Company’s Cloud Revenue Increases by More than 170% as a Result of New Customer and Additional Existing Customer Cloud Migration
MISSISSAUGA, ONTARIO – Prophix Software, a global leader in Corporate Performance Management (CPM) software, today released its business summary for Q1 2020, ended March 31, 2020. The company again reported strong growth, with annual contract value (ACV) increasing by more than 55% over Q4 2019 levels. With these numbers, Prophix continues to track towards its goal to achieve $100M in ACV by 2022. Revenue from Prophix’ cloud business also increased by more than 170% due to the addition of new customers and additional cloud migration from existing customers.
Prophix continued to grow its substantial customer base in Q1 by adding net-new customers from a variety of industry sectors including construction, manufacturing, healthcare, and professional services. Prophix’ industry-leading Customer Net Promoter Score also increased to 79 (out of 100), up two points from Q4 2019 levels.
“Prophix continued to grow in Q1 despite the economic slowdown that started in March, which is evidence our CPM solution is in demand by customers that seek a more strategic and nimble approach to managing their finances,” said Alok Ajmera, President & COO, Prophix. “Gaining the kind of insight, control and return on investment Prophix helps deliver will be critical to organizations navigating this time of uncertainty brought about from the COVID-19 pandemic. For instance, a Nucleus Research case study showed our customer Dime Community Bank has received 71% ROI since deploying the Prophix CPM solution, with total payback achieved in just 18 months. Since our primary goal is to delight our customers, we’re also gratified our Net Promoter Score continued to increase during this past quarter.”
In Q1 2020, Prophix announced the results of a new 2020 CFO Benchmark Report, which found finance teams are primed to invest in emerging technologies for more strategic planning and enhanced business results. The Report, created in collaboration with The CFO Leadership Council, revealed 60% of financial executives plan to invest in forward-looking initiatives around cloud-based analytics and modern technology-enabled reporting tools in the next three to five years to help their organizations grow and thrive in today’s competitive business environment.
Prophix Fiscal Year 2019 Highlights:
- Achieved 55% ACV increase in Q1 2020, positioning the company to achieve $100M in ACV by 2022
- Revenue from Prophix’ cloud business increased by more than 170% due to the addition of new customers and additional cloud migration from existing customers.
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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