Varicent Software Incorporated, a provider of sales performance management (SPM) and incentive compensation management (ICM) solutions has raised $35 million in additional funding led by San Francisco and New York-based FTV Capital. RBC Venture Partners and EdgeStone Capital Partners, current investors in Varicent, also participated in the new round of funding.
“Varicent has developed a strong solution, assembled a driven, experienced management team, and amassed an impressive customer list. We are extremely enthusiastic about Varicent’s leadership position and outlook for continued rapid growth,” said Eric Byunn, FTV Capital Partner. “FTV’s strategic limited partners – many of the world’s largest financial institutions – have a huge corporate pain point in ineffective sales performance solutions. Varicent emerged at the top of our sector research because its solutions are consistently providing corporations with a measurable impact, driving sales effectiveness, increasing revenues, decreasing costs and improving internal visibility.”
The funds raised will allow Varicent to continue its momentum as a leading organizing in the SPM market, plans include the further expansion its international business, building on the successful launch of EMEA and APAC operations earlier in the year, accelerate the development of new features and functionality in its innovative sales performance management solution, Varicent SPM, broaden its reach into new verticals, and advance its mid-market penetration.
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