Varicent Software Incorporated, a provider of sales performance management (SPM) and incentive compensation management (ICM) solutions has raised $35m 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.
The funds will allow the Toronto, ON-based company to further expand its international business, accelerate the development of new features and functionality in its sales performance management solution, Varicent SPM, broaden its reach into new verticals, and advance its mid-market penetration.
Eric Byunn, Partner, Head of Software for FTV Capital will join Varicent’s Board of Directors. In addition to Mr. Byunn, the following directors currently serve on the company’s board:
– Dan Shimmerman, President and CEO, Varicent Software Incorporated;
– Marc Altshuller, EVP, Worldwide Field Operations, Varicent Software Incorporated;
– Robert Antoniades, Managing Director, RBC Venture Partners;
– Bryan Kerdman, Partner, EdgeStone Capital Partners;
– Janet Perna, former senior executive at IBM;
– David Mahoney, former CEO of Applix Software.