Varicent creates a full-spectrum Sales Performance Management portfolio by entering the small and mid-size business (SMB) market.
Varicent, the industry-leading provider of incentive compensation and sales performance management solutions, has acquired Concert Finance (Concert), an innovative provider of commissions software designed by compensation experts. The move to acquire Concert Finance first started in May when Concert was looking to scale its rapid growth, and Varicent was looking to expand its Incentive Compensation Management (ICM) portfolio into the SMB market. The deal closed on July 9, 2021.
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“The math of sales comp isn’t that hard”
“This is acquisition perfectly aligns Varicent and Concert Finance’s growth strategies and will benefit all of our customers over time,” said Marc Altshuller, CEO of Varicent. “What I’m most excited about is Concert’s no-formula approach to plan building, coupled with their innovative behavioral science driven approach to designing and deploying compensation plans. These are things that our existing customers are going to be excited to see us add to the enterprise and mid-market products.”
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The acquisition of Concert Finance fits into Varicent’s strategy to create the most comprehensive, innovative, and scalable Sales Performance Management portfolio available on the market. By acquiring Concert Finance, Varicent can further expand its ability to help organizations worldwide drive growth and achieve maximum ROI. Effective immediately, Concert will receive additional investment and exceptional talent and experience to help them scale, and Varicent completes its sales performance management portfolio from end-to-end to give all its customers multiple entry points and room to grow.
“The math of sales comp isn’t that hard,” said Sanj Sanampudi, CEO and co-founder of Concert Finance. “Growing companies need more than just a spreadsheet in the cloud. Concert Finance grew six times over the last year because our platform provides much needed expertise on how to run a great comp program: designing plans, documentation, payroll and accounting. As our customers continue their explosive growth, it became clear that supporting the exponential complexity that comes with Enterprise scale is critical. Joining the leader in the enterprise SPM space was a no-brainer. We’re thrilled to give Concert’s customers and prospects a platform that grows seamlessly from Startup to Enterprise.”
Sanj Sanampudi has joined the Varicent team as General Manager of Varicent Concert.
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