More than a dozen new enterprise customers and 16 new Advantage Pricefx partners added this year to date
Pricefx also recognized with Sales and Marketing Technology Product of the Year, a Gold GLOBEE® and Silver Stevie® Award
Pricefx, the global leader in cloud pricing software, today announced strong customer and partner traction in the first half of 2021. As companies in every region are adapting to major pricing fluctuations across the supply chain this year along with increased inflationary pressures, Pricefx is seeing the need for AI-powered pricing solutions continue to grow. The company recorded 34% growth in revenue in 1H 2021 due to new customers and expansion of existing customer implementations.
“Since joining Pricefx, I’ve been impressed with caliber of our customers, partners and technology solutions we offer to the market. Pricefx is at the forefront of the current market surge in price optimization activity with the rapid acquisition of new logos and expansion among existing customers,” said Ronak Sheth, President and Chief Revenue Officer for Pricefx. “By forming significant, multi-win partnerships in the industry, we are bringing exponential value to customers in need of an edge in today’s rapidly changing market. Pricefx is well positioned to provide the best pricing optimization tools to help businesses around the globe achieve stronger revenue, profits and growth.”
Sheth joined the company in May 2021, bringing more than two decades of experience in executive leadership and board management roles at early-stage and high-growth technology companies. The company continues to expand its ranks, adding more than 50 employees in the first six months of 2021 with plans to hire an additional 40 by the end of the year. In its weekly employee surveys, Pricefx recorded stable and high scores for engagement and happiness of its employees (average of 97 out of 100), including Manager index, working environment, loyalty, diversity and team efficiency.
Customer and Partner Momentum
Since January, Pricefx has signed 14 new enterprise customers in the North America and Europe, including AMAG Group, American Tire Distributors and FIFCO. The company serves customers in more than 37 countries, which include some of the largest manufacturing, retailing and energy businesses in the world. A significant portion of Pricefx’s business can be attributed to its thriving partner ecosystem. The Advantage Pricefx partner program which launched in March 2020 now has 84 members; 16 new partners have joined in 2021.
After a record setting commercial year with SAP in 2020, Pricefx has already exceeded 2020 revenues in the first half of 2021 and was named an SAP® Pinnacle Award finalist for the second year in a row; this year in the Partner of the Year – Endorsed Apps category.
Product Innovation
In January, Pricefx partnered with Bain & Company to launch PricefxPlasma™, the industry’s first big data powered benchmarking platform. The only solution of its kind in the pricing world, PricefxPlasma gives customers a unique business advantage to improve their pricing strategy and execution. Users can leverage a pre-defined set of more than 20 market-relevant performance KPIs to reveal insights into industry pricing and to measure their pricing performance.
To address the increased demand for AI-driven revenue growth, Pricefx introduced the industry’s first AI-powered market simulation solution. Market simulation uses Pricefx Next Gen AI technology to simulate and predict the impact of pricing on customer purchasing behavior. It is designed to enable price optimization in context of the overall product portfolio and the competition.
In the first half of 2021, Pricefx also simplified its product offering around three core packages Plan, Price and Profit. The company offers subscription-free advanced analytics as part of the Plan package and AI optimization and market simulation are included in the subscription for both the Price and Profit packages. PricefxPlasma is also included with the Price and Profit packages for participating customers.
Awards and Accolades
For the second time, Pricefx was named Product of the Year in the 2021 Sales and Marketing Technology Awards program, also known as The Sammys. The company was also awarded the Gold GLOBEE® for Configure Price Quote (CPQ) in the 2021 IT World Awards® and honored with a Silver Stevie® Award in the manufacturing business technology category of the 2021 American Business Awards®. The Global Business Tech Awards named Pricefx to its shortlist for Best SaaS Company of the Year.
Based on strong customer reviews, G2 awarded Pricefx the Leader, Enterprise Leader and Enterprise High Performer for Summer 2021 Pricing Software. The firm also named Pricefx a Leader, High Performer, High Performer Enterprise, Best Relationship, Easiest to do Business With, Momentum Leader and Pricing Leader in Spring 2021. Pricefx continues to make the Constellation ShortList™ for Price Optimization.
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