TORONTO, July 2 /PRNewswire/ --

- Leading financial group in Hong Kong automates compensation to drive productivity and time-to-market

Varicent Software, an innovator and provider of incentive compensation and sales performance management (SPM) solutions, today announced its flagship product, Varicent SPM, has been selected by Convoy Financial Group (Convoy) to manage its sales performance across the organization.

Varicent Software partnered with Beans Factory, a leading provider of e-business solutions and information integration services in Asia, to introduce Varicent SPM which will be developed as a core engine of Convoy's Sales Performance Management in order to cope with the rapid growth of business in Hong Kong as well as in the Greater China region.

Varicent SPM was selected based on their ability to provide us the speed, flexibility and visibility for our sales performance across all of our business units. By adopting the Varicent platform, we would be able to extend products and line of business easily so as to cope with our development plan in Asia, said Eric Ng, Chief Operation Officer, Convoy Financial Group.

We are excited to add Convoy to our growing list of customers in Asia and we are delighted that they chose Varicent to be a key contributor to their overall goal of improving sales effectiveness, said Andrew Armstrong, VP and General Manager International.

Using Varicent SPM, companies can efficiently and effectively manage and automate the process of calculating and reporting variable-based pay, providing more visibility and accountability into one of the organization's largest variable expenses. We are very happy to be partnering with both Convoy and Beans Factory on this important project, says Marc Altshuller, Executive Vice President, Worldwide Field Operations at Varicent.

About Convoy Financial Group

With the establishment of the subsidiaries including Convoy Financial Services Limited, Convoy Assent Management Limited, Convoy Collateral Limited and Convoy Investment Services Limited, The Group provides diversified services encompassing financial planning services, risk management, asset allocation, retirement planning, estate planning, and trading services for securities. Convoy has set the benchmark as the most sizable professional IFA team in Hong Kong. With objective and competent view, over the years, it has offered superb quality wealth management services to the people of Hong Kong by scheming tailor-made financial plans and reaping optimal returns from their investments.

About Varicent Software Incorporated

Varicent Software Incorporated delivers the most innovative sales performance management solution addressing the needs of business professionals across the entire enterprise. High performing companies relying on Varicent for better visibility and control of their complex variable compensation programs, automating the assignment of territories, the collection and approval of quotas, and reporting and analyzing sales performance include Sun Hung Kai Financial, Waste Management, Linksys by Cisco, Sherwin Williams, Manpower, Autodesk, Getty Images, Starwood Hotels, Time Customer Service, and many others.

About Beans Factory

Beans Factory provides cutting-edge enterprise products, solutions and integration services. With a team of quality and energetic professional consultants, Beans Factory delivers enterprises applications through consulting and turnkey projects. Beans Factory position themselves to serve corporate customers by leveraging best of breed and state-of-the-art open standards technology. Clientele includes Standard Chartered Bank, Convoy Financial, Sun Hung Kai Financials, Ping An Insurance and many others.

(c)2009 Varicent Software. All rights reserved. Varicent, Varicent SPM and are trademarks of Varicent Software Incorporated.

All other trademarks and company names mentioned are the property of their respective owners.

Brian Hartlen, Varicent Software, +1-416-987-1241,