Prophix Software Strengths, Domain Expertise, and Key Differentiators
Prophix helps midmarket companies achieve their goals more successfully with its innovative Corporate Performance Management (CPM) software. With Prophix, finance leaders improve profitability and minimize risk by automating budgeting, planning and reporting and puts the focus back on what matters most, uncovering business opportunities and driving competitive advantage.
Prophix Software Recent Developments
In September 2019, Prophix Software introduced Prophix, which showcased the Virtual Financial Analyst. The Virtual Financial Analyst utilizes Natural Language and Machine Learning to enhance Corporate Performance Management (CPM) efficiencies. This includes providing deeper insights into charts, eliminating time-consuming manual tasks for users.
Prophix Software Mergers and acquisitions (M&A) Activities
In October 2021, Prophix, revealed the acquisition of Sigma Conso, a CPM software and services provider located in Brussels, Belgium, renowned for its expertise in financial close management and financial planning and analysis. Fortino Capital, a European B2B software investor, was the source of Sigma Conso's acquisition by Prophix. As part of the acquisition, Sigma Conso's technology will be incorporated into the Prophix solution, and its employees will join the Prophix organization.
This acquisition aligns with a broader strategic initiative that commenced in January 2021 when Hg, a prominent global software investor, secured a majority ownership position in Prophix. By facilitating this transaction, Hg aims to accelerate and scale Prophix's growth while supporting further development of its product capabilities. The collaboration between Prophix and Sigma Conso also underscores Hg's emphasis on mission-critical B2B software at the intersection of its expertise in ERP and Tax & Accounting.
Prophix Software Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Prophix Software applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Prophix Software and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Prophix Corporate Performance Management Platform customers.
Prophix Software Overview
Ownership: - x
Number of Employees: 550
Functional Market: Workforce Analytics,
Key Verticals: Aerospace and Defense, Automotive, Banking and Financial Services, Communications, Construction, Real Estate, Consumer Packaged Goods, Distribution, K12, Higher Education, Federal Government, State and Local Government, Public Safety, Healthcare, Life Insurance, P&C Insurance, Specialty Insurance, Leisure and Recreation, Hospitality, Life Sciences, Manufacturing, Media, Faith-Based Nonprofit, Youth and Elderly Care, Special Cause Nonprofit, Oil and Gas, Chemicals, Professional Services, Retail, Transportation, Utilities,
Prophix Software Key Cloud and HCM Applications
Prophix Corporate Performance Management Platform
Prophix Software HCM and Cloud HCM Applications Revenues, $M:
| Type/Year | 2022 | 2023 | YoY Growth, % |
|---|---|---|---|
| Total Revenues, $M | Subscribe | Subscribe | Subscribe |
| HCM Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
* HCM Applications Revenues = License + Support & Maintenance + SaaS ( Hardware and Prof. Services are Excluded )
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Prophix Software Revenue Breakdown by Type:
Prophix Software HCM Applications Revenues By Sub-Functional Markets, $M:
Split by Sub-Functional Markets | % of HCM Revenue in the HR Segment | 2023 HCM Revenues, By HR Segment, $M | |
Prophix Software HCM Applications Revenues By Verticals, $M:
Prophix Software Total and HCM Applications Revenues by Region:
| Region | % of Total Revenues | 2023 Total Revenues, $M | 2023 HCM Applications Revenues, $M |
|---|---|---|---|
| Americas | Subscribe | Subscribe | Subscribe |
| EMEA | Subscribe | Subscribe | Subscribe |
| APAC | Subscribe | Subscribe | Subscribe |
| Total | Subscribe | Subscribe | Subscribe |
Prophix Software Direct vs Indirect sales
| Region | Direct Sales | Indirect Sales | Total |
|---|---|---|---|
| Type % | Subscribe | Subscribe | Subscribe |
| Revenues, $M | Subscribe | Subscribe | Subscribe |
Prophix Software Customers - Breakdown by Geo, Size, Vertical and Product
List of Verified Prophix Software Customers
No. of Prophix Software Customers: 3000
No. of Prophix Software HCM Applications Customers: x
No. of Prophix Software Cloud HCM Customers: x
No. of Prophix Software Cloud HCM Subscribers: 90000
Prophix boasts a global customer base exceeding 3000, catering to a diverse range of industries. Among its clientele are notable entities such as UPMC Health Plan, Swan Mill Paper Company, Aluminium Industries, Abena, Allstar, Ameriqual Group LLC, beeline group, Breast Cancer Care, Port of Tacoma, Rain for Rent, Senior Living Group, Dime Community Bank, and numerous others.
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.
