Founded in 1987, Prophix began as a software distributor implementing financial applications before releasing its own CPM software in 2000. In 2021, Prophix received a significant investment from Hg to accelerate and scale growth and fund further development. In the first case of inorganic growth in the company’s history, Prophix acquired Sigma Conso in late 2021, a Belgian specialist in financial consolidation and close, management reporting, intercompany reconciliation and specialized solutions for IFRS 16 and iXBRL. Prophix now has 600 employees and more than 3,000 active customers worldwide, covering all company sizes and industries. In addition to its market presence and continued growth in North America, Prophix is increasingly winning customers outside of its core market. Current international expansion efforts are focused on EMEA and APAC.
Prophix offers Prophix One, a comprehensive and unified financial performance platform for business users that provides insight into and automation of financial, operational and business performance processes. Prophix One includes core services for data management, security management, AI and workflow automation that support business applications in addressing various financial use cases, including planning, budgeting and forecasting, reporting and analytics, financial consolidation and close, and accounting and compliance. All applications – Prophix’s own as well as partner applications – sit on a common data layer. In Prophix One, platform data and metadata are stored relationally (Microsoft SQL Server or PostgreSQL), but are presented to the user in a multidimensional way. Prophix targets business departments (e.g., finance) in midsize companies across all industries and is available in the Amazon Cloud (AWS).
For financial consolidation and close, Prophix One provides functionality for statutory consolidation and management consolidation including functionality for standard and more complex use cases. In addition, predefined templates are available for balance sheet, profit and loss, and cash flow reporting. Users can change the format and layout of financial statements without coding or the need to understand complex report writing.
For planning, budgeting and forecasting, Prophix One provides a flexible no-code platform that is not limited to a single planning topic (financials, sales and revenue, HR, projects, etc.). The product can be used to create custom business planning applications with top-down and bottom-up planning capabilities. In general, Prophix One contains comparatively little predefined business content (e.g., for specific industry verticals). However, prebuilt solutions are available for construction, senior living and higher education, and Prophix has plans to provide more industry-specific content in the future. Prophix’s global partner network of more than 100 partners also offers prebuilt content for specific topics and industries. FP&A Plus, the newest application on the platform, is a rearchitected version of the vendor’s financial planning and analysis solution that offers increased scale, granularity and flexibility as well as support for more complex models and higher performance queries for larger data sets.
Based on the planning model, Prophix One uses its web client and an Excel add-in for plan data entry. To control planning processes, Prophix One provides workflow capabilities including visual process overview, task management and due dates, status monitoring, approvals and email notifications. Prophix further simplifies and automates the experience for business users by leveraging AI, ML and natural language processing techniques, such as statistical/predictive forecasting capabilities, auto-generated insights, a virtual task assistant or by providing recommendations based on best practices and how to achieve optimal performance and user experience.
Besides planning, Prophix One also provides reporting and analytics capabilities. Standard formatted and print-oriented reporting is supported, as well as ad hoc queries based on OLAP methodologies (drill functionality, slice and dice, pivoting, etc.). For data visualization (e.g., in management cockpits or dashboards), standard business graphics as well as more advanced chart types are available. Reports, like planning templates, are created in a user-friendly, Excel-like environment. In addition, for customers following a Microsoft strategy, Prophix data sets can be pushed to Power BI for more advanced dashboarding, data visualization and analysis.
