Prophix Shares Midyear Update: New Global Customers and Advances to Financial Performance Platform Position Company for Strong 2023 Performance

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Jun 20, 2023, 10:57 ET

Milestones to Date Include Impressive Global Adoption, New Platform Capabilities, Expansion of the Senior Leadership Team and Third-Party Accolades

MISSISSAUGA, ON , June 20, 2023 /PRNewswire/ -- Prophix, a leading global platform for financial performance management, today announced it has achieved several notable milestones in the first half of 2023, all positioning the company for continued impressive growth in the second half of the year. With more than 100 new cloud customers worldwide in recent months, finance leaders continue to turn to Prophix and its enhanced Financial Performance Platform to increase agility and take advantage of advanced analytics to maintain flexibility in the current environment and also scale and evolve for the future.

"The finance department has developed into a strategic hub for many organizations," said Alok Ajmera, Chief Executive Officer of Prophix. "It's never been more imperative for finance executives to plan for the unexpected, collaborate on budgets and easily consolidate data in order to effectively guide their businesses with the speed and flexibility required today. That's what we're all about at Prophix: helping finance professionals become the leaders they've always wanted to be.

"With our expanded platform and unwavering focus on finance, Prophix elevates the talents of finance teams to become mission-critical leaders in achieving their companies' success. We're incredibly bullish about both our corporate growth and our ability to play an important role in our customers' success in 2023, and are excited about the progress we've already made on those important fronts," Ajmera noted.

Platform Enhancements

Having earned its reputation via its industry-leading corporate performance management software, Prophix has expanded its capabilities to meet finance leaders' needs today and into the future. New capabilities include: Advisor, which provides users with benchmarks and optimization advice to enhance the user experience and confidence for FP&A teams; and Predictive Forecasting, which helps finance leaders accelerate budgets and planning, by comparing actuals, variances and forecasts supplying finance leaders with support for agile reforecasting and planning.

Executive Leadership Expansion

To maintain focus on the company's critical platform expansion goals, Prophix has created a new executive leadership team role, Chief Platform Officer, which will be held by its longtime Chief Technology Officer, Geoffrey Ng. Joining Prophix to fill the role of Chief Technology Officer is Anurag Yagnik, who most recently held the same position at Vitech Systems Group.

"During this past year, Prophix met a number of its platform expansion objectives and the reception from our customers and partners has been extremely positive," said Ng. "Our team is finalizing enhancements to the Prophix Financial Performance Platform that will enable access to advanced planning, reporting and reconciliation capabilities that are critical to creating a truly strategic finance function."

Forging Industry Thought Leadership

The goal-oriented and forward-thinking relationship Prophix has with finance departments that utilize its platform is reflected via positive unbiased reviews, including on sites such as TrustRadius, which awarded Prophix with its Top Rated distinction in six different finance-related categories in 2023 (Corporate Performance Management; Budgeting and Forecasting; Financial Close; Cash Flow Management; Sales Forecasting; and Project Management.)

In addition to a new brand identity, a refreshed corporate website and speaking opportunities at numerous CFO-focused events, Prophix has continued to maintain its role as a finance industry thought leader with the publication of its recent Finance Leaders Survey. By identifying and quantifying the most persistent challenges faced by finance departments, Prophix is able to work in lockstep with its own customers to address their specific needs.

Tomorrow, June 21, Prophix will host a webinar entitled "Strategic Finance: How Your Team, Technology, and Culture Drive Performance" that will feature an expert panel of industry leaders and financial influencers for a discussion on what it takes to build a strategic finance function. Register here to join the webinar.

Giving Back to the Community

Corporate philanthropy has long been a part of Prophix's DNA. To mark the critical business milestone of having reached $100 million in annual recurring revenue in 2022, Prophix initiated the largest giving campaign in its history. Partnering with Kiva.org, a platform that connects financially-excluded entrepreneurs with microloans available through a crowdfunding platform of shared lenders, Prophix employees were empowered with Kiva credits and the ability to provide vital loans to global businesses. With its initial campaign in 2023, Prophix set new Kiva engagement records, reaching more than 3,000 borrowers across 49 countries and supporting tens of thousands of dollars in loans to either underfunded areas or rurally-excluded individuals.

Additionally in 2023, Prophix and its employees raised funds for Humanity First in response to the Turkey & Syria earthquake disaster, and donated products and time to support Ukrainian Refugees through Peel Children's Aid.

About Prophix
Ambitious finance leaders use Prophix to drive progress. By improving the speed and accuracy of decision making, Prophix's Financial Performance Platform elevates the talents of finance teams to do their best work. Crush complexity, reduce uncertainty, and illuminate insights with access to best-in-class AI insights and planning, budgeting, forecasting, reporting, and consolidation functionalities. Prophix is a private company, backed by Hg Capital, a leading investor in software and services businesses. More than 2,500 active customers across the globe rely on Prophix to achieve organizational success. Additional information at www.prophix.com.

SOURCE Prophix