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February 7, 2012 (Toronto, ON) – Varicent announced today that Phonak LLC, the US market leader in hearing instruments, has deployed Varicent to enhance and automate its sales incentive compensation plans and sales commissions processes.

“We had been managing with manual, Excel-based processes for a while prior to implementing Varicent; we knew it was time to make a change,” said Peter Knapp, Chief Administrative and Financial Officer of Phonak LLC.  “In just a few months, we have rolled out a new compensation management solution that provides timely accurate information and is integrated with Salesforce.com. As our business continues to grow, we will realize even more benefits of enhanced visibility and analytics.”

Varicent reduces barriers caused by manual processes and spreadsheets. Organizations using Varicent benefit from automated administrative sales commission processes, the ability to integrate data from various systems, and the ability to calculate and distribute personalized reports with minimal IT involvement.  In addition, Varicent provides the capability to modify plans or special performance incentive funds (SPIFs) spontaneously, visibility into performance and pipeline, and improved compliance and governance with a full and sophisticated audit trail.

"We knew that Phonak had aggressive timelines and with more than 10 plans, multiple components and reports, we had our work cut out for us,” said Mike Meisenheimer, Director of Industry Solutions, Varicent.  "Working with the Phonak team, we helped prioritized their interests. We are proud that we delivered a solution that was on time and on budget.  We look forward to growing our relationship as Phonak continues its significant growth.”

About Phonak AG

Headquartered near Zurich, Switzerland, Phonak AG, a member of the Sonova Group, has developed, produced and globally distributed state-of-the-art hearing systems and wireless devices for more than 50 years. The combination of expertise in hearing technology, mastery in acoustics and strong cooperation with hearing healthcare professionals allows Phonak to significantly improve people’s hearing ability and speech understanding and therefore their quality of life. Phonak offers a complete range of digital hearing instruments, along with complementary wireless communication systems. With a worldwide presence, Phonak drives innovation and sets new industry benchmarks regarding miniaturization and performance. Phonak’s United States subsidiary, Phonak LLC, is headquartered in Warrenville, Illinois.

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 100 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 www.varicent.com or connect with us on the Varicent Blog, Twitter, Facebook and LinkedIn.