Prophix Achieves $100M in Annual Recurring Revenue Ahead of Plan; Recaps Significant 2022 Business Momentum
MISSISSAUGA, ON , Nov. 15, 2022 /PRNewswire/ -- Prophix, a global leader in Corporate Performance Management (CPM) software, today announced the company has surpassed $100 million in Annual Recurring Revenue (ARR). "In 2018, we set an aggressive goal to become the mid-market leader in our segment and, more importantly, reach the $100M mark by 2023. At the time, growing 40x revenue seemed an audacious target, which makes it all the more gratifying to achieve, particularly well ahead of schedule," said Alok Ajmera, President & CEO, Prophix. "Throughout our history, Prophix has been a balanced, high-growth company, making the right investments to support our customers while achieving our aggressive growth goals. In today's volatile economic environment, this strategy continues to pay off."
- At the time, growing 40x revenue seemed an audacious target, which makes it all the more gratifying to achieve, particularly well ahead of schedule," said Alok Ajmera, President & CEO, Prophix.
- In January of 2021, Hg, a leading global software investor, made a significant investment in Prophix.
- Prophix saw its third quarter 2022 ARR increase by 24% from the same period year-over-year and its cloud customer base grow by over 41%.
- Prophix also achieved HiTrust Certification, which gives Prophix customers assurance that their mission critical, business sensitive information is secured and protected.