Highlights Include New Customer Acquisitions, Strengthened Executive Team and Industry Recognition
TORONTO -- (BUSINESS WIRE) --
Varicent Software Incorporated, an innovator and global leader in incentive compensation management and sales performance management (SPM) solutions, is pleased to announce that a strong Q3 contributed to the continuing story of significant growth, positioning the company well for an exciting finish to the year. Q3 was highlighted by new global customer acquisitions and increasing penetration across industries. In addition, Varicent expanded the executive team with two new industry veterans, enhanced their partnership with The TerrAlign Group, and was recognized by Ventana Research as the highest ranked "hot" Sales Performance Management vendor for 2011.
"Varicent has been on an outstanding growth trajectory for several years now, and I am very proud that our team has remained driven in the midst of this evolution. We continue to focus on enhancing our customer service, sustaining growth and progress, and adding value in the incentive compensation and sales performance management markets," said Dan Shimmerman, President & CEO, Varicent.
Q3 highlights include:
CUSTOMERS
Over the course of Q3, Varicent extended its reach with new customer acquisitions from insurance, banking, telecom and technology sectors, as well as ongoing success with its Business Edition offering for small to mid-sized organizations. The success of Varicent Business Edition has validated the widespread need for enhanced Sales Performance Management processes, irrespective of company size.
LEADERSHIP
Varicent was pleased to welcome Donna de Winter to the Management Team as Chief Financial Officer. In this role, de Winter assumed responsibility for all areas of finance, accounting, infrastructure and human resources. De Winter has extensive expertise in the technology industry and enterprise software in particular and previously served as President of Global Knowledge Canada.
Varicent's leadership team was further extended to include Beth Carroll, previously Director of Global Services at Varicent, who assumed the new role of Vice President, Customer Success. Carroll brings broad experience in large, complex projects to her new position. Prior to her work at Varicent, Carroll served as VP, CRM Applications at Oracle Corporation, and before that, as VP, Financial Management Systems at PeopleSoft Inc. "The expansion of our senior leadership team, to include Donna and Beth, who are both such a wealth of knowledge and skill, will help us deliver on our promise of outstanding customer support and our commitment to delivering the desired return on the investment that our customers make in our solution," continued Shimmerman.
PRODUCT
Varicent partnered with The TerrAlign Group, a leading provider of Sales Resource Optimization solutions, to offer clients a complete sales performance management solution that includes territory optimization. Varicent Territory Optimization allows organizations to create efficient, strategic and balanced territory alignment based on a combination of factors including opportunity, workload, account information and geography.
BUSINESS DEVELOPMENT
Q3 represented the most successful quarter to date for bookings, with 22% growth over Q2 2011. Varicent also established a Client Success business unit to serve existing customers, and in response to the growing demand for hosted solutions, Varicent expanded its data center capacity as well as its hosting operations team. Currently, Varicent supports and processes hundreds of millions of transactions every month for its clients.
RECOGNITION
Ventana Research ranked Varicent as the top overall 'hot' software vendor in its 2011 Value Index for Sales Performance Management (SPM). Ventana's ranking reflects the extent to which a vendor's offering meets buyers' requirements for software that enables and supports Sales Performance Management. To earn the status of top-ranked vendor, Varicent was assessed against other Sales Performance Management Software vendors including Callidus, Synygy, Oracle, Xactly and Merced Systems.
Shimmerman also commented, "Varicent's continued success is intimately linked to our relationship with our customers, our capacity to anticipate and respond to their needs and the extent to which we innovate and enhance our product. Our third quarter results reflected these dynamics and serves as evidence that our team's hard work and commitment is focused on the right priorities."
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 1-416-987-1241
bhartlen@varicent.com
www.varicent.com