They have established a robust presence in various European, African, APAC, and South American countries through both channel and direct sales channels. This is expected to play a crucial role in their future growth. In September, at Prophix's virtual customer summit, the company announced its plans to move the on-premise offering to extended support in 2022. They also stated their commitment to working with existing on-prem customers to facilitate a seamless migration to the cloud. The news has been well received by the Prophix customer base, leading to a substantial increase in the number of customers transitioning to the Prophix cloud. They reported the addition of 60 new cloud customers in Q3, 2020.
Prophix Software Market Opportunities, M&A and Geo Expansions
In October 2021, Prophix Software made an announcement regarding its Corporate Performance Management (CPM) software achieving the status of being "Fulfilled by Acumatica." Through seamless integration with Acumatica's cloud-based ERP, Prophix aims to empower finance leaders to enhance profitability and mitigate risks by automating budgeting, forecasting, and reporting.
The designation of "Fulfilled by Acumatica" signifies that Prophix integrates seamlessly with the latest version of Acumatica's ERP, instilling increased confidence in customers regarding their data and finance systems. This recognition represents Acumatica's highest tier of partnership, underscoring its dedication to collaborating with Prophix as the preferred strategic CPM solution for its customer base. Prophix and Acumatica have strategic plans for further expansion into the Construction vertical, leveraging Prophix's turnkey Construction Essentials solution. This initiative will enable Acumatica customers to observe and respond to daily changes in a fully automated, web-based platform provided by Prophix's Construction Essentials.
Prophix Software is delighted to announce its recognition as Ellucian Ethos Connected through their partnership with Ellucian. The integration via Ellucian Ethos enhances the overall value offered to higher education institutions by streamlining processes. Both companies contribute to process improvement in the higher education sector, delivering immediate and measurable customer value.
The integration, facilitated by Ellucian Ethos—an advanced higher education data framework connecting people, processes, and applications—eliminates the burdensome and time-consuming maintenance of multiple point-to-point integrations. This allows IT staff to redirect their focus towards value-added processes and programs. Prophix's integration with Ellucian's ERP solutions is strategically designed to empower institutions in creating processes that cater to every role and stakeholder within the organization. This collaborative effort aims to mitigate friction caused by siloed systems and ensure the seamless flow of data.
In January 2021, Prophix made an announcement about an investment from Hg, a prominent global software investor. The infusion of funds from Hg is anticipated to expedite and amplify Prophix's growth, facilitating the ongoing development of its product capabilities. As a part of this deal, Prophix employees and management are set to participate in acquiring the company alongside Hg, with Hg securing the majority investment. This strategic move aims to enable staff to have a more direct stake in and benefit from the organization's continued expansion.
In April 2020, Prophix Software secured $7.5 million in debt financing to support its accelerated growth strategy in a rapidly evolving marketplace. Funding was provided by BDC Capital and CIBC Innovation Banking.
Prophix Software Risks and Challenges
Leadership changes in a company pose inherent risks, including potential loss of institutional knowledge and employee morale. Shifts in strategic alignment and talent retention challenges may arise, impacting the organization's overall stability. Stakeholder confidence, both internal and external, can be compromised, leading to potential execution issues and reputational damage. Mitigating these risks requires strategic succession planning, transparent communication, and support mechanisms for new leaders to ensure a smooth transition and sustained organizational performance.
Prophix Software Ecosystem, Partners, Resellers and SI
Throughout 2023, Prophix has undertaken measures to enhance and expand its Global Partner Program, aiming to establish its Financial Performance Platform as the preferred solution for software partners, resellers, and accounting & advisory firms specializing in reporting, auditing, and budgeting within the mid-market segment. By rededicating efforts to equip partners with essential tools and resources for delivering an unparalleled customer experience, Prophix has inked recent agreements with active and established global partners, including Matrix Care, Micropole Belux, and Mazars.
In a recent development, Prophix has entered into a partnership with IRIS CARBON®, a trailblazer in financial regulatory reporting and disclosure management solutions. Through this collaboration, Prophix intends to offer its global customers access to IRIS CARBON®'s Disclosure Management (narrative reporting) and XBRL (regulatory reporting) solutions, encompassing both software subscriptions and services.
Tailored for streamlining XBRL and iXBRL tagging, these solutions will empower Prophix customers to facilitate efficient financial filings. Leveraging IRIS CARBON®, the Prophix platform seamlessly incorporates narrative reporting, integrating with Microsoft 365 (Word and Excel, with PowerPoint integration forthcoming). This integration enables the creation of management reports and collaborative documents that blend textual and numeric data, providing a comprehensive reporting experience.
In June 2020, Prophix partnered with Sage Construction and Real Estate to expand it's construction focus. The partnership will deliver integration between Prophix and Sage 300 Construction and Real Estate.
Prophix Software Cloud Platform (PaaS) and Infrastructure (IaaS) Details
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- Prophix Software Public Cloud and Infrastructure (IaaS)
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Research Methodology
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
For additional information on our methodologies, here's the link:
https://www.appsruntheworld.com/taxonomy
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