July 29, 2010
Strongest Q2 in Varicent's History
Highlights of Q2 include impressive #1 ranking in Profit 100 as well as new customer acquisitions
(Toronto, ON) – Varicent Software, the leading innovator in Incentive Compensation and Sales Performance Management solutions, is proud to announce an extremely productive and successful Q2. Highlights from the second quarter include new customer acquisitions, securing the #1 position in the 22nd annual PROFIT 100 ranking of Canada’s Fastest-Growing Companies by PROFIT Magazine, and the successful hosting of INSIGHT10, Varicent’s annual user conference.
“We are thrilled with all of the exciting activity that has taken place during this quarter,” said Dan Shimmerman, President and CEO, Varicent. “We are especially proud that this Q2 was our best to date – more than 50% stronger than any Q2 prior. The company is on track to hit our year end growth targets of 35% plus.”
Throughout Q2, Varicent's solution was adopted by ten new customers across industries including Retail, Technology, Insurance and Financial Services. Varicent’s growth is unparalleled in the industry and this exemplary performance affirms that its sales performance management and incentive compensation solution succeeds in driving down the cost and time of sales administration, improves visibility into sales behavior, and enhances the overall effectiveness of sales efforts.
In May, Varicent hosted INSIGHT10, its annual user conference focused on Incentive Compensation and Sales Performance Management. INSIGHT10 brought together Varicent customers, industry experts, Varicent partners and staff for three days of training, education and information exchange. Participants heard the latest in best practices and industry trends; they were able to network with other Varicent users and learn from their successes and attendees enjoyed Hands on Labs with the ability to explore Varicent in more detail. “We were delighted with the impact of this conference,” said Brian Hartlen, Vice President Marketing, Varicent. “In addition to providing our users and partners with a meaningful experience, we at Varicent benefited from the opportunity to be face-to-face with our stakeholders and to learn about their environments, their needs and how they have leveraged Varicent to forecast and grow.”
Q2 also saw the latest release of the company’s flagship product, Varicent 7, which empowers organizations to manage increasingly complex compensation processes and significantly reduces implementation time and effort. This new incarnation provides Varicent customers with effective tools to deal with market volatility and changes within the context of less time and fewer resources.
One of the most impressive achievements of Q2 was Varicent’s #1 ranking in PROFIT Magazine’s listing of Canada’s fastest growing companies. The standing was based on the company’s sales performance for five-year revenue growth. “We are extremely proud of our performance, and PROFIT Magazine’s recognition of our accomplishments,” said Dan Shimmerman, President and CEO, Varicent. “Varicent’s success is the result of our entire team’s hard work and commitment, as well as our shared dedication to delivering value to our global customers.”
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.
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July 21, 2010
Eye Care Company Leader Alcon Japan Ltd. Goes Live with Varicent to Automate their Incentive Compensation System
Varicent solution to enable modeling and forecasting functionality as well as business ownership
(Toronto, ON) – The leading innovator in incentive compensation (ICM) and sales performance management (SPM) solutions, Varicent Software Incorporated, announced today a successful “go live” of Varicent for Alcon Japan Ltd.
After a thorough survey of SPM products, Alcon Japan Ltd. chose Varicent due to their commitment, attentiveness and ability to meet the company’s tight implementation timelines. Alcon is rolling out the solution in Japan first with plans to expand globally.
Alcon Japan selected Varicent to have a single solution to manage their incentive compensation needs in a sophisticated and efficient manner. The automated workflow features of Varicent allow Alcon Japan to facilitate communication of national goals down to the territories. In particular, Varicent provides the company the ability to:
- Develop sophisticated analytics for modeling, forecasting, quota and targets
- Have business ownership of the application
- Meet their demanding schedule
“We are pleased that Alcon Japan chose Varicent to provide the tools they need to manage their sales performance management and incentive compensation processes,” said Mark Girvan, Vice President of Business Development for Varicent. “We are especially proud to have added a company with such a strong international presence to our growing list of customers. Using Varicent, companies can manage and automate the process of calculating and reporting variable-based pay, providing more visibility and accountability into one of the organization’s largest variable expenses.”
