SOFTRAX Named 2024 SIIA CODiE Award Finalist in Best Subscription Billing Solution

SOFTRAX, a leading provider of cloud-based billing and revenue management solutions, today announced that the SOFTRAX Revenue Management System was named a 2024 SIIA CODiE Award Finalist in the Best Subscription Billing Solution category. CODiE Finalists represent the best products, services, and people in the Education and Business Technology Industries.

The SOFTRAX Revenue Management System meets the needs of today's business models by handling all forms of billing, renewal management, and revenue recognition for B-to-B organizations. Billing has moved beyond back-office functionality that supports one-time or complex milestone billing models. Today's companies still need these features to manage legacy business models, but also seek support for complex subscription and consumption billing models in one package.

Companies must now adhere to the complexities introduced with the ASC 606 & IFRS 15 standards. New subscription and consumption billing models trigger some of the most complex portions of this guidance, often including a need to manage the Variable Consideration, Allocation against Stand-Alone Selling Price, and Contract Modification portions of the guidance.

The SOFTRAX Revenue Management System is the only system designed from the ground up to combine all forms of billing, automated renewal processing, and one of the world's most sophisticated revenue recognition engines in a single system. The system leverages a proprietary policy engine that is one of the world's most powerful to enable a nearly touchless revenue accounting experience even in the context of high complexity.

The SIIA CODiE Awards, the long-running, premier awards program for the software and information industries are produced by the Software & Information Industry Association (SIIA), the principal trade association for the software, education, media and digital content industries. The SOFTRAX Revenue Management System was selected as a finalist across dozens of Business Technology and Education Technology categories, among hundreds of nominations.

"The 2024 CODiE Award Finalists are a showcase of those products and individuals who have been identified by industry experts as being at the forefront of innovation. These Finalists perpetuate the CODiEs' longstanding tradition of acknowledging the year's most influential products, services, and leaders, thereby laying the groundwork for future innovators. A hearty congratulations to all who have earned this recognition."

"SOFTRAX is honored to be selected as a finalist for the 2024 CODiE Awards for Best Subscription Billing Solution," said Tom Zauli, SVP and General Manager at SOFTRAX. "The SOFTRAX Revenue Management system is the result of more than 25 years of experience in the space of complex billing and revenue recognition. It represents a complete modernization and re-platforming of our award-winning SOFTRAX Operations, Contrax, and Revenue Manager applications into a single system."

The SIIA CODiE Awards are the industry's only peer-recognized awards program. Finalists are determined by industry experts. CODiE Award winners will be announced during the Virtual Celebrations May 21, 2024 at 1pm EST.

Details about each Finalist are listed at https://siia.net/codie/2024-finalists/

About the SIIA CODiEtm Awards

The SIIA CODiE Awards is the only peer-reviewed program to celebrate the vision, talent, and advances in building quality products in the Tech Industry. Since 1986, thousands of products, services and solutions have been recognized for Leading Innovation and Achieving Excellence. For more information, visit https://siia.net/codie/.

About Software and Information Industry Association (SIIA)

SIIA is the only professional organization connecting more than 700 data, financial information, education technology, specialized content and publishing, and connects learners and educators. Our diverse members manage the global financial markets, develop software that solves today's challenges through technology, provide critical information that helps inform global businesses large and small, and innovate for better communication across the information ecosystem.

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/