Prophix Software, a Mississauga, Ontario-based provider of corporate performance management software, has secured $10 million in debt financing.
The funding was provided by BDC Capital‘s Growth and Transition Capital group and CIBC Innovation Banking, the technology lending arm of CIBC.
Established in 1987, Prophix provides solutions that help mid-market businesses improve profitability and minimize risk by automating budgeting, planning and reporting. It has more than 3,000 customers worldwide.
Led by CEO Paul Barber, Prophix will use the deal’s proceeds to scale its organization and invest in key innovations and technologies, such as artificial intelligence.
Prophix Software Secures C$10 Million in Debt Financing to Power Its Growth Strategy
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MISSISSAUGA, Ontario, April 04, 2019 (GLOBE NEWSWIRE) — Prophix Software, a global leader in Corporate Performance Management (CPM) software, today announced it had secured $10 million Canadian in debt financing to support its accelerated growth strategy in a rapidly evolving marketplace. Funding was provided by BDC Capital and CIBC Innovation Banking.
“Prophix has grown rapidly since our launch some 20 years ago, driven entirely by our success in gaining new customers and delivering ongoing innovation to meet their changing needs,” said Paul Barber, Prophix CEO and co-founder. “As corporate performance management has evolved and become more critical to organizations, Prophix is well-positioned to take advantage of the opportunity to continue quickly capturing broader market share with the large and important mid-market segment. This debt financing will enable us to more quickly scale our organization and invest in key innovations and technologies such as artificial intelligence, that provide more value to our customers and further differentiate Prophix from others like Anaplan and Adaptive. We appreciate the confidence shown in our business plan and track record by our financial partners, BDC Capital and CIBC Innovation Banking.”
Prophix completed a strong year of growth in fiscal 2018, with a 42% increase in Annual Recurring Revenue (ARR). The company has established a goal of achieving ARR of $100 million. Prophix is holding its annual User Conference, entitled, “Reframe the Usual,” in Nashville, Tennessee, from April 14-17, 2019.
Your business is evolving. And the way you plan and report on your business should evolve too. Prophix helps midmarket companies achieve their goals more successfully with its innovative Corporate Performance Management (CPM) software. With Prophix, finance leaders improve profitability and minimize risk by automating budgeting, planning and reporting and puts the focus back on what matters most – uncovering business opportunities and driving competitive advantage. Whether in the cloud or on-premise, Prophix supports your future with a platform that flexes to suit your strategic realities, today and tomorrow.
About BDC Capital
BDC Capital is the investment arm of BDC- Canada’s only bank devoted exclusively to entrepreneurs. With $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers a full spectrum of risk capital, from seed investments to transition capital, supporting Canadian entrepreneurs who wish to scale their businesses into global champions. Visit bdc.ca/capital.
About CIBC Innovation Banking
With offices in Denver, Menlo Park, Montreal, Reston, Toronto and Vancouver, CIBC Innovation Banking is a full-service business that delivers strategic advice and funding to North American technology and life science clients at each stage of their business cycle, from start up to IPO and beyond. CIBC Innovation Banking brings extensive experience and a strong, collaborative team that extends across commercial banking and capital markets in Canada and the U.S.
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