AUSTIN, Texas, Jan. 8, 2013 /PRNewswire/ -- Iconixx Software Corporation ("Iconixx"), the first company to deliver a cloud based, on-demand, Total Compensation offering through its Sales Performance Management (SPM) and Incentive Compensation Management (ICM) solutions, today announced the completion of an equity investment of $4.5 million from Ballast Point Ventures ("BPV") to fund continued rapid growth and enhance customer success.
"We are pleased to partner with Ballast Point Ventures. This investment represents an opportunity for Iconixx Software to capitalize on both a strong sales compensation and incentive compensation market, and the many challenges other vendors in the space are experiencing," said Derrik Deyhimi, Iconixx's Chairman and CEO. "Not only is the market opportunity significant, but all of our recent wins have also been in a competitive environment where we have clearly demonstrated our superiority to the other vendors."
"We made this investment in Iconixx because of the Company's rapid adoption rate by customers, along with the extremely strong management team in whom we have complete confidence. Iconixx is positioned to leverage the changing industry landscape and capture significant market share," Matt Rice, Principal at Ballast Point Ventures added.
"Iconixx will use the new funds to expand its sales and marketing efforts, as well as to enhance its customer success as a response to the rapid growth the Company is experiencing," Deyhimi added. "Iconixx Software is the only company that offers Total Compensation, in the Cloud, that can be used by Enterprise, Mid-Market and Small companies alike."
About Ballast Point Ventures
Ballast Point Ventures is a later stage venture capital fund established to provide expansion capital for rapidly growing, privately owned companies in diverse industries, with a particular emphasis on companies located in the Southeast and Texas. The BPV partners have more than 70 years of combined experience investing in and building high-growth companies in a number of industries, including healthcare, business services, communications, technology, financial services and consumer. BPV has $200 million under management and seeks to make equity investments ranging in size from $3 million to $10 million. For more information, visit www.ballastpointventures.com.
About Iconixx Software Corporation®
Iconixx Total Compensation Software leverages the latest Cloud technologies, to deliver a consistent Sales Performance Management and Incentive Compensation Management solution to customers – Small Business, Mid-Market, and Enterprise –on a single, organically developed solution with a native workflow engine, native territory management, and pre-configured business rules and formulas library accessible on any mobile device anytime, anywhere
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SOURCE Iconixx Software Corporation