About Alcon Japan Ltd.
Alcon Japan Ltd. is a wholly-owned subsidiary of Alcon, Inc., the world’s leading eye care company. Alcon Japan was established in 1973 and has a country headquarters office, one distribution center and eighteen sales offices where approximately 900 employees market, sell and distribute a full range of ophthalmic surgical equipment and supplies, pharmaceuticals and contact lens care solutions. Alcon Japan is Alcon, Inc.'s second largest subsidiary with the number one market share position in surgical equipment, including IOLs, and contact lens care solutions.
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.
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July 15, 2010
Varicent to Provide Global Eye Care Leader Alcon with Global Solution for Sales Performance Management
Varicent expected to enhance sales performance management functionality for multiple geographic business units
Toronto, ON – Varicent Software Incorporated, the leading innovator in incentive compensation (ICM) and sales performance management (SPM) solutions, announced today that it will provide its innovative solutions to Alcon, the world’s largest eye-care company.
Alcon Japan recently chose Varicent after a thorough consideration of other products on the market, and this first phase opened the doors to broader-reaching discussions about opportunities to support Alcon’s needs worldwide. With thousands of salespeople, operating in 75 countries, Alcon wanted a comprehensive and scalable solution to handle the magnitude and complexity of its organization.
"After a thorough evaluation of the various options in the marketplace, we decided Varicent was the best product to manage Alcon’s sales performance management needs," said Matt von Wellsheim, Alcon’s CIO and Vice President of Information Technologies. "We needed a solution that we could manage and control that would put the right information in the hands of our sales executives and management team.”
Alcon will use Varicent for core commission calculation in addition to scenario modeling, providing enhanced visibility into Alcon's current and future sales quotas. With Varicent, Alcon will have better insight into how the sales force meets its quotas, helping it to optimize the structure of its sales forces around the world. The breadth and depth of information and analysis provided will allow Alcon to make strategic decisions that have the potential to drive revenue growth and profitability. In particular, Varicent provides the company the ability to:
- Develop sophisticated analytics for modeling, forecasting, quota and targets
- Provide business ownership of the application
- Deliver information in the appropriate language for all users
- Achieve aggressive implementation timelines
“Alcon has products in more than 180 countries worldwide. We look forward to working closely with Alcon as we roll the solutions out globally,” said Marc Altshuller, Executive Vice President, Varicent. “We are very proud that an industry leader like Alcon has recognized the value that Varicent offers.”
About Alcon
Alcon, Inc. is the world's leading eye care company, with sales of approximately $6.5 billion in 2009. Alcon, which has been dedicated to the ophthalmic industry for 65 years, researches, develops, manufactures and markets pharmaceuticals, surgical equipment and devices, contacts lens solutions and other vision care products that treat diseases, disorders and other conditions of the eye. Alcon operates in 75 countries and sells products in 180 markets. For more information on Alcon, Inc., visit the Company's web site at www.alcon.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.
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July 14, 2010
Varian Selects Varicent to Enhance Forecasting Capabilities and to Manage Complex Incentive Compensation Requirements
Varicent increases medical device industry penetration with the addition of Varian Medical Systems to their expanding customer base
Toronto, ON – Varicent Software Incorporated, the leading innovator in incentive compensation (ICM) and sales performance management (SPM) solutions, announced today that a business unit within Varian Medical Systems, the world's leading manufacturer of medical devices and software for treating cancer and other medical conditions, has selected Varicent for administering its complex sales incentive compensation plans and sales performance management activities. Varian will initiate a staged roll out to the U.S. sales force for its Oncology Systems business. Varicent will be used for improved modeling, forecasting and sales analytics.
