Planful Achieves Record Combination of Revenue and Profit Growth in the First Half of 2023

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Aug 23, 2023, 13:05 ET

Profitable Growth Highlighted by Customer Expansion Sales, International Customer Acquisition, and Success of Proprietary Artificial Intelligence and Machine Learning Solution

SAN FRANCISCO, Aug. 23, 2023 /PRNewswire/ -- Planful Inc., the pioneer of financial performance management cloud software, today announced continued strong revenue growth coupled with surging profitability, fueled by customer base growth and expansion of use case adoption within that base.

The company experienced growth across multiple key metrics including customer expansion bookings, which were up 26% year-over-year. International customer expansion bookings were up 71% year-over-year, driven by increasing global demand for Planful's Financial Performance Management platform. A record number of customers expanded their use of Planful, broadening their user base across business functions, with notable growth in the company's marketing budgeting and planning solution, made possible by Planful's 2022 acquisition of Plannuh. New customers signed in the first half of the year include World Business Council for Sustainable Development, Collingwood Lighting, Steiner Electric Company, and Envision Radiology LLC.

In May, Planful held Perform23, its annual user conference, which attracted over 1,500 in-person and virtual attendees. At the event, new members were inducted into the company's Champions Club, and customers, including Rocket Software, Arcadia, Merchant's Fleet, TogetherWork, and Zappos, were recognized with awards. Planful also announced a range of product innovations including expanded capabilities for Predict, the company's proprietary embedded AI and ML solution.

"Planful Predict serves as our 'intelligent assistant,' allowing us to reduce cycle times and manual tasks while increasing trust in our data," said Luis Martinez Luna, Senior Manager FP&A, Rocket Software. "Because the technology is embedded in the platform, there aren't any additional technical skills required to use it. I'm excited for budget managers across the company to take advantage of these AI capabilities and make financial decisions with greater speed and accuracy."

Planful's partner network expanded with the additions of Novus Proximus, Blue Noda, Kloo, Postal, and Elevate IQ. In February, the company recognized the significant contributions of its partners through its annual Partner Award program, which honors partners for excellence in sales, implementation quality, and delivering exceptional value to mutual customers. The 2022 Partner Award winners are:

Strategic Partner of the Year: Workiva
Partner of the Year: Bakerfield Solutions
Solution Implementer of the Year: CFO Solutions
Solution Implementer of the Year: KeenVision
Rising Star: Wipfli, LLP

In the first half of 2023, Planful continued to earn recognition as a market leader from top industry analysts, including:

Named to the Constellation Research ShortList^™ for Cloud-Based Planning and Performance Management Platforms for the 11th consecutive year
Earned a Dresner Advisory Services 2022 Technology Innovation Award in the "Financial Consolidation, Close Management, and Reporting" category
Earned one of the Business Intelligence Group's 2023 Excellence in Customer Service Awards
Ranked highly in G2's Best Accounting and Finance Products for 2023 report and in the G2 2023 Spring Report across multiple categories
Great Place to Work certification for US, UK, Canada, and India for the second year in a row
Named to Fortune's Best Workplaces in the Bay Area 2023 list
Named a leader in the BPM Vendor Landscape Matrix for Performance Management Solutions
Earned a Bronze Stevie^® Award for Customer Service Department of the Year and Planful CEO Grant Halloran earned a Gold Stevie^® Award for Maverick of the Year
Named a finalist in the 2023 Lattice People Success Awards
Named a finalist in the CHRO of the Year Awards

"What our team accomplished in the first half of 2023 was stellar," said Grant Halloran, Planful Chief Executive Officer. "We're excited that so many customers are realizing more value from our platform, expanding its use across the business, and leveraging AI and ML to increase speed and improve accuracy. Global demand remains high for our software, as companies seek greater automation of their financial performance processes, not only to make them more productive but also to make faster course corrections as they navigate dynamic business conditions."

To request a demo, please visit www.planful.com.

About Planful
Planful is the pioneer of financial performance management cloud software. The Planful platform, which helps businesses drive peak financial performance, is used around the globe to streamline business-wide planning, budgeting, consolidations, reporting, and analytics. Planful empowers finance, accounting, and business users to plan confidently, close faster, and report accurately. More than 1,300 customers, including 23andMe, Bose, Boston Red Sox, Five Guys, and Zappos, rely on Planful to accelerate cycle times, increase productivity, and improve accuracy. Planful is a private company backed by Vector Capital, a leading global private equity firm. Learn more at planful.com.

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