Varicent - Press Releases
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As Sales Performance Management Imperative Increases, Varicent Software Sees Record Growth and Customer Adoption Throughout 2007
Need for Visibility into Incentive Compensation Plan Success, Employee Performance and Profitability Drives Worldwide Brands to Turn to SPM for Strategic Decision Making Support
(Toronto, ON) – Sales performance management continues to establish itself as one of the hottest software categories in the market today. Varicent, an innovator in this new category, has achieved significant traction in this market, as witnessed by triple digit growth for the calendar year ended 2007, numerous new Fortune 1000 customer additions and the release of significant new functionality that this demanding market requires.
"Sales performance management remains at the forefront of new technology initiatives as senior management focuses on driving its top line," said Dan Shimmerman, CEO, Varicent Software. "Our clients rely on our solution, Varicent SPM, to help identify profitable business areas, align business processes, and most importantly, grow revenue."
Financial Highlights
Varicent booked record-breaking revenues for 2007. In addition realizing significant growth in its customer base from the previous year, Varicent SPM was selected by many more Fortune 1000 organizations, driving up the company's average deal size.
Client Acquisition
Throughout 2007, Varicent secured a record number of new clients, and extended projects and enterprise-wide adoption with existing clients. Varicent engagements grew both in scope and size. Worldwide brand leaders adopting Varicent SPM included multiple Fortune 1000 companies, including AAA Auto Club South, American Century Investments, AmSan, Autotrader, Chase Paymentech, CommVault, Dice, Emblem Health, F5, Global Insight, Health Insurance Plan of NY (HIP), IBERIABANK, Intralinks, Manpower, Mitel, Neff Rentals, RH Donnelley, Rogers Communications, Secure Computing, Sonus Networks, Spectra Logic, TechTarget, Towne Realty, Washington Mutual and Waste Management.
Independent Analyst Coverage
2007 also saw greatly increased analyst coverage and awareness of Varicent, and the incentive compensation management (ICM) and sales performance management (SPM) markets. Research on Varicent and the market included reports from: Gartner, Forrester, IDC, Bloor Research, The 451 Group, BPM Partners and Ventana Research. Highlights include:
- Special mention in BPM Partners' 2007 Beyond the Hype Webcast
- Rated 'Promising' in Gartner's Sales Incentive Compensation Management MarketScope 20071
- Cited for having "on premise and hosted deployment options among SPM offerings" in Forrester's November 2007 "Best Practices for Sales Performance Management RFPs."
Technology Leadership and Expanded Partnerships
Varicent continued to invest in advancing its core technology, Varicent SPM, and expanding its technology partnerships to deliver truly innovative solutions to meet the demanding needs of today's enterprise customer. In 2007, Varicent enhanced the functionality of Varicent SPM, went into general availability with its Varicent SPM On Demand version, and launched Varicent SPM Mobile, the industry's only SPM solution available on BlackBerry® smartphones.
Varicent's expanded relationships with technology partners is one of the ways it is able to rapidly deliver new functionality. Partner highlights include
- The partnership with Applix was extended through its acquisition by Cognos, and later IBM.
- Varicent became a Microsoft Certified Partner and participated in the launch of Microsoft's PerformancePoint 2007.
- Varicent partnered with Vaultus Mobile Technologies for the Varicent SPM Mobile offering, and entered into the BlackBerry ISV Alliance Program with Research in Motion (RIM).
- Through formal and informal partnerships with consulting firms including Watson Wyatt and Iconixx, Varicent participated in a number of thought leadership activities, driving a complete solution including methodologies, processes and technologies that customers demand.
- The company's reseller channel was expanded both in size and geography with the addition of Revelwood, The Axiom Group, Meridian and Tridant out of Australia, as certified resellers.
Corporate Expansion
Following a breakout year in 2006, Varicent entered 2007 with significant additions to the management team, expansion of offices, and increased investments in sales and marketing. Varicent brought on board senior executives Rod Radojevic as vice president of product marketing, Jordan Shnier as vice president of finance, and Mark Girvan as vice president of business development.
To support the growing adoption of SPM and Varicent client needs, the company expanded its West Coast operations, and hired new sales representatives throughout the continental U.S. and increased its marketing team. These efforts paid off richly in increased sales, awareness and opportunities.
1 Gartner "MarketScope for Sales ICM, 2007" by Michael Dunne, July 30, 2007.
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