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Record Revenue, Customer Wins, Global Expansion, New Partners and Industry Recognition Drive Momentum

Posted on: Monday, 1 December 2008, 07:45 CST

TORONTO, Dec. 1 /PRNewswire/ -- Varicent Software, an innovator and provider of incentive compensation management (ICM) and sales performance management (SPM) solutions, today announced record achievements for the second and third quarters of 2008.

Revenue results were strong for both quarters driven by a number of new customer acquisitions and significantly larger orders for Varicent SPM. Q2 revenue was up 40% over Q1 2008 and in Q3, Varicent generated record revenues and a 35% revenue increase over Q2 2008 showing evidence of a growing market demand for Varicent solutions.

"Our remarkable growth in 2008 confirms that companies realize the revenue and efficiency opportunities that can be achieved by implementing effective sales performance management," said Dan Shimmerman, CEO of Varicent. "With current economic volatility, companies worldwide are choosing Varicent SPM so they can keep the sales force focused on driving revenue while reducing the cost of sales."

To support its growing customer base, Varicent initiated several new customer focused programs:

-- The addition of 24x7 contact center support ensuring seamless and accurate issue qualification for our growing list of global organizations.

-- A new Client Support Handbook detailing guidelines and best practices for Varicent SPM.

-- Introduction of a formal Customer Advisory Board to give advice on Varicent SPM and the future vision of the solution.

-- Announcement of Varicent's inaugural User Conference, INSIGHT09, taking place in Chicago from May 3 - 5, 2009.

Other notable highlights from Q2 and Q3 2008 include:

-- Received a Positive rating from Gartner's MarketScope for Sales Incentive Compensation Management Software.(i)

-- Expanded globally with new offices in the UK and Hong Kong; Andy Armstrong, sales compensation industry veteran and former Callidus VP hired as Vice President and General Manager International.

-- Added many new customers including Shaw Industries Group, the largest worldwide carpet manufacturer; Smith & Nephew, a medical devices company that develops advanced medical products for healthcare professionals around the world; Nexient, the largest Canadian corporate training and consulting company; Getty Images, a provider of images and services that help the world's visual communicators do their work.

-- Awarded the ISV/Software Solution of the Year Award at the 2008 Microsoft Partner Program IMPACT Awards, which recognizes excellence across Microsoft's community of Canadian technology partners.

-- Appointed Janet Perna, former General Manager at IBM Software in the Information Management division and David Mahoney, an award-winning executive and former CEO of Applix and Banyan to the Board of Directors.

-- Launched Varicent SPM 5.1, which offers enhancements including payee profile, updated sensitivity module, multi-language support, improved processing speed, branding options, Microsoft CRM integration and integrated statistics and monitoring program.

"It has been a tremendous year for Varicent," continued Shimmerman, "We have grown our customer and partner base, expanded our business infrastructure and broadened our influence. While we celebrate that success, it also encourages us to continue driving our vision of sales performance management deeper into the industry. Our proven ability to improve sales effectiveness through speed, flexibility and visibility will undoubtedly make Varicent SPM the solution of choice for companies looking to drive revenue while cutting costs."

About Varicent

Varicent Software Incorporated delivers the most innovative sales performance management solution addressing the needs of business professionals across the entire enterprise. High performing companies relying on Varicent for better visibility and control of their complex variable compensation programs, automating the assignment of territories, the collection and approval of quotas, and reporting and analyzing sales performance include Waste Management, KLA-Tencor, AAA, Sonus Networks, Manpower, American Century Investments, Smith & Nephew, Nexient Learning, and many others.

(C)2008 Varicent Software. All rights reserved. Varicent, Varicent SPM and Varicent Composer are trademarks of Varicent Software.

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

(i) Gartner "MarketScope for Sales Incentive Compensation Management Software" by Michael Dunne, July 30, 2008.

SOURCE Varicent Software

Source: PR Newswire

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