Business

Varicent secures $35M, second only to Facebook in IT funding for this quarter

NOTE: GrowthBeat -- VentureBeat's provocative new marketing-tech event -- is a week away! We've gathered the best and brightest to explore the data, apps, and science of successful marketing. Get the full scoop here, and grab your tickets while they last.

Toronto-based Varicent Software, maker of software for sales performance management (SPM in industry jargon), has closed an impressive $35 million round of funding led by San Francisco-based FTV Capital. FTV also has an office in New York. Also participating are RBC Venture Partners, the Royal Bank of Canada’s investment arm and Edgestone Capital in Toronto.

The deal is the second largest privately funded IT investment so far this quarter, according to Dow Jones VentureSource.

Varicent has been around since 2003. This is the company’s C round of investment. The first round was led by Edgestone, the second by RBC, for a total of $15M in prior investment.

v5-incentive-comp-sm (1)Varicent’s software is aimed at making it easy for businesses to model new business plans and track sales plans with bonuses and other variable compensation. According to Gartner, 93 percent of companies still use some sort of home-grown system to track sales plans. Besides the IT costs, it wastes salespeople’s energy re-learning systems from job to job. Companies like Varicent and competitor Callidus aim to replace in-house software with more powerful, more standardized and yet also more flexible tools.

Customers include Waste Management, Convoy Financial Group, Sherwin-Williams, Manpower, Autodesk, Getty Images, Starwood Hotels, Sun Hung Kai Financial, and many others.


We're studying digital marketing compensation: how much companies pay CMOs, CDOs, VPs of marketing, and more, with ChiefDigitalOfficer. Help us out by filling out the survey, and we'll share the results with you.

Trackbacks

  1. [...] Right90 continuing to gain traction in improving the sales forecasting process and vendors like Varicent receive hefty $35 million venture rounds this year, no doubt thanks to experiencing over 100% year over year growth in the burgeoning Sales [...]

  2. [...] which has raised $35 million in funding, analyzes sales data from businesses to help organizations to streamline compensation [...]

  3. [...] which has raised $35 million in funding, analyzes sales data from businesses to help organizations to streamline compensation [...]

  4. [...] which has raised $35 million in funding, analyzes sales data from businesses to help organizations to streamline compensation [...]

  5. [...] which has raised $35 million in funding, analyzes sales data from businesses to help organizations to streamline compensation [...]

  6. [...] which has raised $35 million in funding, analyzes sales data from businesses to help organizations to streamline compensation [...]

  7. [...] which has raised $35 million in funding, analyzes sales data from businesses to help organizations to streamline compensation [...]

  8. [...] which has raised $35 million in funding, analyzes sales data from businesses to help organizations to streamline compensation [...]

  9. [...] which has raised $35 million in funding, analyzes sales data from businesses to help organizations to streamline compensation [...]

  10. [...] which has raised $35 million in funding, analyzes sales data from businesses to help organizations to streamline compensation [...]

  11. [...] analytics software. Financial terms of the deal were not disclosed. Varicent, which has raised $35 million in funding, analyzes sales data from businesses to help organizations to streamline compensation [...]

  12. [...] analytics software. Financial terms of the deal were not disclosed. Varicent, which has raised $35 million in funding, analyzes sales data from businesses to help organizations to streamline compensation [...]

  13. [...] analytics software. Financial terms of the deal were not disclosed. Varicent, which has raised $35 million in funding, analyzes sales data from businesses to help organizations to streamline compensation [...]

  14. [...] analytics software. Financial terms of the deal were not disclosed. Varicent, which has raised $35 million in funding, analyzes sales data from businesses to help organizations to streamline compensation [...]

  15. [...] analytics software. Financial terms of the deal were not disclosed. Varicent, which has raised $35 million in funding, analyzes sales data from businesses to help organizations to streamline compensation [...]

  16. [...] analytics software. Financial terms of the deal were not disclosed. Varicent, which has raised $35 million in funding, analyzes sales data from businesses to help organizations to streamline compensation [...]