Profitect Announces 182% Year-Over-Year Revenue Growth
Retail & CPG Momentum of Profitect’s Prescriptive Analytics Solution Sees Company Retail Location Deployments at 53,000+ Supporting More than 40,000 Concurrent Users
BURLINGTON, MA – May 15, 2019 – Profitect Inc., the leading prescriptive analytics provider for the retail and CPG industry, today announced the company experienced 182 percent year-over-year revenue growth. This growth was driven by market momentum and enthusiasm for the company’s award-winning prescriptive analytics solution. Profitect also grew the number of retail location deployments to 53,000+, supporting more than 40,000 concurrent users.
In addition to customer growth, Profitect also grew internally, expanding headcount 137 percent over the past 12 months. This trajectory began with the announcement of a new, larger office space in Burlington, MA in December of 2017, and is continuing in 2019 with several open positions to be filled in the rest of the year.
Profitect also reached gender parity within the organization across all levels of the business. Notably, the management team is 50 percent female, with women heading up the company’s finance, marketing, program management, human resources, and customer success departments. Last year, Profitect also announced the addition of Andrea Weiss to its Board of Directors, joining Janice Roberts of Benhamou Global Ventures.
“This is an important milestone that I am honored we have achieved, especially given that we’re a technology company,” said Guy Yehiav, CEO, Profitect. “We strongly believe in a culture of equality and fairness, and I’m proud to say our company and product reflects the innovative spirit of this diversity.”
Profitect kicked off 2019 with recognition by RIS Software LeaderBoard as a top software vendor in 15 categories, as voted by retailers. The company was also named one of CIOReview’s “20 Most Promising Retail Solution Providers – 2019 as well as a “Top 10 AI Solution Provider” by Retail CIO Outlook magazine.
Additionally, in 2018 the company was recognized by Retail Industry Leaders Association (RILA) with their (R)Tech Innovation Award for Asset Protection and, for the third consecutive year, was also awarded Retailer’s Choice.
“Our momentum has and will continue to be all about the people,” said Yehiav. “We made a commitment to our customers and partners to provide them with innovative technology that delivers stellar results. We remain committed to hiring the best employees and smartest minds in the business to keep us at the top of our game. We’ve had a great start to 2019 and will focus the remainder of the year on empowering our retail and CPG customers with a powerful solution that makes them successful and helps drive their careers forward!”
Profitect’s prescriptive analytics solution leverages pattern detection and machine learning to identify opportunities that impact sales and margin. Profitect takes retail and CPG company data and identifies areas for improvement including: inventory accuracy, out of stocks, pricing accuracy, unsellable merchandise, and assortment discrepancies. Profitect customers typically realize a 2-5 percent increase in sales, better consumer experience, 10-15 percent basis point margin improvement, and labor productivity improvement within 6 months. To learn more about Profitect visit: www.profitect.com or follow the company on Twitter and LinkedIn.
Erin Knapp, Matter for Profitect