From the Wires
Synygy Reports Growth in Both Its Software and Services Businesses
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:
-
a commercial bank in the Middle East
-
a distributor of water management equipment
-
a developer and manufacturer of medical devices
-
a manufacturer and distributor of hydraulic parts and systems
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:
-
launches of multiple applications on the new Optymyze™ technology
platform, including the core compensation plan management application,
which is designed for tablets and other touch-enabled devices, but
also works on laptops and PCs
-
increases in the software business unit headcount to 199, of which 168
are in software development and 31 are in software support services,
which includes data center operations
-
relocation of the software development center in Iasi, Romania to the
Palas Iasi, with sufficient space to hire an additional 60 developers
“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:
-
managed configuration services subscriptions growth of 178% versus the
prior year
-
increased productivity of the professional services staff by over 10%
while maintaining headcount of the services business unit at over 200
people
-
seven implementations completed for some of world’s largest companies
across multiple industries, including medical devices,
pharmaceuticals, distribution, banking, and manufacturing
“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.”
For more information on Synygy’s sales performance management business
platform, visit www.synygy.com
or e-mail sales@synygy.com.
About Synygy
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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