“We selected Varicent because the product is very flexible and meets our complex calculation and administration needs,” said Jeffrey Marcus, Varian’s vice president for worldwide sales. “The Varicent Team was professional, they met our proof of concept requirements, and they offered us a complete solution that integrates modeling, forecasting and analytics. We feel confident that this product will help us to streamline our payouts, lower our costs and speed up our process.”
Varian had been using an Excel based solution for incentive compensation and sales performance management, but it was limited in its capabilities. Varian needed greater sophistication, flexibility and speed to enhance reporting, provide analytics, and reduce error – all in a consolidated and efficient manner. Varicent provided an on-premise solution that met these needs.
Key benefits of Varicent include:
- Flexibility to meet Varian’s complex calculation and administration needs
- Decreasing the time and support required for payments
- Providing sophisticated forecasting capabilities
- A single, on-site solution that includes modeling, forecasting and analytics
"We are pleased that Varian has chosen Varicent for their Sales Performance Management needs,” said Marc Altshuller, Executive Vice President, Worldwide Field Operations for Varicent. "Varian’s adoption of our software further extends our penetration into the medical device industry which is a growing market for Varicent, and we look forward to working with their team as they continue to drive improvements in their compensation management processes.”
About Varian Medical Systems
Varian Medical Systems is the world's leading manufacturer of medical devices and software for treating cancer and other medical conditions with radiotherapy, radiosurgery, proton therapy, and brachytherapy. The company supplies informatics software for managing comprehensive cancer clinics, radiotherapy centers, and medical oncology practices. Varian is a premier supplier of tubes and digital detectors for X-ray imaging in medical, scientific, and industrial applications and also supplies X-ray imaging products for cargo screening and industrial inspection. For more information, visit http://www.varian.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.
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June 02, 2010
Varicent Software Ranked Number One in PROFIT 100 Ranking of Canada's Fastest-Growing Companies
Sales Performance Management leader recognized for five-year revenue growth
Toronto, ON – Varicent Software, an innovator and global leader in providing Incentive Compensation and Sales Performance Management solutions, today announced it has ranked first in the 22nd annual PROFIT 100 ranking of Canada’s Fastest-Growing Companies by PROFIT Magazine.
“We are extremely proud of our performance, and PROFIT Magazine’s recognition of our accomplishments,” says Dan Shimmerman, President and CEO, Varicent. “Varicent’s success is the result of our entire team’s hard work and commitment, as well as our shared dedication to delivering value to our global customers. We look forward to continuing our growth, and building upon our position as a global leader in the Sales Performance Management market.”
Ranking Canada’s Fastest-Growing Companies by five-year revenue growth, the PROFIT 100 profiles the country’s most successful growth companies. Published in the June issue of PROFIT and online at profit100.com, the PROFIT 100 is Canada’s largest annual celebration of entrepreneurial achievement.
“Canada’s Fastest-Growing Companies are the poster children for entrepreneurship, innovation and pure tenacity,” says Ian Portsmouth, editor of PROFIT. “They demonstrate what it takes to succeed in today’s highly competitive, technology-driven global economy.”
Varicent delivers the most innovative approach to effectively managing an organization's variable compensation programs and processes. By adopting Varicent's solution, companies of all sizes are able to save time, money and effort currently being wasted on inefficient processes. They are also able to improve the productivity of their sales force by directly aligning their selling behavior to their overall corporate objectives.
About PROFIT Magazine
PROFIT: Your Guide to Business Success is Canada’s preeminent publication dedicated to the management issues and opportunities facing small and mid-sized businesses. For 28 years, Canadian entrepreneurs and senior managers across a vast array of economic sectors have remained loyal to PROFIT because it’s a timely and reliable source of actionable information that helps them achieve business success and get the recognition they deserve for generating positive economic and social change. Visit PROFIT online at www.profitmagazine.ca.
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.
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May 17, 2010
Varicent Announces Latest Release of Incentive Compensation & Sales Performance Management Solution
Varicent 7 enables organizations to manage increasingly complex compensation processes and significantly reduce implementation time and effort
Scottsdale, AZ – Varicent Software, an innovator and global leader in providing Incentive Compensation and Sales Performance Management solutions, today announced the latest release of their flagship product Varicent 7.
