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HG INVESTS IN PROPHIX Featured

Technology investor HG has taken a majority stake in Prophix. The amount of the investment was not disclosed.

 In this week's announcement, Mississauga, Ont.-based software vendor says the deal also resulted in management and employees have an ownership position. The company’s software includes products for budgeting and planning, financial reporting, financial consolidation and close. Prophix CEO Alok Ajmera said the capital will enable his company to make additional investments in sales and market and R&D and to “accelerate our transition to the cloud and look to scale our business across several regions, including in Europe. Last year, HG sold its majority stake in Norway-based Visma. It has also invested in CaseWare, which makes audit and financial reporting software. Its channel base includes five of the top 10 resellers, Armanino, Columbus, Net at Work, RSM and Velosio. Other Top 100 VARs carrying the line are BDO Canada, Encore Business Solutions, Nextec and the Rand Group.

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