Private equity-backed Varicent acquires Concert Finance

Varicent has acquired Concert Finance, a New York-based provider of commissions software designed by compensation experts.

Varicent has acquired Concert Finance, a New York-based commissions software provider designed by compensation experts. No financial terms were released for the deal, which closed last month. Varicent, a Toronto-based provider of incentive compensation and sales performance management solutions, was launched two years ago by Great Hill Partners and Spectrum Equity.

PRESS RELEASE

Varicent Acquires Concert Finance

August 10, 2021

TORONTO–(BUSINESS WIRE)–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.

“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.”

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.

For more information on Varicent’s sales performance management solutions, please visit www.varicent.com.

Financial terms of the asset transaction were not disclosed.

About Concert FinanceTM

Concert is the smarter commission software built to increase sales productivity built by sales comp experts. Concert’s no formula/no-code setup and turnkey ASC 340 accounting takes setup time down from weeks to a day, and provides AI quota recommendations and scenario modeling features to help customers build plans that better motivate their sales teams. For more information about Concert, visit https://www.concertfinance.com/.

About VaricentTM

Varicent is the leading provider of innovative Sales Performance Management software focused on helping organizations Plan, Operate and Pay to drive sales performance and growth. With a full suite of solutions to assist in smarter territory and quota planning, efficient lead-to-revenue operations, and the fastest and most flexible way to pay sellers accurately and on-time, Varicent is the trusted SPM solution for customers worldwide. Varicent combines powerful SPM technology with its augmented intelligence-powered platform to enable customers to quickly and easily see and address sales trends, problem areas, and opportunities by predicting outcomes and prescribing actions to optimize revenue. To learn more about Varicent, visit www.Varicent.com.

Varicent, Varicent Software, Symon.AI, and FunnelCake, Concert Finance are trademarks or registered trademarks of Varicent in the USA, Canada, and other countries.