Strong Q4 Anchors Record Breaking Year in 2009

TORONTO, Feb. 10 /PRNewswire/ -- Varicent Software, an innovator and leading provider of incentive compensation management and sales performance management solutions is proud to announce that a strong Q4 has sustained positive company momentum and anchored an outstanding year. 2009 produced record customer wins and Q4 reflected the best quarter on record for new customer acquisitions. In addition, the year was highlighted by Varicent's $35 million capital raise which was the second largest privately-funded information technology funding deal announced in Q3 2009* behind only Facebook.

"I am very proud of the accomplishments our team has achieved. Against this economic climate, we have realized a historic year and we broke records across the board. Our success can be attributed to our team, our partners and the constantly improving and expanding capabilities of our product," said Dan Shimmerman, President and CEO, Varicent. "Our results are driven by organizations who appreciate the need to automate incentive compensation and sales management processes to drive down costs and increase productivity."  

2009 highlights include:

CUSTOMERS

Many new companies from across the globe and in varied industries adopted Varicent's solutions including financial service providers Absa Life, Bank of the West, Convoy Financial Group and Varicent's first international customer, Sun Hung Kai Financial. Additional new customer wins include MTS Allstream, Time Customer Service Inc., Sherwin-Williams, and Elavon.

PRODUCT

In 2009, Varicent released the latest version of their innovative software, Varicent SPM 6.0.  This next generation of Varicent SPM included new capabilities and advanced reporting features to help organizations improve business alignment, streamline sales administration and boost visibility into sales performance. The product was further enhanced by integrating with salesforce.com and Microsoft Dynamics CRM to meet the growing demand for SPM and CRM integration. Varicent SPM also earned the saleforce.com AppExchange certification.

BUSINESS DEVELOPMENT

HCL Technologies, a leading global IT service provider, joined Varicent's robust partner network in Q4 and will deliver Varicent SPM solutions throughout the Asia-Pacific region and implement Varicent for Microsoft Dynamics CRM throughout North America. TerrAlign, a leading provider of sales optimization solutions, will enhance Varicent's territory management application with their territory optimization capabilities. Business growth in 2009 was also fueled by the addition of new management team member Bruce Jackson, as Vice President, Solutions Consulting and the hiring of over 80 new employees globally.

VARICENT USER CONFERENCE

In May 2009, Varicent hosted its inaugural user conference, INSIGHT, in Chicago.  INSIGHT09 provided an opportunity for Varicent customers, employees and industry leaders to come together for various product training opportunities, sales effectiveness presentations, and discussions relating to Varicent's company direction as well as opportunities and challenges within the growing SPM industry.  After a successful conference in 2009, Varicent is looking forward to INSIGHT10 which will take place May 16-19, 2010 in Scottsdale, AZ.

RECOGNITION

Throughout 2009, Varicent received significant industry recognition for their product innovation and company development.  Varicent was the recipient of four awards including the coveted 2009 Deloitte Technology Fast 50 "Companies-to-Watch" award, Ventana Research "Top Vendor" award, CRM Magazine "Market Leader" award and a "Company to Watch" award from Intelligent Enterprise. These awards are a testament to the valuable solutions that Varicent provides to their customers and their strong, consistent corporate performance and development.

Varicent is pleased with their performance this past year and they continue to focus on the future, which they anticipate is ripe with opportunity and prospective growth.

"With a knowledgeable, dedicated team, a superb product and many new market opportunities, we are confident that we can continue the positive momentum we built in 2009. We are honored that so many organizations put their trust and faith into Varicent and we will continue to work hard to deliver on customer expectations. Our primary company goal is to continue to evolve, and maintain our place as the most innovative provider of Incentive Compensation and Sales Performance Management solutions in 2010 and beyond," said Shimmerman.  

About Varicent Software Incorporated

Varicent Software Incorporated is an innovative software solutions provider delivering measurable improvements to its clients businesses through its industry-leading sales performance management solution Varicent SPM. Varicent's customers are high-performing companies representing a variety of industries and include Waste Management, Convoy Financial Group, Sherwin-Williams, Manpower, Autodesk, Getty Images, Starwood Hotels, Sun Hung Kai Financial, and many others. For more information, please visit www.varicent.com.

* Dow Jones VentureSource - U.S. Venture Capital Financing, 3Q09 - http://fis.dowjones.com/VS/3QUSFinancing.html

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SOURCE Varicent Software