“Varicent 7 is targeted at helping organizations deal with the barrage of changing requirements and expectations for incentive compensation systems” said Marc Altshuller, Executive Vice President, Worldwide Field Operations, Varicent. “Our customers deal with complex requirements, more volatility and have less time and resources than ever before. Varicent 7 enables our customers to take a new approach to tackling these challenges.”
Varicent 7 enables organizations to:
Easily manage increasingly complex compensation needs
An innovative new visual approach to managing increasingly complex and demanding incentive compensation needs. Varicent 7 allows organizations to easily reuse logic and processes across roles, plans and divisions of an enterprise. Customers can also easily obtain an overall view of compensation plans along with their key inputs and outputs.
Significantly reduce implementation time and effort
Leverage best practices and significantly reduce the amount of effort required to implement common processes used in deploying a sales performance management solution.
Perform enhanced business modeling and scenario management
Quickly perform what if analysis based on a multitude of variables including commission structures, organizational hierarchies, sales levels and more.
Benefit from the continued delivery of customer requested enhancements
Including performance, scalability, user interface, and reporting enhancements.
Varicent 7 is being announced at INSIGHT10, the annual user conference for Varicent clients and partners, this year being held in Scottsdale, Arizona. Varicent 7 will be generally available in June 2010.
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.
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May 17, 2010
Varicent's User Community, Partners & Thought-Leaders Gather in Scottsdale, Arizona for Much Anticipated User Conference
INSIGHT'10, Varicent's annual user conference promises to be the largest event focused on Incentive Compensation & Sales Performance Management.
Scottsdale, AZ – INSIGHT10 brings together Varicent customers, industry experts, Varicent partners and staff for three days of training, education and information exchange. Attendees will hear the latest in best practices and industry trends; they will meet and network with other Varicent users and learn from their successes and participants will access Hands on Labs with the ability to explore Varicent SPM in more detail.
“We are excited to have our customers and partners come together for INSIGHT10”, said Dan Shimmerman, President and CEO of Varicent. “We are very proud to be hosting the Varicent community and this year’s event promises to deliver new and exciting content, an environment of information sharing and a lot of fun.”
This year INSIGHT10 features keynotes from industry experts in sales management best practices including Conrad Zils, Global Director, Sales Programs with General Electric, Michael Herman, National Sales Effectiveness Leader with Deloitte Consulting, Jason Angelos, Senior Executive with Accenture CRM Service Line and Ted Briggs, Principal of Better Sales Comp Consultants.
“We are thrilled at the turn-out for this year’s event. We believe it shows the importance that our customers put on sharing successes and striving to do more with Varicent SPM” said Brian Hartlen, Vice President Marketing, Varicent. “We at Varicent also benefit from hosting INSIGHT by spending three days with our customers and partners to better understand their environments, how they have leveraged our solutions to meet their needs and to learn about what lies ahead.”
INSIGHT10 is the perfect setting for industry experts, compensation directors, analysts, and sales professionals to share best practices about the latest trends and strategies facing companies today. All participants will have opportunities to network throughout the conference. INSIGHT10 runs from Sunday, May 16 – Wednesday, May 19, with optional post-conference training. For more information, visit http://www.varicent.com/insight/.
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.
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May 17, 2010
Wellington West Selects Varicent to Replace Legacy Compensation System
Varicent SPM to enable flexibility, greater auditing capabilities and business ownership
Scottsdale, AZ – 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.
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May 17, 2010
Varicent Starts Off Strong in 2010
Highlights of Q1 include new customer adoption and prestigious industry recognition
Toronto, ON - Varicent Software, an innovator and global leader in providing Incentive Compensation and Sales Performance Management solutions is proud to announce a successful Q1. Highlights from the first quarter include new customer acquisitions, industry recognition from leading research firm Gartner, and the completion of a research study among senior finance executives on sales incentive compensation management. The study was conducted by CFO Research Services and underwritten by Varicent.
