From the Wires
Synygy Reports Growth in Both Its Software and Services Businesses
By: Business Wire
Nov. 6, 2012 02:07 PM
Synygy, the largest and most experienced provider of incentive compensation management (ICM) and other sales performance management (SPM) solutions, today reported growth in both its software and services business units and continued profitability for the third quarter ending September 30, 2012.
Success during the quarter was driven by growth in overall subscription revenue and an increase of 108% in new client implementation services revenue versus the prior year. To manage a robust sales pipeline and to increase sales capacity for its new Optymyze™ software platform, the company expanded its sales force by 11 to a total of 65 salespeople.
Highlights of quarterly new client sales wins included a particularly large increase in divisions of existing clients and major new pieces of business with four very large companies with thousands of salespeople:
Synygy’s software business unit—the largest software vendor in the ICM market—develops and delivers a range of ICM and related SPM cloud services. Although some software revenue was from up-front license fees in the third quarter, the software group increased recurring revenue by 20%. Highlights of software group activity in the third quarter include:
“Having successfully delivered all of the components of Optymyze necessary for delivery of the new platform to all new clients, I am very pleased with our software group,” said Mark A. Stiffler, Synygy president & CEO. “With the ability to deploy our highly-mobile cloud services anywhere in the world, including from our own data centers in a multi-tenant environment or on dedicated hardware in any data center, our software business is positioned for continued success.”
Synygy’s professional services business unit—the largest services business in the ICM market—provides a range of implementation services and post-implementation support and outsourcing services. It also saw excellent results for the third quarter with subscription increases, new clients, and organic growth within existing clients. Synygy’s services group highlights for the quarter include:
“The new Optymyze compensation plan management product is easily implemented with no formal training by our clients, by third parties of our clients’ choosing, and by our global and regional partners,” added Stiffler. “However, clients continue to see value in the wide range of SPM capabilities that our services group offers, which provide value well beyond just ICM, and we continue to make investments in our services group, with expansion expected in the fourth quarter.”
Synygy provides a comprehensive sales performance management (SPM) business platform that helps companies get "above the cloud" by delivering technology enablement, standards and best practices, and continuous improvement to effectively optimize incentive compensation management (ICM) and related SPM business processes. Based in Chester, Pennsylvania, with extensive operations in Europe and Asia, Synygy has 550 employees worldwide and has achieved more than 21 years of success. www.synygy.com
Synygy is a registered trademark and Optymyze is a trademark of Synygy, Inc.
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