Prophix Wraps the Year with New Innovations, Strong Partner Acceleration & Customer Support and Ambitious Plans for 2024

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Dec 12, 2023, 09:00 ET

New Partnerships Provide Enhanced Capabilities and Expand Global Reach; Prophix Live! Customer Event to Return in April

MISSISSAUGA, ON, Dec. 12, 2023 /PRNewswire/ -- Prophix, a leading global platform for financial performance management, today announced ongoing expansion of its worldwide cloud customer base, as well as new technology and distribution partnerships in support of the Prophix Financial Performance Platform. Recent platform enhancements enable global finance leaders to further eliminate manual processes that inhibit business performance, while accessing, interpreting and reporting critical financial performance data with agility and precision.

"Entering 2024, finance leaders find themselves at a true inflection point – embrace the possibilities that new, advanced financial performance technology can deliver for their businesses and their employees, or continue to rely on processes that just barely meet the standards of the modern finance department," said Alok Ajmera, Chief Executive Officer of Prophix. "For organizations that are ready to embrace substantive progress within the office of the CFO, Prophix has never been better positioned to fundamentally improve the overall experience for its customers. In the year ahead, Prophix will provide significant updates to our platform and its use cases and we couldn't be more excited for what's ahead."

Platform Evolves to Meet Unique Finance Needs

Using direct feedback from finance leaders and end users, including the newly reenergized Prophix Customer Advisory Board (CAB), Prophix continues to innovate and expand its Financial Performance Platform to address the continually evolving needs of the CFO. New applications and enhancements within the platform that have been made available to customers in the past several months include:

Disclosure Management: this new application addition to the platform enables customers to complete "the last mile of finance" to prepare financial statements for disclosure including XBRL/iXBRL and ESG Reporting.
Increased audit tracing and reporting: enhances traceability, making it easier for internal users of the platform to audit processes and adjustments and therefore streamline their annual audit processes.
Improved validation rule creation and accuracy: refinements to the management and accuracy of validation rule setup; simplifies the process for users to create validation rules by leveraging existing rules as templates, and validates the setup of the rule itself.
Enhanced Data Integration automation with the ability to create serial steps for one or more tasks offering increased control of dependencies across complex environments.

Prophix Global Partner Program Expanded and Strengthened

Throughout 2023, Prophix has taken steps to enhance and expand its Global Partner Program and ensure that its Financial Performance Platform is the solution of choice for software partners and resellers, as well as accounting & advisory firms focused on reporting, auditing and budgeting needs within the mid-market. By re-dedicating its efforts to equip partners with the necessary tools and resources to deliver an unparalleled customer experience, Prophix has signed recent agreements with some of the most active and established global partners in the industry, including Matrix Care, Micropole Belux, and Mazars.

"We are excited to join with Prophix and present the Prophix Financial Performance Platform to more organizations with complex budgeting, planning and reporting challenges," said Jonathan Stomberger, a U.S. Partner who leads the firm's Business Transformation and Management Consulting services at Mazars, a leading international audit, tax and advisory firm. "In addition to its powerful and intuitive platform, Prophix supplies enablement programs and co-marketing opportunities that are of strategic value to Mazars and its clients. We look forward to a long and productive business collaboration."

Disclosure Management and XBRL Made Efficient via IRIS CARBON®

Prophix has recently partnered with IRIS CARBON®, a pioneer in financial regulatory reporting and disclosure management solutions. Prophix will provide its global customers with access to IRIS CARBON®'s Disclosure Management (narrative reporting) and XBRL (regulatory reporting) solutions, including software subscriptions and services.

Designed to streamline XBRL and iXBRL tagging, these solutions will enable Prophix customers to facilitate efficient financial filings. Via IRIS CARBON®, the Prophix platform incorporates narrative reporting, seamlessly integrating with Microsoft 365 (Word and Excel, with PowerPoint integration forthcoming), enabling the creation of management reports and collaborative documents that combine textual and numeric data for a comprehensive reporting experience.

Customers Are 'All In' with Prophix

Growing and maintaining a fanatical customer base is a core pillar of success for Prophix. The impact of the Prophix platform within the office of the CFO is reflected via third-party customer review sites, including TrustRadius and G2.

Using recent, verified key insight data from customer reviews, TrustRadius has recently compiled its 2023 Best of Awards. In the Corporate Performance Management (CPM) category, Prophix received three awards for Best Relationship, Best Feature Set, and Best Value for Price.

For its Fall 2023 program, G2 awarded Prophix its Best Estimated ROI and Best Meets Requirement awards in the Enterprise category and its platform was selected as a Leader in the Enterprise category and a High Performer in the Mid-Market.

Prophix Live! User Event Scheduled for April 2024

Prophix has announced that its user conference, Prophix Live! 2024, will take place from April 2-4, 2024 at the Arizona Grand Resort & Spa in Phoenix, AZ, USA. Created for finance leaders, decision-makers, and Prophix power-users, Prophix Live! is a fantastic opportunity to meet with experts, customers, and partners for three days of in-person networking, strategy sharing, and Prophix tutorials. To register to attend Prophix Live! visit: https://www.prophix.com/live24/home

Giving Back to the Community

Through its Purpose Project initiative, Prophix connects company achievements to charitable grants, extending its employees' focus beyond financial gains to making a positive change in the world. In 2023, Prophix employees selected the Lutheran Immigration and Refugee Service (LIRS) to receive funding and support, with a focus on its "Families Reunite" program, a group therapy project designed to help ease the family reunification process in the U.S.

Continuing its three-year partnership with Kiva.org, Prophix has launched its second "reinvestment campaign" as part of its 2023 Season of Giving initiatives. Kiva connects entrepreneurs with microloans available through a crowdfunding platform of shared lenders. In the past year, Prophix employees were provided with credits and options for investing and impacting worthy ventures around the globe and provided funding to more than 3,225 borrowers.

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