Pricefx Closes 2020 with Significant Revenue Growth, New Customers Worldwide and a Platform Reimagined for the Future of Pricing
In a challenging year, Pricefx brings award-winning pricing solutions to dozens of new customers rapidly adapting to a new normal
Pricefx, the global leader in cloud pricing software, announced another year of tremendous growth during its fiscal year. Despite a global pandemic and mandatory work-from-home initiatives in every region, the company recorded 44% year-over-year growth in subscription revenue.
This week, Pricefx was named to Built In Chicago’s “Best Places to Work” list, including additional accolades for “Chicago Best Midsize Companies to Work For” and “Chicago Best Paying Companies.” In 2020, Pricefx grew its global headcount by 29% and now employs nearly 400 full time people worldwide, and is currently looking to hire more than 25 new positions in the first quarter of 2021.
“The COVID-19 pandemic forced rapid and transformational changes onto our business in 2020, but this ultimately highlighted the flexibility and resiliency of our incredible team and products,” said Marcin Cichon, Co-Founder and CEO of Pricefx. “I am both impressed by, and deeply grateful for, the passionate dedication our Pricefx family showed this year, enabling us to overcome unprecedented business circumstances to successfully raise significant additional funding, launch innovative new solutions like Lightning and VELO, acquire AI optimization company Brennus Analytics and remain on a rapid growth path with 30 new customers coming on board. I believe our future has never been brighter as I look towards the coming year.”
Market Demand and Customer Wins
In 2020, Pricefx signed 30 new enterprise customers, including Altium Packaging, PLZ Aeroscience, Stahl Holdings B.V. and Verallia Group. The company serves customers in more than 37 countries, which include some of the largest manufacturing, retailing and energy businesses in the world.
To help businesses develop strategies to quickly react to changing market dynamics and challenges as a result of COVID-19, Pricefx offered its customers free access to Sales Insights Accelerator. This Accelerator is a preconfigured, easy to deploy, highly actionable pricing analytics solution that can analyze transactional data, quickly gain visibility into pricing opportunities and flag threats.
In June, Pricefx received $65 million in Series C funding, more than double the amount raised in their previous funding round, bringing the company’s total raised to $130 million. The round was led by funds advised by Apax Digital, the growth equity team of Apax Partners, with participation from existing investor Digital+ Partners. Over the last six months of the year, the company focused the new funding on expanding global market leadership and accelerating product innovation.
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In May 2020, Pricefx acquired Brennus Analytics, a start-up using proprietary AI technology to provide unique optimization capabilities highly applicable to the challenges of complex B2B environments. The transaction allowed Pricefx to incorporate state-of-art AI technology into its price optimization software and bring on a team of exceptionally talented AI and data science professionals.
To that end, Pricefx launched a set of groundbreaking product enhancements in its Vesper release in November 2020. Delivering a more streamlined, powerful and agile pricing platform, the company introduced a sleek, dynamic new look for all of Pricefx’s industry-leading pricing modules with Unity UI; PriceOptimizer AI, a next-generation price optimization solution powered by transparent and predictive machine learning and multi-agent AI; and new pre-defined solution building blocks that quickly and easily incorporate best practice functionality.
Earlier in the year, Pricefx announced Lightning, the first turnkey solution to enable rapid activation of pricing excellence. Powered by Pricefx Accelerators, Lightning delivers a full suite of standard pricing analytics, management and CPQ realization tools, able to go live in six weeks or less. This was followed by a partnership with Bain & Company to launch three advanced pricing Accelerators to help Bain customers address frontline discounting, pricing leakage and promotion management.
Most recently, Pricefx introduced Velo, the industry’s first strategic large deal negotiation solution. Designed for large, complex deals, Velo maximizes profitability and leverage by combining proven strategy with innovative technology.
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