MUNICH & CHICAGO--(BUSINESS WIRE)--Pricefx, the global leader in cloud pricing software, today announced another year of tremendous growth during its fiscal year ending December, 31, 2019. The company has grown by 85% on average each year for the last four years – 3 to 4 times the industry standard for pricing companies. As a result, Pricefx is continuing to expand its market share, particularly in the U.S. where the company more than doubled its total revenue.
Market Demand and Customer Wins
Gartner Inc. included Pricefx in the Magic Quadrant for Configure, Price and Quote Application Suites, as well as the Hype Cycle for CRM Sales Technology, 2019 as a Sample Vendor of Price Optimization and Management for B2B. The latter report states, “price optimization and management is close to the Plateau of Productivity because it is able to demonstrate quantifiable and tangible improvements in margin and revenue in successful implementations.”
Additionally, Gartner’s Market Guide for B2B Price Optimization and Management Software for 2019 includes Pricefx and states that it expects “the PO&M market to continue to grow rapidly during the next three years” and that “PO&M software has a rapid payback on investment (often less than six months).”
Pricefx currently has more than 100 customers across 37 countries, which include some of the largest manufacturing, retailing and energy businesses in the world. In 2019, Pricefx signed nearly 20 new enterprise customers with revenue in excess of $2 billion. New customers include Lyreco, Phillips 66, Scotts-Miracle Gro and Watsco.
To scale for the rising demand of its easy-to-use pricing solutions, Pricefx also expanded its footprint in North America. The company more than doubled its headcount, adding 140 new employees in 2019.
In November 2019, Pricefx closed its Series B financing round with a total of €48 million in its coffers, which will be used to fuel the company’s continued market expansion and product development. On the heels of this latest funding, the company’s valuation has nearly tripled in the last twelve months.
Product Accolades and Advancements
Last year, Pricefx became the first solution provider to achieve Gold-Level Status for SAP® PartnerEdge® Build. The company also secured the highest rating on G2 Crowd for enterprise-grade pricing software. Pricefx won Product of the Year in the 2019 Sales and Marketing Technology awards (SAMMYs), the only pricing solution to do so, and was named the Gold winner in Enterprise Product of the Year - Sales Software.
The 2019 SaaS Awards program named Pricefx a finalist in the category “Best SaaS Product for Sales / Marketing” and the company was named a Bronze winner for Cloud Computing/SaaS Product or Service for Sales by the Customer Sales & Service World Awards.
Pricefx also completed its evolution to an enterprise-grade platform, announcing that subscribers of the company’s core SaaS product offerings receive full access to the entire platform feature set for no additional cost. By including the platform with core product subscriptions, Pricefx further lowered the total cost of ownership for its customers.
The fall product release brought forth Unity UI, a sleek, modern, intuitive user interface. Unity represented the first major UI update for Pricefx since its initial launch and dramatically improved the ease of use, consistency and responsiveness of Pricefx to create a better user experience on multiple devices. Last spring, Pricefx announced plug-and-play integrations between its CPQ software and the industry’s leading enterprise-grade customer relationship management (CRM) solutions, including Salesforce, Microsoft Dynamics 365 and SAP Cloud for Customer.
“In 2019, Pricefx continued to deliver a fast, flexible and friendly pricing solution to enterprises looking to increase revenue and profits,” said Patrick Adams, chief revenue officer of Pricefx. “Investor support, industry accolades, customer wins and new product innovation point to strong demand for Pricefx’s true cloud-native pricing platform. We are excited about 2019’s results and expect to continue our amazing growth into 2020 with expanded adoption of the platform and new solutions designed to give our customers a competitive edge.”
In Q1 2020, Pricefx Advantage, the company’s new partner program, will officially launch. The program seeks to create a connected ecosystem of pricing strategists, system integrators and Independent Software Vendors (ISV’s) who will team with Pricefx to help customers achieve pricing superiority at scale, faster than anyone else in the market.
Established in 2011 in Germany, Pricefx is the global leader in SaaS pricing software, offering a comprehensive suite of solutions that are fast to implement, flexible to configure and customize, and friendly to learn and use. Pricefx delivers a complete price optimization and management platform based on native cloud architecture, providing industry leading time to value and total cost of ownership advantages to customers. Their innovative solution works for both B2B and B2C enterprises of any size, in any industry, in any part of the world. Pricefx’s business model is entirely based on the satisfaction and loyalty of its customers. Today, Pricefx delivers Passion for Pricing to more than 100 customers in more than 37 countries worldwide. For more information, please visit www.pricefx.com.
Gartner Disclaimer: Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.