“We are excited to have started the year 2010 on such a positive note”, said Dan Shimmerman, President and CEO, Varicent. “With our innovative solution and a dedicated and talented team, Varicent is poised to continue to lead and shape this burgeoning market space. More organizations are starting to see that automating incentive compensation and sales performance management is no longer a nice to have but a requirement.”
Throughout Q1, Varicent's SPM solution was adopted by various customers in a variety of industries including Financial Services, Medical Device and High-Tech. By using Varicent's complete sales performance management application, companies are able to drive down the cost and time of their sales administration, improve the visibility into their sales behavior, and improve the overall effectiveness of their sales efforts.
Varicent was recognized with a positive rating in the 2010 Gartner Research report entitled “MarketScope for Sales Incentive Compensation Management Software.”
“We believe that receiving a positive rating from Gartner is a great testament to the success of our ability to serve this market with our innovative solution, expanding partner network, service excellence and global support” said Brian Hartlen, VP Marketing, Varicent.
Also in Q1, Varicent announced the completion of a new research study entitled “Managing Sales Incentive Compensation Amid Uncertainty”. The report was prepared by CFO Research Services and underwritten by Varicent, and draws on over 150 survey responses from senior finance executives about their views on sales incentive compensation management. The report focuses on a variety of important topics including, how effective compensation models can boost sales productivity, the need to accurately & easily manage complex incentive plans and the importance of clear visibility into sales behavior.
Varicent continues to grow its organization in support of customers adding nearly 40 new employees globally in the areas of customer support and development.
Varicent is looking forward to its second annual user conference, INSIGHT10 taking place May 16-19 in Scottsdale, Arizona. Attendees will hear the latest in best practices and industry trends, have the opportunity to meet and network with other Varicent users as well as industry thought leaders, and meet with product experts. The conference speaker roster includes executives from General Electric, Deloitte and Accenture, as well as other Varicent customers and product experts.
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.
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March 09, 2010
Varicent Receives "Positive" Rating in Leading Analyst Firm's Sales Incentive Compensation Management Software MarketScope Report
(Toronto, ON) – Varicent Software, an innovator and global leader in providing Incentive Compensation and Sales Performance Management solutions, today announced that it received a Positive rating in Gartner's report entitled “MarketScope for Sales Incentive Compensation Management Software.”
Michael Dunne, Research Vice President, Gartner and author of the MarketScope reports that “through 2012, enterprises will miss the equivalent of 5% to 10% of annual sales as lost opportunities' that could have been captured through improved management of sales territories, quotas and compensation plans.
“We too, see the rebuilding of sales capacity as one of the key drivers of this market,” said Brian Hartlen, Vice President, Marketing, Varicent. “We believe that receiving a positive rating from Gartner is a great testament to the success of our ability to serve this market with our innovative solution, expanding partner network, service excellence and global support.
Varicent SPM delivers the most innovative approach to effectively managing an organization's variable compensation programs and processes. By adopting Varicent's solution, companies of all sizes are able to save time, money and effort currently being wasted on inefficient processes. They are also able to improve the productivity of their sales force by directly aligning their selling behavior to their overall corporate objectives.
Varicent's complete Sales Performance Management solution includes Incentive Compensation Management, Territory Management, Quota Planning and Roster Management. Varicent is distinguished by its ability to provide rich analytics, modeling and reporting all within a single application.
MarketScope Disclaimer
The MarketScope is copyrighted March 5, 2010 by Gartner, Inc. and is reused with permission. The MarketScope is an evaluation of a marketplace at and for a specific time period. It depicts Gartner's analysis of how certain vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product or service depicted in the MarketScope, and does not advise technology users to select only those vendors with the highest rating. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
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.
