On January 6, 2021, Prophix Software announced its investment from Hg. The funding will accelerate and scale Prophix’s growth and will be used to fund the development of its product capabilities. The transaction will allow Prophix to expand its sales and marketing functions, R&D capabilities and accelerate business plans such as transitioning to the cloud and scaling across several regions including Europe. Upon completion of the transaction, Prophix employees and management will acquire Prophix along with Hg which will hold the majority investment.
Prophix Software is software firm specializing in its Corporate Performance Management software that helps midmarket companies automate budgeting, planning and reporting.
Hg is a leading European investor based in London, Munich and New York, focused on investments in software and services.
Osler, Hoskin & Harcourt LLP advised Prophix Software with a team consisting of Andre Perey, David Jamieson, Sahil Chopra, Emery White (Emerging and High Growth Companies), Martha Martindale (Financial Services), Dov Begun and Jennifer Horton (Taxation).