Fortino Capital Partners sells Sigma Conso to Hg’s portfolio company, Prophix
Mississauga, ONTARIO; Brussels, Belgium: 27 October, 2021 – 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.”
Fortino Capital, a European B2B software investor, partnered with Dominique and invested in Sigma Conso in 2020 to help strengthen and internationalize the company. Since the entry of Fortino Capital, Sigma Conso more than doubled its new sales, significantly expanded its talent bench while also entering Germany and acquiring its Asian distributor. With this acquisition, Fortino Capital hands over to Prophix and Hg. Filip Van Innis, Investment Director at Fortino Capital, explains: "Together with Dominique, we share a common belief that the CPM market will be characterised by a convergence of consolidation & planning solutions, and that makes the strategic rationale of this unique combination crystal clear. 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. At Fortino Capital, we are proud and grateful of our journey with Sigma Conso and have confidence in its next step, together with Prophix and Hg, on the joint path towards becoming a champion in the CPM sector."
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.”
The specific terms of the transaction were not disclosed.
For further details contact:
Rachel Douglas (firstname.lastname@example.org)
+1 (905) 279-8711 Ext: 50
Vademecom (Sigma Conso)
Vincent Morrens (email@example.com)
+32 (0) 2 269 50 21
Tom Eckersley (Tom.Eckersley@hgcapital.com)
Your business is evolving. And the way you plan and report on your business should evolve too. Prophix helps mid-market companies achieve their goals more successfully with innovative, cloud-based Corporate Performance Management (CPM) software. With Prophix, finance leaders improve profitability and minimize risk by automating budgeting, forecasting, and reporting and puts the focus back on what matters most – uncovering business opportunities. Prophix supports your future with AI innovation that flexes to meet your strategic realities, today and tomorrow. Over 1,500 global companies rely on Prophix to transform the way they work. To learn more, visit Prophix.com.
About Sigma Conso
Sigma Conso, founded in 2002, offers software, training, and services in the field of Corporate Performance Management (CPM). The group has a global presence with customers in more than 20 countries and local offices in Europe and Asia. For more information, visit www.sigmaconso.com.
Hg is a leading investor in software and services, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialisation and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of over $37 billion, with an investment team of over 140 professionals, plus a portfolio team of more than 35 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 35 software and technology businesses, worth around $70 billion aggregate enterprise value, with over 55,000 employees globally, growing at over 20% per year. Visit www.hgcapital.com for more information.
About Fortino Capital
Fortino Capital Partners is a specialized European investment firm partnering with exceptional B2B software entrepreneurs across Northwestern Europe. It manages a growth capital fund and two venture capital funds for earlier stage software solutions. The company has offices in Antwerp and Amsterdam. Fortino Capital’s investment portfolio includes MobileXpense, Efficy, Maxxton, Salonkee, SimplyDelivery, iObeya, Zaion, LetsBuild, among others. For more information, visit www.fortinocapital.com