1 Gartner "MarketScope for Sales Incentive Compensation Management Software" by Michael Dunne, March 5, 2010.
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March 08, 2010
New Research Confirms that Finance Executives will Play an Expanding Role in Sales Compensation Management
Research report demonstrates technology improvements can motivate desired sales behaviors and reduce administrative risk and complexity
(Toronto, ON) – The leading innovator in incentive compensation (ICM) and sales performance management (SPM) solutions, Varicent Software Incorporated, announced the completion of a research study among senior finance executives on sales incentive compensation management. The research report titled “Managing Sales Incentive Compensation Amid Uncertainty,” was prepared by CFO Research Services and underwritten by Varicent. The report draws on a total of 157 complete survey responses from senior finance executives at various sized companies and verticals, examining their views on sales incentive compensation management.
“In this study, we found that companies are under pressure to encourage sophisticated sales behavior through complex sales incentive compensation plans, but finance executives are also concerned with the cost, uncertainty, and difficulty of administering those plans,” said Celina Rogers, Director of Research, CFO Research Services. “Our research shows that finance executives recognize the value of technology in resolving this tension and helping companies strike the right balance between the cost of sales, revenue growth, and profitability.”
Globally, as companies try to revive themselves from the tumultuous economic times of the past 18 months, many need to be very aware of the impact that pay-for-performance programs have on their bottom-line, and how they can focus their efforts to refine these crucial business areas. This report focuses on many topics including:
- How effective compensation models can help drive sales behavior.
- The need to manage complex compensation plans with ease, control and complete visibility.
- The significant value that automated compensation and sales performance solutions can add to any organization’s bottom-line profitability.
Brian Hartlen, Vice President of Marketing, Varicent will be presenting the survey results and his observations at the 2010 CFO Rising Conference and Exhibition taking place March 7-10 in Orlando, Florida.
Some of the findings include:
- 61% of survey respondents say “more sophisticated selling behaviors” rank among the sales improvements most likely to help their companies reach their goals in the next two years. Encouraging these sales behaviors will in turn require additional and more complex management of compensation and other crucial sales performance processes, including effective territory management and quota distribution.
- 75% of respondents currently using technology focused on incentive compensation management said that these solutions have made a positive contribution to sales incentive compensation management across their organizations.
- Many of the respondents cite finance’s analytical skills as a “very compelling” reason for finance to become more involved with sales incentive compensation management (64%), followed by reporting ability (47%) and compliance requirements (40%). Respondents are much less likely to point to finance’s administrative skills as a very compelling reason for greater finance involvement.
“The findings of this research highlight the difficulties, opportunities and future directions that many finance professionals face in today’s economic climate” said Brian Hartlen, Varicent. “Varicent is already helping a lot of organizations that are faced with these same challenges and we use the results to ensure that our future plans are keeping in synch with customer demands.”
The full report can be downloaded at http://varicent.com/resources-white-papers.asp
About CFO Research Services
CFO Research Services draws on the experiences, insights, and observations of senior finance executives to produce its customized research reports. With access to senior finance executives across multiple geographies and industries, CFO Research Services is able to provide its readers with a leading-edge view into the emerging finance agenda, and help them take advantage of key trends in business and financial management. CFO Research Services is the sponsored research group within CFO Publishing LLC, which produces CFO magazine. To learn more and to download recent research reports, visit www.cforesearch.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, Autodesk, Getty Images, Starwood Hotels, Sun Hung Kai Financial, and many others. For more information, please visit www.varicent.com.
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March 05, 2010
Varicent & Deloitte Webcast to Highlight Trends and Opportunities in Sales Compensation Processes
(Toronto, ON) – Varicent Software Incorporated in collaboration with Deloitte Consulting will present a live, complimentary webcast entitled ‘Sales Compensation Process – Trends and Opportunities.’ This presentation will focus on sales performance and the importance of optimizing commission processes and programs.
Presenting at this event will be Michael Herman, National Leader for Sales Effectiveness at Deloitte Consulting and Paulson Lan, Product Marketing Manager at Varicent Software. Herman will discuss methods to streamline compensation administration that can save you time and align your sales teams with your organization’s strategic objectives. Lan’s discussion will focus on how technology solutions can simplify compensation and sales processes and empower organizations to drive overall sales productivity and revenue.
