Toronto’s Varicent Software announced today that it has raised $35 Million in additional funding led by San Francisco and New York-based FTV Capital. Current investors RBC Venture Partners and EdgeStone Capital Partners also participated in the new round of funding.
Varicent is a provider of sales performance management (SPM) and incentive compensation management (ICM) solutions. According to Ventana Research, the SPM market is growing at 45% annually and in the U.S. alone is predicted to exceed more than $8 billion in 2010. Varicent’s customers include Waste Management, Convoy Financial Group, Sherwin-Williams, Manpower, Autodesk, Getty Images, and Starwood Hotels.
The deal was the second largest privately-funded information technology funding announced in Q3 2009, behind only Facebook. The funds raised will allow Varicent to continue its momentum as the leader in the SPM market and further expand its international business.