Double-digit growth for FY14 spurred on by use of Prophix’s CPM software for integrated financial planning
Prophix Software, a global leader in developing Corporate Performance Management (CPM) software, surpassed revenue projections in Q4, which included several 6-figure deals in December that involve a variety of customers meeting their integrated financial planning needs. Whereas traditional budgeting is usually conducted within the finance department, integrated financial planning involves collaborating with multiple lines of business or departments and enabling them to use data derived from their financials to help with their operational planning, as well as ultimately improving the organization’s strategic decision making.
Fourth Quarter, 2014 Highlights
- Double digit quarter-over-quarter growth in new software bookings
- Growth in international markets, including Prophix Brazil, whose sale with a partner (one of the largest developers of ERP systems in Latin America) involved using Prophix to provide personnel planning for over 300 of their customers’ users
- Over 75 new customer companies for Prophix including:
- A major US-based integrator of electronic security, fire alarm & life safety, building automation, and healthcare technology
- An investment firm based in New York
- A major university in Denmark
- New product enhancements including data discovery and visualizations
- The signing of more than 13 new partners including Bluedoor Capital Partners, Hyperion Architects, Algorithm Inc., and Rivet Software, who have partnered with Prophix to deliver SEC filing capabilities
- British Accountancy Awards finalists for Client Software Product of the Year
- Business Finance Awards finalists for Software Product of the Year
New customers for Prophix this quarter include a major US-based integrator of electronic security, fire alarm & life safety, building automation and healthcare technology who use Prophix’s software to track the profitability of projects and the ongoing performance of Project Managers, as well as core financial requirements such as financial reporting and budgeting.
Another key win is an investment firm based in New York that focuses on non-control investments in companies with up to $75MM in total value. They chose Prophix because of its product’s easy deployment, and will use the software for a broad range of functions including consolidations with data collection across different G/Ls & COAs, eliminations and adjusting entries, situations with different GAAP, hierarchies, and minority interests, as well as for board book reporting and security related workflow automation.
Prophix also continued to expand its international operations by closing business with significant customers in Denmark, Brazil, and the U.K. One of the largest deals is with a major university in Denmark that is using Prophix to provide financial analysis, reporting, budgeting, and planning via a cloud deployment to hundreds of users in several locations.
“This past year has really solidified our position as the leading provider of CPM software for mid-sized organizations,” said Paul Barber, Prophix’s CEO. “We find that companies in the $100M-$500M space are increasingly looking beyond using CPM to improve and replace Microsoft Excel. They recognize that the software allows them to move beyond the core budgeting and reporting functions normally done by finance and offers them a strategic use of their corporate financial data.”
About Prophix Software
Prophix develops innovative software that automates critical financial processes such as budgeting, planning, consolidation, and reporting—improving a company’s profitability and minimizing their risks. Thousands of forward-looking organizations in nearly one hundred countries use software from Prophix to gain increased visibility and insight into their business performance. For more information, visit eventsprophix.wpengine.com.
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