Toronto, Canada, September 25, 2010 --(PR.com
)-- Varicent Software Incorporated, the leading innovator in incentive compensation (ICM) and sales performance management (SPM) solutions, announced today it is ranked among the Deloitte Technology Fast50™, a ranking of the 50 fastest growing technology companies in Canada, based on the percentage of revenue growth over five years. Varicent’s increase in revenues of 40,269 percent from 2005 to 2009 resulted in a number three ranking.
For over 13 years, the Deloitte Technology Fast 50™ program has tracked the successful growth of Canadian-grown global leaders. Now Canada’s pre-eminent technology award program, the Deloitte Technology Fast 50™ augments the broader Deloitte North American Technology Fast 500 initiative, with winners automatically eligible for this elite ranking.
“Canadian technology companies have demonstrated some very impressive growth numbers over the past year, amid the challenges of an uncertain global economic recovery,” said John Ruffolo, National Leader, Technology, Media & Telecommunications Industry Group, Deloitte. “Varicent is an example of the determination, drive and skill that will serve to position them for further growth and success in the years to come.”
Varicent's CEO Dan Shimmerman, credits Varicent’s flagship product Varicent 7 and their passionate employees with the company's 40,269 percent revenue growth. Shimmerman said, “Being recognized as a Company-to-Watch last year, we are honored to join this marquee list of some of the most successful Canadian technology companies this year and it’s a noteworthy achievement to be part of this influential group. Receiving the award stimulates our focus on developing the best solution in empowering organizations to manage increasingly complex compensation processes while reducing their implementation time and effort.”
To qualify for the Deloitte Technology Fast 50™ ranking, companies must have been in business for at least five years, have revenues of at least $5 million, be headquartered in Canada, own proprietary technology, and conduct research and development activities in Canada. A panel of industry experts evaluate and judge companies based on four key criteria: competitive advantage; size, growth, and market attractiveness; management effectiveness and organization; and financial performance.
About the Deloitte Technology Fast 50™
The Deloitte Technology Fast 50™ program is Canada’s pre-eminent technology awards program. Celebrating business growth, innovation and entrepreneurship, the program features four distinct categories including the Technology Fast 50™ Ranking, Companies-to-Watch Awards (early-stage Canadian tech companies in business less than five years, with the potential to be a future Deloitte Technology Fast 50™ candidate,) Leadership Awards (companies that demonstrate technological leadership in four industry subcategories: hardware/semiconductor, software, telecommunications and emerging technologies) and the Deloitte Technology Green 15™ Awards (Canada’s leading GreenTech companies that promote a more efficient use and re-use of the earth's resources in industrial production and consumption.) Program sponsors include Deloitte, Gowlings, GrowthWorks, TMX Group, Wellington Financial, HKMB Hub International, National Angel Capital Organization, CVCA, MaRS and IGLOO Software. For further information, visit www.fast50.ca.
About Varicent Software Incorporated
Varicent Software Incorporated is an innovative software solutions provider delivering measurable improvements to its clients businesses through its industry-leading sales performance management solution Varicent SPM. Varicent's customers are high-performing companies representing a variety of industries and include Covidien, Convoy Financial Group, Sherwin-Williams, Manpower, Getty Images, Starwood Hotels, Sun Hung Kai Financial, and many others. For more information, please visit www.varicent.com.