees have donated more than $65,000 to various programs as part of its CSR program this year to date.

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.




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