Xactly Corp., a San Jose, Calif.-based provider of sales compensation and performance management software, has raised $30 million in fourth-round funding. Glynn Capital Management and Cheyenne Ventures were joined by return backers Alloy Ventures, Bay Partners, Rembrandt Ventures, Outlook Ventures and Spinner Asset Management. The company has now raised nearly $60 million in total VC funding since 2005.
Xactly Corporation, the leader in on-demand sales performance management, today announced it has raised $30 million in additional capital to fund continued business growth and capitalize on its leadership role in the emerging Sales Performance Management (SPM) space, which Ventana Research forecasts to grow beyond $8.2 billion by 2010*. The new $30 million in capital includes a round of equity and a revolving credit facility.
“This financing represents a significant tipping point for Xactly, giving us the war chest we need to further capture market share and continue to dominate the SPM space,” said Christopher Cabrera, president and CEO of Xactly Corporation. “We are pleased with the steadfast support from our existing investors and the participation from new investors Glynn Capital Management and Cheyenne Ventures. In addition to fueling our growth in North America and expansion into EMEA, the new funding will enable us to deliver key new products as outlined in our 18-month product roadmap, culminating in the market’s most comprehensive suite of on-demand sales performance management solutions available from a single vendor.”
“Xactly is the first company that has delivered an on-demand solution to automate the sales compensation management process, and the only one focused on delivering a larger suite of products addressing the large and emerging market for sales performance management,” said John W. Glynn, president of Glynn Capital Management. “Not only is the market opportunity significant, but Xactly’s strong position to execute against it is impressive. The company’s tremendous growth in only three years, its successful customer base now topping more than 100, an experienced management team, and an award-winning product set position this company for great things. We are extremely pleased to become an investor in Xactly.”
Xactly will use the new funds to expand its footprint in North America and EMEA, and further invest in sales and marketing. The capital will also be used to continue advancing the SPM market with execution and delivery against the on-demand product roadmap Xactly debuted in 2007. To that end, the company will deliver on key new SPM applications, including robust analytics and a module for quota and territory management by the end of 2008.
“Ventana Research views the projected $8.2 billion market for sales performance management as one of the most promising areas of growth for software suppliers through 2010 and beyond,” said Mark Smith CEO and EVP Research at Ventana Research. “The real value in sales performance management is providing the sales organization with the information and technology to effectively manage their organization. The resurgence of sales compensation management driven by companies like Xactly is delivering a solution for sales and finance to help with sales quota attainment and compensation efficiently and accurately.”
About Xactly Corp.
Xactly Corporation is the market leader in on-demand sales performance management. The company’s flagship product, Xactly Incent, enables sales and finance executives to design, implement, manage, audit and optimize sales compensation management programs easily and affordably. Xactly solutions automate the process of aggregating data from disparate systems into a secure, hosted repository, and enable companies to leverage this business data, which is the lifeblood of sales performance management. Xactly helps companies improve operational performance, optimize sales effectiveness, proactively manage risk and compliance, and maximize profits. The Xactly family of products is used by sales and finance executives, compensation analysts, sales operations and sales professionals across a variety of industries, ranging from SMBs to large enterprises. For more information, visit http://www.xactlycorp.com/ or call 1-866-GO-XACTLY.