New client acquisitions, major product release and prestigious industry recognition distinguishes an outstanding year
TORONTO -- (BUSINESS WIRE) --
Varicent Software, an innovator and global leader in providing incentive compensation management and sales performance management (SPM) solutions launches into 2011 on the heels of a record year. 2010 was highlighted by more than 30 new customer acquisitions, across several industries including insurance, retail, banking, medical devices and technology. This year also marked the release of Varicent 7, which empowers companies to manage increasingly complex compensation processes and significantly reduces implementation time and effort. In addition, Varicent introduced Varicent Business Edition - a new offering that meets the unique needs of medium sized organizations. During the year, Varicent was also the recipient of several respected industry accolades and awards.
"2010 has been a year of great achievement for Varicent. I am especially pleased that leaders in our industry saw fit to endorse Varicent as a true leader in the global Sales Performance Management market. We believe that the industry recognition is in large part due to the customer-success culture that we have cultivated at Varicent," said Dan Shimmerman, President and CEO, Varicent. "Our success can also be attributed to strong performance in the growing incentive compensation and sales performance management market. This growth further supports our belief that in the coming year, businesses will continue to invest in meaningful ways to improve their incentive compensation and sales management processes."
2010 HIGHLIGHTS INCLUDE:
CUSTOMERS
Thirty new companies from across the globe and across industries adopted Varicent's solutions in 2010. They include Sybase, Wellington West, Varian, Alcon, Maritz, Tribune and ING. This growth trajectory further affirms that Varicent's sales performance management and incentive compensation solution effectively provides clients improved sales effectiveness, increased revenues and decreased costs.
PRODUCT
In 2010, Varicent released the latest version of their innovative software, Varicent 7. This new incarnation provides Varicent customers with effective tools to deal with market volatility and changes within the context of less time and fewer resources.
This next generation of Varicent empowers organizations to easily manage increasingly complex compensation needs and to reuse logic and processes across roles, plans and divisions. Varicent 7 provides enhanced business modeling and scenario management and enables the user to perform quick 'what-if' analysis based on a multitude of variables including commission structures, organizational hierarchies, sales levels and more.
Varicent introduced Varicent Business Edition, a solution that is tailor-made for medium sized organizations. Focused on speed of deployment, low cost of ownership and innovative capabilities, this solution is quickly being adopted by organizations that have outgrown their manual and spreadsheet-based solutions.
BUSINESS DEVELOPMENT
Varicent tripled the amount of hosted customers during the year. Varicent's comprehensive offering allows customers to implement their solutions in a multi-tenant hosted, single-tenant hosted or on-premise environment, depending upon their requirements. Varicent also introduced new pricing models, allowing customers to procure and implement their solutions in a manner most convenient for them.
RECOGNITION
Over the course of 2010, Varicent received noteworthy industry recognition for its product innovation and company development. Varicent received a #1 ranking in PROFIT Magazine's listing of Canada's fastest growing companies. The standing was based on the company's sales performance for five-year revenue growth. Varicent also received a #1 ranking in the software category (and #6 overall) on Technology Fast 500, Deloitte's list of the fastest growing technology, media, telecommunications, life science and clean technology companies in North America. Varicent was also ranked amongst the 2010 Deloitte Technology Fast 50 "Companies-to-Watch" and was acknowledged by I Love Rewards as one of Canada's most engaged workplaces. The 2010 CRM Market Awards in Incentive Management recognized Varicent as a Market Leader. Varicent was recognized with a positive rating in the 2010 Gartner Research report entitled "MarketScope for Sales Incentive Compensation Management Software" and was also recognized in Gartner's Report, "MarketScope for Insurance Incentive Compensation Management Applications."
VARICENT USER CONFERENCE
In May 2010, Varicent hosted INSIGHT10, its annual user conference focused on Incentive Compensation and Sales Performance Management. Over 150 attendees participated in product training opportunities and presentations by customers, Varicent staff and industry experts relating to best practices and industry trends. INSIGHT11 is scheduled for May 15 -18, 2011 in Boston, MA.
"Our success has been fueled by our ability to respond to our customers' evolving needs and to leverage our resources to provide meaningful business solutions. We anticipate that the next year will see increased growth in the SPM market, and with that anticipation, we plan for 2011 to be driven with innovation, increased expansion and a steadfast commitment to our customers," 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 Tribune, Sherwin-Williams, Bank of the West, Farmers Insurance, ING, Manpower, Dex One, Maritz, Sun Hung Kai Financial, and many others. For more information, please visit www.varicent.com
©2011 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:
Varicent Software
Brian Hartlen
T: 1.416.987.1241
E: bhartlen@varicent.com
www.varicent.com