Xactly, maker of software that measures and tracks employees’ sales performance and compensation, has bought its major competitor, human resources software provider Centive. The stock-based deal gave San Jose, Calif.-based Xactly all of the company’s assets and employees for an undisclosed sum.
Incorporated under the name Xactly, the new entity will continue to support all of the products the companies have on the market right now for the next 18 months to ensure a seamless transition for clients. Xactly says the acquisition will help it provide software-as-a-service products to more clients looking to streamline their sales operations in the face of the downturn.
To date, Xactly has raised $60 million in venture backing since 2005 from Alloy Ventures, Bay Partners, Cheyenne Ventures, Glynn Capital Management, Rembrandt Ventures, Outlook Ventures and Spinner Asset Management. Centive, the older company (founded in 1998), has raised $96 million from Key Venture Partners, Growth Alley, Polaris Venture Partners, Tailwind Capital Partners and VSP Capital.