Varicent Software Incorporated, a market leader in incentive and sales performance management (SPM) solutions, today announced record revenue and earnings for its third quarter ended September 2006. Licensing revenue for its flagship product, Varicent Sales Performance Management was up 93.7% from the second quarter 2006, and total revenue for the quarter was more than doubled from prior quarter results.
“We continue to make improvements in all parts of our business and are extremely pleased with our strong financial results and profitability,” said Varicent CEO Dan Shimmerman. “In addition to our healthy revenue growth, our profit margins have been increasing and the services side of our business continues to expand. Itâ€™s particularly noteworthy that we have attracted significant interest with enterprise customers, as our product has now proven itself superior in performance, functionality and scalability to our competitors,” continued Shimmerman.
Varicent added a record number of new customers in the quarter, including KLA-Tencor (NASDAQ: KLAC) in San Jose, CA; Starwood Hotels and Resorts (NYSE: HOT) in White Plains, NY; Technisource, in Little Rock, AK; MetaSolv Software, in Plano, TX; Adaptec (NASDAQ: ADPT) in Milpitas, CA; Savvis (NASDAQ:SVVS) in St. Louis, MO; SunGard Higher Education in Malvern, PA; Walton International in Calgary, AB; Global Insight in Waltham, MA; and Glotel PLC (LSE: GLO.L).
“It has been an exceptional quarter for us in all facets of our business. We will continue to invest in our growth and are very optimistic about the Company’s outlook for the future,” said Dan Shimmerman.