Wellington West Selects Varicent to Replace Legacy Compensation System

SCOTTSDALE, Ariz., May 17 /PRNewswire/ -- The leading innovator in incentive compensation (ICM) and sales performance management (SPM) solutions, Varicent Software Incorporated, announced today that Wellington West will be implementing Varicent SPM.

Wellington West is replacing their current system with Varicent to gain flexibility around sales administration processes, improve and enhance reporting capabilities, introduce automated workflow and to increase scalability to accommodate future growth strategies. Wellington West is one of the largest and fastest-growing independent full-services investment firms in Canada providing full-service brokerage, capital markets, financial planning and asset management.

"We are very pleased with our decision to work with Varicent. We were impressed with the maturity and flexibility of Varicent SPM and we are confident it will deliver the results we require," said Dennis Stewner, President, Wellington West Capital Inc. "We are especially excited that Varicent SPM can be used for so much more than simply calculating compensation and it will play a critical role in our continued growth."

Wellington West has been utilizing an internally developed spreadsheet system that is resource intensive, not scalable and lacks the reporting that the Investment Advisors and management requires. By selecting Varicent's solution, Wellington West felt assured that they could own and manage the solution and use it as a tool for future growth as well as providing confidence to the sales and administration teams.

In particular, Varicent SPM provides Wellington West the ability to:

• Improve the efficiency of commission processing
• Reduce errors and increase responsiveness to the questions and concerns of stakeholders
• Provide a workflow for Investment Advisor approvals, inquiries and disputes
• Provide greater auditing capabilities, reconciliation and exception reporting
• Develop a more sophisticated reporting platform that can potentially replace other reporting services and help to manage growth

Additional benefits for Wellington West also include using Varicent SPM as a single "book of record" for all the commission business rules rather than maintaining them in multiple separate spreadsheets. Also, the ability to configure Varicent SPM without any custom modifications to the software avoids complications for software upgrades and allows Wellington West to easily keep up-to-date with the most current version.

The automated workflow features of Varicent SPM will also provide Wellington West with the ability to measure and manage the administration team service levels.

Varicent SPM will provide Investment Advisors with up-to-the-day reporting in detail (not just lump sums) in order to provide greater visibility on commissions activity by improving access (through the internet and potentially BlackBerry) which in turn will reduce the number of phone calls to the administration team. This greater visibility will also increase assets by encouraging Investment Advisors to do more business when they are confident that they are getting paid for it.

"Wellington West's adoption of our software serves as a testament to the increased importance of effective sales performance management systems for rapidly growing businesses," said Marc Altshuller, Executive Vice President, Worldwide Field Operations, Varicent Software.  "We are pleased to enter this relationship and proud to add a company with the reputation of Wellington West to our growing customer list."

About Wellington West

Wellington West Holdings Inc., through its subsidiaries, provides full-service brokerage, financial planning, asset management and capital markets services. In over 17 years since its inception, the employee-owned Wellington West has become one of the largest and fastest-growing independent full-service wealth management firms in Canada with over $9 billion in assets under administration. Among its many corporate achievements, Wellington West has been ranked in the top quartile of the 50 Best Employers in Canada for the past five years, named one of Canada's Fastest Growing Companies in 2007 and in 2010 recognized as one of Canada's 50 Best Managed Companies for four consecutive years. For more information, please visit www.wellingtonwest.com.

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, Getty Images, Starwood Hotels, Sun Hung Kai Financial, and many others. For more information, please visit www.varicent.com.

©2010 Varicent Software. All rights reserved. Varicent and Varicent SPM are trademarks of Varicent Software Incorporated.

All other trademarks and company names mentioned are the property of their respective owners

SOURCE Varicent Software Incorporated