Pricefx Closes 2020 with Significant Revenue Growth, New Customers Worldwide and a Platform Reimagined for the Future of Pricing
In a challenging year, Pricefx brings award-winning pricing solutions to dozens of new customers rapidly adapting to a new normal
Pricefx, the global leader in cloud pricing software, today announced another year of tremendous growth during its fiscal year ending December, 31, 2020. Despite a global pandemic and mandatory work-from-home initiatives in every region, the company recorded 44% year-over-year growth in subscription revenue.
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“Chicago Best Midsize Companies to Work For”
This week, Pricefx was named to Built In Chicago’s “Best Places to Work” list, including additional accolades for “Chicago Best Midsize Companies to Work For” and “Chicago Best Paying Companies.” In 2020, Pricefx grew its global headcount by 29% and now employs nearly 400 full time people worldwide, and is currently looking to hire more than 25 new positions in the first quarter of 2021.
“The COVID-19 pandemic forced rapid and transformational changes onto our business in 2020, but this ultimately highlighted the flexibility and resiliency of our incredible team and products,” said Marcin Cichon, Co-Founder and CEO of Pricefx. “I am both impressed by, and deeply grateful for, the passionate dedication our Pricefx family showed this year, enabling us to overcome unprecedented business circumstances to successfully raise significant additional funding, launch innovative new solutions like Lightning and VELO, acquire AI optimization company Brennus Analytics and remain on a rapid growth path with 30 new customers coming on board. I believe our future has never been brighter as I look towards the coming year.”
Market Demand and Customer Wins
In 2020, Pricefx signed 30 new enterprise customers, including Altium Packaging, PLZ Aeroscience, Stahl Holdings B.V. and Verallia Group. The company serves customers in more than 37 countries, which include some of the largest manufacturing, retailing and energy businesses in the world.
To help businesses develop strategies to quickly react to changing market dynamics and challenges as a result of COVID-19, Pricefx offered its customers free access to Sales Insights Accelerator. This Accelerator is a preconfigured, easy to deploy, highly actionable pricing analytics solution that can analyze transactional data, quickly gain visibility into pricing opportunities and flag threats.
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In June, Pricefx received $65 million in Series C funding, more than double the amount raised in their previous funding round, bringing the company’s total raised to $130 million. The round was led by funds advised by Apax Digital, the growth equity team of Apax Partners, with participation from existing investor Digital+ Partners. Over the last six months of the year, the company focused the new funding on expanding global market leadership and accelerating product innovation.
Product Innovation
In May 2020, Pricefx acquired Brennus Analytics, a start-up using proprietary AI technology to provide unique optimization capabilities highly applicable to the challenges of complex B2B environments. The transaction allowed Pricefx to incorporate state-of-art AI technology into its price optimization software and bring on a team of exceptionally talented AI and data science professionals.
To that end, Pricefx launched a set of groundbreaking product enhancements in its Vesper release in November 2020. Delivering a more streamlined, powerful and agile pricing platform, the company introduced a sleek, dynamic new look for all of Pricefx’s industry-leading pricing modules with Unity UI; PriceOptimizer AI, a next-generation price optimization solution powered by transparent and predictive machine learning and multi-agent AI; and new pre-defined solution building blocks that quickly and easily incorporate best practice functionality.
Earlier in the year, Pricefx announced Lightning, the first turnkey solution to enable rapid activation of pricing excellence. Powered by Pricefx Accelerators, Lightning delivers a full suite of standard pricing analytics, management and CPQ realization tools, able to go live in six weeks or less. This was followed by a partnership with Bain & Company to launch three advanced pricing Accelerators to help Bain customers address frontline discounting, pricing leakage and promotion management.
Most recently, Pricefx introduced Velo, the industry’s first strategic large deal negotiation solution. Designed for large, complex deals, Velo maximizes profitability and leverage by combining proven strategy with innovative technology.
Awards and Accolades
In December, Tracxn included Pricefx in its Soonicorn Club of Germany which recognizes the top companies which have the potential to become Unicorns. As a Soonicorn, Pricefx has been placed amongst the leading tech startups of Germany. The rating is based on a detailed analysis by Tracxn internal sector specialist teams coupled with a combination of multiple publicly available signals such as market size, investment by marquee investors, execution excellence and future growth prospects.
Over the last 12 months, Pricefx products were also honored for innovation and customer traction. The 2020 SaaS Awards Program named Pricefx the Best SaaS for Sales and Marketing and the company took the Gold Stevie® Award for the manufacturing solution category in the 2020 International Business Awards. Pricefx was named the Bronze Stevie® Award winner in the 2020 American Business Awards for best cloud application/service.
The innovative Pricefx offering continued to garner attention from the global industry analyst community, earning them inclusion in the Gartner Magic Quadrant for CPQ for the second year in a row. Gartner included Pricefx in more than a dozen research reports, analyst notes and Hype Cycle reports, covering topics including AI and data science, pricing optimization, sales and CRM, and sales execution.
Pricefx remained in the leader quadrant on both the Pricing and Momentum G2 Grids for all four quarters of the year. The company has been reviewed by more than 50 verifed customers on the G2 platform to date. In 2020, Pricefx continued to make the Constellation ShortList™ for Price Optimization.
Demonstrating a strong partnership with SAP, Pricefx was a 2020 SAP® Pinnacle Award finalist for SAP App Center Partner of the Year. Finalists and winners in 34 categories were chosen based on recommendations from the SAP field, customer feedback and performance indicators. Additionally, its Optimized Dynamic Pricing (ODP) solution became an SAP endorsed app, a new category of solutions from SAP’s partner ecosystem to help customers become best-run, intelligent enterprises.
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