CRM Acquisition: Incentive Technology Corp. Acquires Compcentral From Centive
Centive to Focus 100% on Leadership Position in On-Demand Sales Compensation Space With Centive Compel™
Centive, the leader in strategic, on-demand sales compensation management, announced today that Berggruen Holdings, a private investment firm with over one billion dollars of assets, together with a seasoned enterprise software executive team, has acquired the CompCentral™ business unit into Incentive Technology Corp. CompCentral™ is a proven, sophisticated and highly flexible Enterprise Incentive Management (EIM) solution with an installed base that includes a number of Fortune 100 companies. The acquisition of the CompCentral business includes the intellectual property related to the CompCentral application as well as the Centive sales, services and engineering resources assigned to that business unit.
Incentive Technology Corp. will further develop and market the CompCentral application, and continue to provide existing customers the highest level of customer care. "The EIM market is poised for growth," said Bruce Lichorowic, CEO of Incentive Technology Corp. "Acquiring CompCentral is a tremendous opportunity for Incentive Technology Corp to enter a market with a trusted, leading product and an impressive customer base, which places the company on an exciting trajectory for sustained success."
The strategic decision to sell the CompCentral business unit came as a result of Centive's tremendous success with its award-winning on-demand sales compensation management system, Centive Compel™. Originally released in May 2005, Compel was the first true on-demand sales compensation system and quickly gained market momentum. To date, more sales representatives subscribe to Compel than any other competitive system. With the sale of the CompCentral business unit, Centive will now focus on maintaining its leadership position in the on-demand-sales compensation market, and on expanding its solution set to include other high-value on-demand solutions.
"Over the past two years, we've been clear with our investors, market analysts, and our customers that Centive's future would be built around Compel and other on-demand solutions," said Michael Torto, president and CEO of Centive. "CompCentral helped provide us with a strong financial position to support the development of our on-demand business. The sale of CompCentral not only provides us with an even stronger financial base, but also provides our legacy customers with the focus and care they deserve, and will now receive, from Incentive Technology Corp."
"Over the past three years, CompCentral has given Centive a firm financial footing to expand and build their on-demand business," said John Gannon, General Partner at Polaris Ventures. "The infusion of cash from the CompCentral sale provides an even better foundation from which to grow the company and explore buy or build scenarios to expand Centive's on-demand solution suite, grow their partner channels globally and increase sales and marketing staff."
"Berggruen is pleased to be backing the talented team at Incentive Technology Corp. The company is committed to delivering best-of-class enterprise incentive management solutions – including software, services and support – that provide quantifiable cost savings and strategic benefits to current and prospective customers," commented Jennifer Stewart, Managing Director for Berggruen Holdings.
About Incentive Technology Corp.
Incentive Technology Corp., currently headquartered in Burlington, MA, is committed to delivering best-of-class enterprise incentive management solutions – including software, services, and support – that provide quantifiable cost savings and strategic benefits to its Fortune 1000 customers.
About Berggruen Holdings
Berggruen Holdings is a private company investing internationally in an extensive range of asset classes, including direct private equity, public market securities and real estate. With portfolio companies in the US and Europe, and primary offices in New York, Los Angeles and London, Berggruen Holdings believes in working with management in building long term relationships that support both organic and external growth.
About Centive
Centive, headquartered in Burlington, MA, is the leader in strategic, on-demand sales compensation management. Companies use Centive Compel to accurately calculate commissions and bonuses and gain real-time visibility into sales performance metrics. As an on-demand subscription service, Compel is a cost-effective solution that allows executives to be strategic and sales representatives to stay motivated and focused on selling.
To learn more about Centive, please visit www.centive.com or call 1-877-CENTIVE.