TORONTO, November 18 /PRNewswire/ -- 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 http://www.varicent.com/BankingRoundTable. -- 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 visit www.varicent.com.
(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,firstname.lastname@example.org