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Xactly secures $30 Mn
By siliconindia
San Jose: Xactly, the leader in on-demand sales performance management, 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. "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. "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."
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.