Prophix Has Received a Majority Investment from Hg
- Prophix is the leading mid-market CPM (Corporate Performance Management) platform that is driving disruption and fundamentally changing Financial Planning and Analysis
- Founded in 1987, Prophix is headquartered in Ontario, Canada and has been bootstrapped over their 30+ year experience serving the office of the CFO
- Prophix’s cloud-based 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
- Hg is a leading investor in software and services, focused on backing businesses that change how we all do business.
- Hg’s deep technology expertise, complemented by vertical application specialization and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses
- Hg has over $30 billion in funds under management, with an investment team of over 140 professionals, plus a portfolio team of more than 30 operators, providing practical support to help their businesses realize their growth ambitions
- Based in London, Munich and New York, Hg has a portfolio of over 30 software and technology businesses, worth over $50 billion aggregate enterprise value, with over 35,000 employees globally
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.
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.
Founder & Executive Chairman, Prophix
Prophix sits right at the heart of a universe that we have been investing in for almost two decades. This means that we recognize high-quality when we see it and Prophix falls firmly into this category. Prophix is a great business run by an impressive team. They have created a best-in-class product that serves a very satisfied customer base, with huge runway for further growth. We’re really excited about joining the team.
- Hg’s investment in Prophix was announced on January 6, 2021; financial terms were not disclosed
- Shea & Company served as the exclusive financial advisor to Prophix