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January 3, 2012 (Toronto, ON) – Varicent Software Incorporated, a pioneer and global leader in incentive compensation management (ICM) and sales performance management (SPM) solutions, announced today that it received a “Positive” rating in Gartner Inc.’s Insurance Incentive Compensation Management MarketScope report. 

The MarketScope report assesses vendors based on their overall viability, product/services, customer experience, market responsiveness and track record, and product and geographic strategy.

According to Steven Leigh, Gartner Analyst and author of the MarketScope report “As commission, bonus and other payment schemes to agents become more complex, currently deployed custom-built ICM systems, basic ICM functionality in policy administration systems and even spreadsheets have become inadequate for insurers, driving interest in packaged ICM solutions. These legacy platforms are inefficient, inflexible and expensive and can pose liabilities to ensuring good governance over variable-pay expenses.”

“Gartner’s MarketScope report confirms that insurers are seeking enhanced flexibility and agility in their sales processes,” said Brian Hartlen, Vice President Marketing, Varicent.  “At Varicent, we know that insurance companies also have demanding needs in terms of scalability, workflow and reporting. Having the right ICM partner is critical if insurance companies want to streamline their incentive compensation processes to meet their unique needs. We are proud that Gartner has recognized our commitment along these lines.”

MarketScope Disclaimer
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. 

About Varicent Software Incorporated
Varicent Software Incorporated, a global pioneer in Incentive Compensation and Sales Performance Management, delivers innovative, industry-leading solutions for finance, sales, human resources and IT departments in high-performing companies across industries. Varicent solutions streamline administrative processes, maximize efficiencies and drive improved sales performance. In addition to ranking in the top 5 two years running, in the PROFIT 200 list of Canada’s Fastest Growing Companies by PROFIT Magazine, Varicent was named the highest overall “hot” vendor in the Ventana Research 2011 SPM Value Index, and was ranked the fastest growing software company on Deloitte’s 2010 Technology Fast 500. For more information, visit http://www.varicent.com or connect with us on Twitter, Facebook and LinkedIn.

©2012 Varicent Software Incorporated. 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.