MEDIA RELEASE PR37118
Varicent Rapid Growth Continues
TORONTO, Nov. 18 /PRNewswire-AsiaNet/ --
Strong Q3 highlighted by $35 million funding raise, significant new customer wins
and award honors from Deloitte Technology Fast 50(TM) and CRM Magazine
Varicent Software Incorporated, a leading innovator and provider of sales
performance management (SPM) and incentive compensation (ICM) solutions today announced
strong company-wide performance for Q3. Securing the second largest privately-funded IT
funding deal for Q3 2009, behind only Facebook, Varicent also realized extensive new
customer wins and increased revenues from existing customers. In addition, Varicent was
recognized as a Deloitte Technology Fast 50 "Companies-to-Watch" and named Incentive
Compensation Market Leader by CRM Magazine.
Varicent will use the new funds to accelerate its growth and continue its momentum
as a market leader. The company plans to accelerate global expansion, increase mid-
market penetration and expand to new verticals. The funds will also be used to drive
continued product innovation and capability for Varicent's best-of-breed sales
performance management solution, Varicent SPM.
"We are having a great year and we attribute Varicent's success to providing
organizations the tools and information they need to improve sales effectiveness," said
Dan Shimmerman, President and CEO, Varicent Software. "There is an ever-increasing need
for organizations to find solutions that close the gap between business strategy and
actual sales performance. Increasingly, organizations are turning to Varicent to help
them close this gap."
Varicent continues to deliver successful results and maintain its position as a
leader in Sales Performance Management. Time and time again, Varicent SPM is
acknowledged with positive reviews from customers, analysts and the press. Q3 2009
highlights include:
-- Won a coveted 2009 Deloitte Technology Fast 50 "Companies-to-Watch"
award.
-- Named an Incentive Compensation Market Leader for 2009 by CRM Magazine.
-- Signed 8 new enterprise customers, including Bank of the West, Absa
Life and MTS Allstream. Significant growth within Varicent's existing
customers was also realized.
-- Received Salesforce.com AppExchange certification. Varicent SPM can be
experienced seamlessly from within the salesforce.com user interface.
Business users have access to personalized compensation details and
commission statements within one interface.
-- Hosted a Banking Industry Roundtable with U.S. regional banks. The
roundtable discussion focused on linking incentive compensation and
profitability. The results of this timely analysis of compensation in
the banking industry can be downloaded at
-- Hosted its annual Customer Advisory Board meeting in Toronto, Canada.
The event included executives from Varicent and some of its key
customers for a series of discussions which focused on opportunities,
challenges, and technology advances in the field of SPM. Leaders from
various industries including medical devices, technology, media and
various service organizations participated in the event.
-- Sustained company expansion with over 25 full-time global hires in Hong
Kong, London, Toronto and various US locations, growing Varicent's
employee base to over 140 worldwide.
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
(c)2009 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.
SOURCE: Varicent Software Incorporated
CONTACT:
Brian Hartlen,
Varicent Software,
+1-416-987-1241,
bhartlen@varicent.com
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