SOFTRAX Partners with Planview to Automate Complex Project Execution through Billing and Revenue Recognition for the Professional Services Industry

Partnership enables clean automation and flow of data from project inception, through services planning and execution to downstream billing and revenue recognition

CANTON, Mass.--(BUSINESS WIRE)--SOFTRAX, a leading provider of revenue lifecycle management solutions, and Planview, the leading end-to-end platform for Strategic Portfolio Management (SPM) and Digital Product Development (DPD), today announced a partnership to make SOFTRAX Revenue Management System (RMS) and AdaptiveWork from Planview available to customers of both companies. Together, SOFTRAX and Planview will offer revenue management -- including order management, billing, revenue recognition, and contract renewal management -- as well as strategic management and development capabilities to professional services companies.

SOFTRAX RMS supports the complex billing and revenue recognition scenarios prevalent in professional services industries, including support for intricate time and expense management, managing billing processes, and integration with data from ERP and CRM systems. Planview AdaptiveWork enables professional services organizations to gain real-time visibility across all their work, automate workflows, proactively manage risks, and deliver greater business impact. Together, the companies are offering organizations best-in-class solutions to ensure highest automation in the context of complex service execution, billing, and recognition of revenue.

“Revenue management for professional services can involve time-based billing, fixed-fees and milestones costs, and time and management aggregates, all of which need to be tied to the customer contract,” said Louise K. Allen, Chief Product Officer at Planview. “With SOFTRAX RMS, we have a solution that works with our software to provide powerful revenue management capabilities for our clients, seamlessly and within one bill.”

“We are grateful to be chosen to provide robust billing and revenue recognition capabilities within the Planview ecosystem. At the same time, our partnership with Planview enables mutual clients to operate at the highest level of automation, particularly with the billing and revenue recognition events that are contingent on project execution as recorded in Planview,” said Tom Zauli, SVP and General Manager at SOFTRAX.

About SOFTRAX

SOFTRAX is a provider of an industry-leading revenue accounting automation that transforms the top and bottom line. The SOFTRAX Revenue Management System is the only solution that combines order management, best-in-class billing, contract renewal management, and support for the complex ASC 606 and IFRS 15 revenue recognition standards in a single, multi-tenant cloud application. Visit us to learn more: https://www.softrax.com/

About Planview

Planview is the leading end-to-end platform for Strategic Portfolio Management (SPM) and Digital Product Development (DPD), enabling organizations to plan and deliver large-scale digital transformation initiatives. Planview empowers organizations to improve time-to-market and predictability, increase efficiency to unlock capacity, and ensure their most strategic product and project initiatives deliver the desired business outcomes. Our connected platform of solutions underpins the business and digital transformations of more than 4,500 customers and 2.7 million users globally, including 59 of the Fortune 100. Headquartered in Austin, Texas, Planview has over 1,400 employees worldwide.