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Varicent Stays Sharp in Second Quarter of 2009
Sales Performance Management and Incentive Compensation leader closes second quarter with continued customer adoption and significant product innovation
(Toronto, ON) – Varicent Software, an innovative and industry leading provider of Incentive Compensation Management (ICM) and Sales Performance Management (SPM) announced impressive performance for the second quarter of 2009. Notable achievements include extensive global adoption of Varicent Software, significant development of the company's flagship product, Varicent SPM and strong financial performance where revenues increased by over 100% over the second quarter of 2008.
"Organizations worldwide continue to adopt sales performance management as a proven and accepted standard of improving sales effectiveness. Varicent has continued to gain global market share through product innovation, a driven sales team and a passion to help our clients be successful" said Dan Shimmerman, CEO Varicent.
The second quarter saw global companies in a variety of industries including financial services, high tech, manufacturing, medical devices, and pharmaceuticals choose Varicent to manage their sales performance and incentive compensation. Some of the new customers acquired in Q2 include Elavon, an end-to-end payment processing firm, the paint and coating manufacturer and distributor Sherwin-Williams, Sun Hung Kai Financial, the leading non-bank financial institution in Hong Kong, Amedica Corporation, an orthopedic implant company, and Convoy Financial Group, the leading independent financial advisory firm in Hong Kong. With an increasingly diverse vertical and geographic distribution of customers and the drive to meet the extensive global demand for SPM, Varicent is poised to carry this momentum throughout the rest of 2009.
Growth in Q2 was also fueled by the release of Varicent SPM 6.0. Varicent is excited about the new release which provides features to improve the alignment of strategies, sales execution and better insight into sales performance. Its new reporting capabilities provide for greater depth of information and expanded delivery options. SPM 6.0 also includes salesforce.com and Microsoft Dynamics CRM integration and has the capability to provide users greater visibility and sales data accuracy from their CRM tools.
Varicent's inaugural Users Conference, INSIGHT09, took place in May and was a huge success. The event brought together Varicent customers, partners and other industry leaders to discuss challenges, opportunities and technology advances in the field of Sales Performance Management and Incentive Compensation. The event's sponsors included Accenture, Deloitte, Microsoft, Watson Wyatt, Arcadia, Glenture, OpenSymmetry and Revelwood.
In the second quarter, Varicent earned industry recognition having been ranked first in product manageability and product adaptability through the Ventana Research 2009 Value Index for Sales Performance Management.
With a successful second quarter and half year behind them, Varicent is intent on looking forward not back. "We are pleased with our great first half of the year, however, we are more focused on finishing strong and remaining on track to achieve another record year in 2009", said Shimmerman.
About Varicent Software Incorporated
Varicent Software Incorporated delivers the most innovative sales performance management solution addressing the needs of business professionals across the entire enterprise. High performing companies relying on Varicent for better visibility and control of their complex variable compensation programs, automating the assignment of territories, the collection and approval of quotas, and reporting and analyzing sales performance include Waste Management, Linksys by Cisco, Sherwin-Williams, Manpower, Autodesk, Getty Images, Starwood Hotels, Time Customer Service, and many others.