Vindicia and Softrax Expand Partnership to Help Ease Accounting Burden
Jun 11, 2018
Product Integration Allows Subscription Businesses to Focus on Growth
San Mateo, Calif. – June 12, 2018 – Vindicia, an Amdocs company (NASDAQ: DOX) and a leader in business-to-consumer subscription management solutions, today announced an expanded partnership and product integration with Softrax, an industry leader in revenue management software. The inclusion of Softrax’s world-class automated revenue recognition software into Vindicia’s subscription business platform and Amdocs Digital Monetization Suite, enhances and simplifies accounting operations, making both complex manual manipulations and expensive enterprise resource planning (ERP) customizations a thing of the past.
“I’m thrilled that we are strengthening our relationship with Vindicia. This is a great partnership opportunity for both companies, and more importantly, will bring tremendous value to our mutual clients including those struggling with adoption of ASC 606,” said Tom Zauli, Senior Vice President and General Manager, Softrax.
“Our collaboration with Softrax opens doors for Vindicia to work with an incredibly wide array of enterprise-level companies interested in transitioning to the growing subscription space,” said Kris Nagel, Head of Vindicia, an Amdocs company.
By combining Softrax’s revenue recognition software and Vindicia’s subscription business platform with Amdocs Digital Monetization Suite, companies will be able to bring their innovative products to the market quickly and launch any-play bundles of products and services with flexible product and pricing parameters, all while the client focuses on business goals, not back-end accounting.
“We’ve added another aspect to our full-stack offering that will enable our clients to easily meet ever-changing accounting parameters, now and in the future, further enhancing Vindicia’s ability to serve as a true strategic partner to clients in all aspects of subscription growth,” explained Nagel.
The impending deadline from the Financial Accounting Standards Board (FASB) for compliance with new accounting rules known as ASC 606, paired with increased scrutiny from the Securities and Exchange Commission and others, increase the urgency for back office financial processing solutions. For more than 17 years, Softrax has handled critical financial processes for their clients, delivering substantial hard dollar savings while complying with FASB and International Accounting Standards Board (IASB) requirements. This partnership with Softrax will enable Vindicia’s subscription business customers to comply with new accounting and revenue recognition requirements while simplifying ongoing financial compliance and reporting. It will also prevent back office processing from inhibiting monetization strategies, enabling companies to focus on growth, rather than accounting burdens.
Softrax is a leading provider of revenue recognition software, helping enterprise level companies comply with the new standards, ASC 606 and IFRS 15. With Softrax solutions, companies can regain control and implement the new revenue recognition standard with confidence. Softrax solutions seamlessly augment ERP and financial systems to support existing and coming revenue guidance, reduce operating expenses, and gain unprecedented visibility into business performance. To learn more, please contact Softrax at 972-715-4028 or visit www.softrax.com.
Vindicia, an Amdocs company, believes that a subscription platform should pay for itself. The company’s comprehensive SaaS-based subscription management solution combines big data analysis, strategic consulting and proprietary retention technology to generate significant new revenue for its clients. Vindicia removes the barriers between the consumer and the goods and services they want. To learn more about Vindicia, please visit www.vindicia.com.
Amdocs is a leading software and services provider to the world’s most successful communications and media companies. As our customers reinvent themselves, we enable their digital and network transformation through innovative solutions, delivery expertise and intelligent operations. Amdocs and its 25,000 employees serve customers in over 85 countries. Listed on the NASDAQ Global Select Market, Amdocs had revenue of $3.9 billion in fiscal 2017. For more information, visit Amdocs at www.amdocs.com.
Amdocs’ Forward-Looking Statement
This press release includes information that constitutes forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995, including statements about Amdocs’ growth and business results in future quarters. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations will not be material. Such statements involve risks and uncertainties that may cause future results to differ from those anticipated. These risks include, but are not limited to, the effects of general economic conditions, Amdocs’ ability to grow in the business markets that it serves, Amdocs’ ability to successfully integrate acquired businesses, adverse effects of market competition, rapid technological shifts that may render the Company's products and services obsolete, potential loss of a major customer, our ability to develop long-term relationships with our customers, and risks associated with operating businesses in the international market. Amdocs may elect to update these forward-looking statements at some point in the future; however, the Company specifically disclaims any obligation to do so. These and other risks are discussed at greater length in the Company's filings with the Securities and Exchange Commission, including in our Annual Report on Form 20-F for the fiscal year ended September 30, 2017 filed on December 11, 2017 and our quarterly 6-K form furnished on February 12 and May 21, 2018.