Hg Invests In Prophix to Continue To Scale the Business and Invest Further In Product & Technology
Prophix, a global leader in Corporate Performance Management (CPM) software, today announces an investment from Hg, a leading global software investor. Hg’s investment is expected to accelerate and scale Prophix’s growth and fund further development of its product capabilities.
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This deal will result in Prophix employees and management participating to acquire the company alongside Hg, who will hold the majority investment. This will allow staff to benefit more directly from the organization’s ongoing growth.
Founded in 1987 and based in Ontario, Canada, Prophix is a leading provider of CPM software serving mid-market companies across multiple industries worldwide, providing planning, budgeting and financial reporting software into the ‘office of the CFO’. Prophix’s software allows organizations to improve their financial reporting capabilities, while also standardizing and streamlining the budgeting process to generate significant ROI through a faster time to close, reduction in budgeting errors and an ability to reforecast in a more agile way. Prophix is a leader in its segment with over 1,600 customers, industry-leading retention rates and best-in-class customer NPS.
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Alok Ajmera, Chief Executive Officer of Prophix, said: “Our journey so far has shown us that there is still so much to play for in our industry. We have significant ambitions for the business and Hg’s investment and operational experience in software will help us reach these goals. We will look to serve our customers better than ever before, as we invest further in our sales and marketing functions, further our R&D capabilities, accelerate our transition to the cloud and look to scale our business across several regions, including in Europe. Hg has successfully helped businesses to accomplish these goals many times over and we’re excited to tap into some of this experience to unlock our full potential.”
Paul Barber, Founder and Executive Chairman of Prophix, said: “This is a really momentous announcement for the team at Prophix and we warmly welcome Hg as a key strategic partner today. It has been an incredible journey to date, and I am so grateful to the enormous talent that has seen us get to this stage. Together with Hg we will move forward with an unstoppable team and a very bright future for the business.”
This partnership with Prophix reinforces Hg’s focus on mission critical B2B software sitting at the intersection of Hg’s experience in ERP and Tax & Accounting. This transaction represents Hg’s seventeenth investment in this space in the last 16 years, with total invested capital of over $3.5 billion. Prophix is also the fourth software business based in Canada that Hg has invested in over the last 12 months.
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