Pricefx, the global leader in cloud-native pricing software, today announced that Ronak Sheth has joined the management board and executive leadership team as President and Chief Revenue Officer. Sheth officially started in the role on May 18.
“I’m excited to see the company leadership positioning to conquer the SaaS pricing industry, and continue to be happy with the growth of the Pricefx business.”
Sheth brings more than two decades of experience in executive leadership and board management roles at early-stage and high-growth technology companies. For the past year, Sheth has served as a board member and board advisor to several B2B and B2C technology and consumer products companies after leaving his role as CEO of Label Insight, a B2B SaaS company he helped found which was recently acquired by NielsenIQ in a private transaction.
“We’re excited to welcome Ronak to the leadership team at Pricefx,” said Marcin Cichon, co-founder and CEO. “With his successful career in building high-growth, high-impact SaaS commercial organizations, Ronak brings a level of drive and experience to the company which will be critical for our journey. He shares the same philosophy as we do, that customer results and customer satisfaction are the cornerstones of building successful companies. Now is the moment when this approach will help supercharge our growth at Pricefx and the value we deliver for our customers.”
His hire comes among several organizational changes focused on streamlining the commercial and customer organizations and further driving product innovation. Sheth will initially oversee the newly unified marketing, sales, ecosystem and customer organizations, including the creation of a new growth impact unit with two core functional groups – the value and growth team will specifically focus on delivering and measuring ROI for Pricefx customers, and the solutions strategy team will work to accelerate the company’s vertical industry specialization.
Additionally, Toby Davidson, who joined Pricefx as Chief Product Officer in January, will take on responsibilities for the integration of the company’s engineering and product organizations under the new title of Chief Product and Technology Officer. Company co-founder Christian Tratz will assume a new role leading a research and development group who will drive continuous product innovation.
Ondrej Bartos, Partner at Credo Ventures and Pricefx board member commented, “I’m excited to see the company leadership positioning to conquer the SaaS pricing industry, and continue to be happy with the growth of the Pricefx business.” Credo was an early-stage investor in Pricefx, and recently celebrated the successful IPO of UiPath, another early-stage Credo investment.
The changes come on the back of the most successful growth quarter in the company’s history. Pricefx added 9 enterprise customers (companies with $1B+ in revenue) to its roster and significantly expanded its business with 6 existing enterprise customers, representing more than 30% subscription revenue growth quarter-on-quarter. Supporting this growth, the company has increased new employee hiring by 30%, and currently has more than 40 open positions across Europe and North America.
Pricefx also saw the successful launch of several product innovations including the newly simplified Plan, Price, and Profit solutions packages, PricefxPlasma™, PricefxVelo, and Bijou 7.0 Platform release, which included the ground breaking AI market simulation capability. Pricefx received the Silver Stevie Award for Manufacturing Solutions from the American Business Awards, its third win and the second year in a row to be honored. The company was also recently recognized as an SAP Pinnacle Award Finalist for the second consecutive year, a recognition of the top performing SAP CX App Center partners based on performance.