Cloud Compensation Management Firm Iconixx Raises $10 Million in Growth Equity Funding
Rapidly growing SaaS Company will use investment to grow its product line and hire additional staff.
AUSTIN, Texas, Aug. 18, 2015 /PRNewswire/ -- Iconixx is poised to continue its rapid ascent in the compensation management software industry after raising $10 million in a recent investment round.
Company founder and CEO, Derrik Deyhimi, said the money will fuel Iconixx's accelerated growth. The round was co-led by Harbert Venture Partners and S3 Ventures with participation from existing investor Ballast Point Ventures.
The emergence of Iconixx as a global leader in compensation management has garnered significant interest from investors. This latest $10 million round comes on the heels of a $4.5 million capital investment from Ballast Point Ventures and KBH Ventures in 2014. That investment and an earlier round in 2012 were both instrumental in helping Iconixx capture a significant slice of market share.
The infusion of fresh capital will have a transformational impact on the company. Iconixx is focused on expanding its product line at an aggressive rate and will hire a substantial number of additional employees -- including a 150-percent increase in the size of its customer success team.
Additionally, Iconixx is preparing to release two new state-of-the-art offerings, which Deyhimi believes will become "significant differentiators" in the market.
Iconixx provides clients with a comprehensive solution to compensation management. The company's innovative product suite automates sales, incentive, bonus and merit processes, resulting in greater sales performance efficiency and accuracy.
Deyhimi is no stranger to the process. Over the course of his career, the CEO has helped take six technology firms from the garage to the $100 million mark in revenue. Though Iconixx has already established itself as one of the most innovative and forward-thinking firms in the industry, Deyhimi believes the company is on the verge of even greater achievements.
"Iconixx's evolution has been spurred on by a strong sales pipeline and an even greater customer success track record. We have established booking records for six consecutive quarters, and we expect to see that growth accelerate," said Deyhimi. Along with its suite of industry-leading software solutions, the CEO credits the firm's explosive growth to the hard work and skill of company staff.
As evidenced by this latest investment round, the firm's new investors are equally bullish on the future of Iconixx.
"I am impressed with Iconixx's compensation management suite and believe the company is poised for accelerated growth in the near future" said Rajiv Bala of S3Ventures. Tom Roberts of Harbert Venture Partners, added, "Iconixx's current customer acquisition rate combined with a strong sales and incentive compensation market positions the company for success".
About Iconixx:
Iconixx is a global pioneer in Incentive Compensation Management (ICM) software. Iconixx offers a suite of flexible, easy-to-use solutions for sales performance management (SPM), incentive compensation management (ICM), quota and territory management, performance bonuses and salary planning. Iconixx solutions empower companies to align incentive plans with business objectives, improve performance reporting and scale their systems with company growth. Iconixx has unparalleled experience in this industry, having successfully delivered solutions for companies of all sizes, across verticals and throughout the world. For more information please visit www.iconixx.com.
About S3 Ventures
S3 Ventures is an early, expansion and growth stage venture firm with $200 million under management. The firm is focused on information technology solutions that solve large business problems and in medical devices that improve the human condition. S3 invests across all stages of a company's growth and partners with the team to help focus methodically on what it takes to build a successful company. For more information about S3, visit www.s3vc.com.
About Harbert Venture Partners:
Harbert Venture Partners ("HVP") is a leading institutional venture investor in technology and healthcare companies in the Mid-Atlantic and Southeastern United States. HVP invests in emerging growth stage companies, combining our substantial investment, advisory and operating experience with capital to assist high potential entrepreneurs in successfully executing their growth plans. HVP is sponsored by Harbert Management Corporation ("HMC"), an alternative asset management firm with approximately $4.4 billion in assets under management as of July 1, 2015. More information on HMC can be found at www.harbert.net.
About Ballast Point Ventures
Ballast Point Ventures is a later stage venture capital fund established to provide expansion capital for rapidly growing, privately owned companies in diverse industries, with a particular emphasis on companies located in the Southeast and Texas. The BPV partners have more than 70 years of combined experience investing in and building high-growth companies in a number of industries, including healthcare, business services, communications, technology, financial services and consumer. BPV has $350 million under management and seeks to make equity investments ranging in size from $4 million to $12 million. For more information, visit www.ballastpointventures.com.
For more information:
Sathee Brent
Vice President, Marketing and Alliances
Iconixx Software
3420 Executive Center Drive, STE 250
Austin, Texas 78731
877-ICONIXX
www.iconixx.com
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SOURCE Iconixx
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