Hg-backed Prophix acquires Belgium’s Sigma Conso

Prophix, which is backed by Hg Capital, has acquired Sigma Conso, a Belgian provider of corporate performance management software and services.

Prophix, which is backed by Hg Capital, has acquired Sigma Conso, a Belgian provider of corporate performance management software and services. No financial terms were disclosed. The seller was European investor Fortino Capital. Based in Mississauga, Ontario, Prophix is a corporate performance management software company.

PRESS RELEASE

October 27, 2021
Mississauga, ONTARIO; Brussels, Belgium – Prophix, a global leader in Corporate Performance Management (CPM) software, today announced the acquisition of Brussels, Belgium-based Sigma Conso, a CPM software and services provider with a recognized expertise in financial close management and financial planning and analysis.

Prophix has acquired Sigma Conso from Fortino Capital, a European B2B software investor. The acquisition will see Sigma Conso’s technology being added, and eventually integrated, into the Prophix solution. Similarly, their employees will now become part of the Prophix organization.

As an innovative leader in cloud-based CPM, Prophix enables mid-market companies across multiple industries worldwide 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. Integrating Sigma Conso’s financial close management tools with Prophix’s cloud CPM software provides customers with more powerful and flexible consolidation and reporting capabilities that addresses even the most complex audit demands, while it also further strengthens Prophix’s reach in key European and Asian markets.

“This partnership is a perfect example of the whole being greater than the sum of its parts,” said Alok Ajmera, president and CEO of Prophix. “The addition of Sigma Conso’s technology and resources strengthens Prophix’s consolidations capabilities while also extending our global reach. Similarly, Sigma Conso joins Prophix’s ranking as a leading cloud CPM software provider with more than 1700 active customers worldwide, industry-leading retention rates and best-in-class customer NPS.”

Dominique Galloy, Sigma Conso CEO, said: “This is an exciting announcement for our team. Prophix and Sigma Conso are fully aligned in terms of our culture, customer focus and dedication to building world-class software. We really look forward to being a part of the Prophix family and see this as a tremendous opportunity.”

Acquiring Sigma Conso is part of a broader strategy that began in January 2021 when Hg, a leading global software investor, took a majority ownership position in Prophix. By facilitating this transaction, Hg builds on its goal of accelerating and scaling Prophix’s growth, while funding further development of its product capabilities. This deal between Prophix and Sigma Conso also reinforces Hg’s focus on mission critical B2B software sitting at the intersection of Hg’s experience in ERP and Tax & Accounting.

Louis Kinsella, Principal at Hg, added: “There has been a dramatic increase in the attention being paid to the CPM space over the past 12-24 months. This will only continue as companies and organizations realize the value these solutions bring to their financial operations. Consequently, this deal is very much in line with Hg’s strategy of investing in high-quality businesses so that they can grow to reach their full potential. We are convinced that bringing on Sigma Conso as part of Prophix will achieve just that.”

Filip Van Innis, Investment Director at Fortino Capital, said “By joining forces, both companies will become an even stronger contender in the “Office of the CFO” space. Sigma Conso’s European and Asian footprint will extend Prophix’s reach and allow the group to be operating in a truly global way. We are proud and grateful of our journey with Sigma Conso and have confidence in its next step, together with Prophix and Hg.”