Prophix year-over-year cloud revenue grows by 78% in Q2
Prophix Software, a global leader in Corporate Performance Management (CPM) software, today released its business summary for Q2 2021, which ended on June 30, 2021. One of the biggest takeaways from the pandemic, with millions of employees working remotely, was the advantage that a virtual, cloud environment provides finance teams, in particular, to support scenario planning and re-forecasting. Prophix saw its second quarter cloud revenue increase by 78% from the same period last year and saw its cloud customer base grow by more than 70% for the quarter, with a 37% increase in migrations by existing customers from on-premise to the cloud.
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“Our customers see tremendous business opportunities in the months ahead as the world emerges from the pandemic and need advanced cloud-based FP&A solutions to empower them to make more strategic decisions. Our strong second quarter growth is evidence of the value Prophix delivers to help organizations better anticipate change and future-proof their business,” said Alok Ajmera, President & CEO, Prophix Software.
Prophix continued to make customer satisfaction a top priority in Q2 and maintained a net customer retention rate of 110%. “At Prophix, we pride ourselves on providing superior customer service and our consistently exceptional customer retention rate reflects that commitment,” said Ajmera. “As businesses realize the importance of leveraging advanced technology to address evolving finance challenges, we’re honored they depend on Prophix to help them achieve their goals.”
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The company also continued to build on its culture and employee base growth over the last quarter, which led to a 92% employee satisfaction rate and an employee Net Promoter Score (NPS) of 76. “To fully achieve our organizational goals, creating an environment in which our employees feel respected and valued is essential. We’re gratified to continue seeing high employee satisfaction marks since data shows there’s a direct connection between an engaged workforce and happy customers,” said Ajmera.
During the second quarter, Prophix also received exceptional marks in the annual Dresner Advisory Services’ Wisdom of Crowds® Enterprise Planning Market (EPM) Study. For the seventh consecutive year, Prophix was named an Overall Leader in both Customer Experience and Vendor Credibility and was also recognized by Dresner as “Best In Class” across a wide range of EPM measures.
