Centive Secures Additional $18 Million Investment.
BEDFORD, Mass.--(BUSINESS WIRE)--Jan. 27, 2003
Enterprise Incentive Management Industry Growth and Customer Demand Attracts New Investor Participation and Supports Expansion into Global Markets
Centive, the award-winning leader of Enterprise Incentive Management (EIM) software and services, today announced that it has secured $18 million in funding from new and existing investors on the heels of significant corporate and product momentum in 2002. This investment brings Centive's total funding to nearly $75 million and will support the EIM leader's growth of its worldwide sales, marketing and services organizations, particularly as Centive expands its presence in global markets, such as Europe, the Middle East and Asia.
The funding round was led by Venture Strategy Partners, and also included the DOW Chemical Company and Infinity Capital, making Centive the only EIM provider to secure additional capital from new investors. As part of Venture Strategy Partners' involvement, General Partner Tony Conrad will be appointed to Centive's Board of Directors. Leading private equity firms that have invested in Centive's previous rounds, and have participated in this round, include Thomas Weisel Capital Partners, Polaris Venture Partners and BancBoston Ventures.
"The market opportunity is growing, as companies continue to recognize that EIM improves their ability to design and manage incentive compensation programs as well as increase enterprise-wide motivation, productivity and performance," said Tony Conrad, general partner for Venture Strategy Partners. "EIM is becoming a strategic 'must-have' and Centive's technology strength, global customers and industry relationships identify it as a leader."
"In today's economy, it is rare for a software company to receive the level of endorsement that Centive has achieved from both new and existing investors. Our investors' confidence highlights the recognition of Centive as the leader in the EIM market, Centive/EIM's ability to prove its return on investment as the most advanced incentive compensation management technology available and the EIM industry's anticipated growth to $2 billion by 2005," said Michael B. Byers, president and CEO for Centive. "As Centive continues its expansion into global markets, this investment provides additional support to deliver on our product and services roadmap, allowing customers to gain competitive advantage, and sustain Centive's leadership in the EIM industry."
2002 - A Year of Accomplishments
Centive continued to expand its global customer base as well as raise the bar for the EIM industry throughout 2002. In July, Centive successfully launched Centive/EIM(TM), the industry's first and only pure Internet, J2EE-compliant, EIM solution that delivers strategic benefits to the extended enterprise. Providing an unmatched level of flexibility, scalability and business intelligence, this new offering enabled companies to capitalize on Centive's driving vision for the EIM market.
A partial listing of customers signed in 2002 includes American International Group, Inc. (AIG), the world's largest US-based international insurance and financial services organization; CareFirst; Staples; Norwich Union, the United Kingdom's largest insurer and a subsidiary of AVIVA; and Northwest Farm Credit Services. Additionally, AIG and Norwich Union will represent the industry's first deployments on a completely Net native EIM technology solution.
Centive's 2002 accomplishments included marquee positioning as a leader in Gartner, Inc.'s incentive compensation management (ICM) magic quadrant and industry accolades from UPSIDE magazine with Centive being named one of the "Hot 100" companies in 2002. Centive also completed the acquisition of Ockham Technologies and formed partnerships with IBM Global Services, Amdocs, Arcadia and Go Ahead Solutions. Management team expansions included the addition of Dan Lautenbach, executive vice president of worldwide sales and operations, and Jim Triandiflou, vice president of alliances. Conrad's appointment also solidified Centive's new Board of Directors which includes Jon Flint of Polaris Venture Partners, Mark Lieberman of Thomas Weisel Capital Partners, Maia Heymann of BancBoston Ventures and Michael B. Byers, CEO of Centive.
Centive (formerly Incentive Systems) is the award-winning leader in Enterprise Incentive Management (EIM) software and services, and continues to set the standard in developing the most comprehensive incentive compensation solutions for Global 2000 companies. Designed and developed by domain experts to automate enterprise-wide incentive compensation management, Centive/EIM is the only complete solution for both the sales operations center and the extended enterprise. Centive/EIM empowers companies to motivate and align employees, partners and channels with corporate goals, driving increased performance, revenue and profitability. To learn more about Centive and Centive/EIM, please visit www.centive.com or call 1-877-CENTIVE.