“The strength of our performance in Q4 and in 2020 overall demonstrates that the market opportunity for our technology is largely untapped,” said Alok Ajmera, President & CEO, Prophix Software.
MISSISSAUGA, Ontario (PRWEB) February 09, 2021
Prophix Software, a global leader in Corporate Performance Management (CPM) software, today released its business summary for Q4 2020, which ended on December 31, 2020. The company saw its fourth quarter cloud billings grow by more than 150% from the same period last year, and its cloud customer base double from 2019. “The strength of our performance in Q4 and in 2020 overall demonstrates that the market opportunity for our technology is largely untapped,” said Alok Ajmera, President & CEO, Prophix Software.
As of the end of 2020, Prophix now has over 90,000 users worldwide, and increasingly those users are from countries outside of North America. In 2020 the company’s revenue from international markets/ROW (Rest of World) grew by more than 140%. “We continue to build our position as the leading provider of CPM software in all markets,” said Ajmera. “Our presence and reputation in markets outside of North America grew substantially in 2020.”
Most notably, in Q4 FY20 Prophix saw a significant acceleration in customers looking to migrate from on-premise to the cloud. In Q3 2019, the company announced it would be moving its on-premise offering to extended support through 2022 and would work with those existing customers to seamlessly migrate to the cloud. In addition, the COVID pandemic underscored the value to companies of being in a virtual, cloud environment. Consequently, the number of Prophix customers signing up to migrate to the cloud more than quadrupled in Q4. “As we continue to grow as a company and invest in cloud innovation, we remain focused on exceptionally happy customers, market-leading technology and creating a lasting impact on the global community,” said Ajmera.
Early January, Prophix also announced an investment from Hg, a leading global software investor, which will accelerate and scale the company’s growth and further fund development of its product capabilities.
Jonathan Boyes, Partner at Hg, said: “Prophix is a great business run by an impressive team. They have created a best-in-class product that serves a very satisfied customer base, with huge runway for further growth. We’re really excited about joining the team.”
About Prophix Software
Your business is evolving. And the way you plan and report on your business should evolve too. Prophix helps mid-market companies achieve their goals more successfully with innovative, cloud-based Corporate Performance Management (CPM) software. With Prophix, finance leaders improve profitability and minimize risk by automating budgeting, forecasting, and reporting and puts the focus back on what matters most – uncovering business opportunities. Prophix supports your future with AI innovation that flexes to meet your strategic realities, today and tomorrow. Over 1,500 global companies rely on Prophix to transform the way they work. For more information, visit http://www.prophix.com.