MEDIA RELEASE PR38261
Strong Q4 Anchors Record Breaking Year in 2009
TORONTO, Feb. 10 /PRNewswire-AsiaNet/ --
New client acquisitions, significant capital raise, major
product release and 60% revenue growth supports exceptional year
Varicent Software, an innovator and leading provider of incentive compensation
management and sales performance management solutions is proud to announce that a strong
Q4 has sustained positive company momentum and anchored an outstanding year. 2009
produced record customer wins and Q4 reflected the best quarter on record for new
customer acquisitions. In addition, the year was highlighted by Varicent's $35 million
capital raise which was the second largest privately-funded information technology
funding deal announced in Q3 2009* behind only Facebook.
"I am very proud of the accomplishments our team has achieved. Against
this economic climate, we have realized a historic year and we broke records
across the board. Our success can be attributed to our team, our partners and
the constantly improving and expanding capabilities of our product," said Dan
Shimmerman, President and CEO, Varicent. "Our results are driven by
organizations who appreciate the need to automate incentive compensation and
sales management processes to drive down costs and increase productivity."
2009 highlights include:
CUSTOMERS
Many new companies from across the globe and in varied industries adopted
Varicent's solutions including financial service providers Absa Life, Bank of
the West, Convoy Financial Group and Varicent's first international customer,
Sun Hung Kai Financial. Additional new customer wins include MTS Allstream,
Time Customer Service Inc., Sherwin-Williams, and Elavon.
PRODUCT
In 2009, Varicent released the latest version of their innovative
software, Varicent SPM 6.0. This next generation of Varicent SPM included new
capabilities and advanced reporting features to help organizations improve
business alignment, streamline sales administration and boost visibility into
sales performance. The product was further enhanced by integrating with
salesforce.com and Microsoft Dynamics CRM to meet the growing demand for SPM
and CRM integration. Varicent SPM also earned the saleforce.com AppExchange
certification.
BUSINESS DEVELOPMENT
HCL Technologies, a leading global IT service provider, joined Varicent's
robust partner network in Q4 and will deliver Varicent SPM solutions
throughout the Asia-Pacific region and implement Varicent for Microsoft
Dynamics CRM throughout North America. TerrAlign, a leading provider of sales
optimization solutions, will enhance Varicent's territory management
application with their territory optimization capabilities. Business growth
in 2009 was also fueled by the addition of new management team member Bruce
Jackson, as Vice President, Solutions Consulting and the hiring of over 80
new employees globally.
VARICENT USER CONFERENCE
In May 2009, Varicent hosted its inaugural user conference, INSIGHT, in
Chicago. INSIGHT09 provided an opportunity for Varicent customers, employees
and industry leaders to come together for various product training
opportunities, sales effectiveness presentations, and discussions relating to
Varicent's company direction as well as opportunities and challenges within
the growing SPM industry. After a successful conference in 2009, Varicent is
looking forward to INSIGHT10 which will take place May 16-19, 2010 in
Scottsdale, AZ.
RECOGNITION
Throughout 2009, Varicent received significant industry recognition for
their product innovation and company development. Varicent was the recipient
of four awards including the coveted 2009 Deloitte Technology Fast 50
"Companies-to-Watch" award, Ventana Research "Top Vendor" award, CRM Magazine
"Market Leader" award and a "Company to Watch" award from Intelligent
Enterprise. These awards are a testament to the valuable solutions that
Varicent provides to their customers and their strong, consistent corporate
performance and development.
Varicent is pleased with their performance this past year and they
continue to focus on the future, which they anticipate is ripe with
opportunity and prospective growth.
"With a knowledgeable, dedicated team, a superb product and many new
market opportunities, we are confident that we can continue the positive
momentum we built in 2009. We are honored that so many organizations put
their trust and faith into Varicent and we will continue to work hard to
deliver on customer expectations. Our primary company goal is to continue to
evolve, and maintain our place as the most innovative provider of Incentive
Compensation and Sales Performance Management solutions in 2010 and beyond,"
said Shimmerman.
About Varicent Software Incorporated
Varicent Software Incorporated is an innovative software solutions
provider delivering measurable improvements to its clients businesses through
its industry-leading sales performance management solution Varicent SPM.
Varicent's customers are high-performing companies representing a variety of
industries and include Waste Management, Convoy Financial Group,
Sherwin-Williams, Manpower, Autodesk, Getty Images, Starwood Hotels, Sun Hung
Kai Financial, and many others. For more information, please visit
* Dow Jones VentureSource - U.S. Venture Capital Financing, 3Q09 -
(c)2010 Varicent Software. All rights reserved. Varicent and Varicent SPM
are trademarks of Varicent Software Incorporated.
All other trademarks and company names mentioned are the property of
their respective owners.
Contact: Brian Hartlen
Varicent Software
T: 1.416.987.1241
E: bhartlen@varicent.com
SOURCE: Varicent Software
CONTACT: Brian Hartlen,
Varicent Software,
+1-416-987-1241,
bhartlen@varicent.com
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