Prophix Software, a global leader in mid-market Corporate Performance Management (CPM) software, today announced President and Chief Operations Officer Alok Ajmera has been promoted to Chief Executive Officer. Ajmera will be asked to lead the company through its next phase of growth, tracking toward its goal of $100M in annual contract value by 2023. Ajmera joined Prophix Software in January of 2004 as a consultant and advanced through the company leading sales efforts and operations before joining the executive team in 2014.
Retaining his title as President, Alok's appointment to CEO marks a deliberate succession plan to ensure ongoing strong leadership as Prophix continues its mission to help midmarket finance leaders utilize advanced technologies, including AI and machine learning, to more strategically plan and manage their businesses for competitive advantage. Revenue from Prophix's cloud business has increased by more than 170% this year, thanks to new customers and additional cloud migration from existing customers. Ajmera will work closely with Executive Chairman and Prophix founder Paul Barber to ensure a seamless leadership transition for customers, partners, and employees.
"At Prophix, we are fully invested in our customers and always looking at new ways to help midmarket finance leaders utilize advanced technologies, including AI and machine learning, to more strategically plan and manage their businesses for competitive advantage," said Ajmera. "The pandemic has reinforced the value of cloud-based CPM tools for real-time scenario planning and forecasting during volatile times, enabling finance professionals to reframe their business challenges into genuine opportunities. I'm excited about Prophix's opportunity to drive the CPM market forward through technology disruption while fulfilling our strategy for long term growth."