The webcast will be aired March 16 at 2:00pm EST and is complimentary for attendees. All attendees must register. Please click here to reserve your space.
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.
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March 03, 2010
Technology Leader Sybase Selects Varicent to Provide a Single System for Sales Performance Management
Varicent solution to power on-boarding, compensation plan creation, distribution and calculation as well as robust reporting and analytics
(Toronto, ON) – Varicent Software Incorporated, the leading innovator in incentive compensation (ICM) and sales performance management (SPM) solutions, announced today that Sybase, Inc., an industry leader in enterprise and mobile software, has selected Varicent SPM as its single, integrated solution for administering sales performance management activities. Specifically, Sybase will use Varicent SPM for territory management, quota planning, incentive compensation, sales analytics and reporting.
“The Varicent Team earned our confidence, and presented us with a holistic platform for executing our sales performance management strategy,” said Bob Green, Vice President of Finance, Sybase. “We are eager to begin providing better compensation visibility for the sales force, and equipping sales management with performance dashboards, and other enhanced analytics and planning tools. We believe Varicent SPM is the right tool for us to deliver on that vision.”
Sybase had been using a number of disparate software solutions for incentive compensation and sales performance management, but encountered limitations with this approach. Sybase needed a single system that would improve field and management reporting, enhance analytics, and reduce errors – all in an efficient and streamlined manner. Varicent offered the flexibility to consolidate these functions and to retool Sybase’s internal SPM operations, saving valuable time and resources.
Key benefits of Varicent SPM include:
- Integration with existing back-end systems
- Increased visibility to the field with dashboards, analytics and reporting
- Robust workflow capabilities
- A single solution for territory management, quota planning, incentive compensation and sales analytics
"Sybase is known for providing innovative solutions to its customers. We are very pleased that they chose Varicent for their Sales Performance Management needs" said Marc Altshuller, Executive Vice President, Worldwide Field Operations for Varicent. "We believe that this is another testament not only to the quality of the solutions we provide, but to the team we have built to support our customers."
About Sybase
Sybase is an industry leader in delivering enterprise and mobile software to manage, analyze and mobilize information. We are recognized globally as a performance leader, proven in the most data-intensive industries and across all major systems, networks and devices. Our information management, analytics and enterprise mobility solutions have powered the world's most mission-critical systems in financial services, telecommunications, manufacturing and government. For more information, visit http://www.sybase.com. Read Sybase blogs: http://blogs.sybase.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, Autodesk, Getty Images, Starwood Hotels, Sun Hung Kai Financial, and many others. For more information, please visit www.varicent.com.
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March 02, 2010
Varicent Speaking at CFO Rising 2010 Conference
Brian Hartlen of Varicent Software will present new research findings from soon-to-be released research “Managing Sales Incentive Compensation Amid Uncertainty”
(Toronto, ON) – Brian Hartlen, Vice-President of Marketing, Varicent Software will be presenting a session “Finance’s Role in Sales Performance Management” at the CFO Rising Conference on March 8th, 2010 in Orlando, FL. Sales compensation is one of the largest variable expenses for many organizations and helping to manage and gain insight into sales compensation is a key imperative for many finance organizations. New survey results from a research report entitled “Managing Sales Incentive Compensation Amid Uncertainty” reveal the latest thoughts on finance’s new role in sales performance management and incentive compensation.
The report was prepared by CFO Research Services in collaboration with Varicent Software, the world’s leading innovator of Incentive Compensation and Sales Performance Management Solutions. Hartlen will provide insights into the largest challenges identified in the survey data and provide some valuable insight based on years of experience in Sales Performance Management. This report will be generally available from Varicent after the conference.
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.
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February 10, 2010
Strong Q4 Anchors Record Breaking Year in 2009
New client acquisitions, significant capital raise, major product release and 60% revenue growth supports exceptional year
(Toronto, ON) – 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 salesforce.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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