Synygy Reports Continued Growth and Profitability in Third Quarter
Multi-Million Dollar Contracts Dominate Quarter
Chester, Pa., October 30, 2008 – Synygy, Inc., a recognized authority in sales performance management (SPM) and the most experienced provider of sales compensation management (SCM) solutions, today reported another consecutive quarter of growth and continued profitability for the period ending September 30, 2008. In addition, Synygy recorded subscription revenue equal to 77 percent of total revenue in the quarter.
Dominating the quarter were the signing of several multi-million-dollar contracts. Also contributing to the company’s overall growth was an increased focus on the sale of Sales Operations Management (SOM) solutions.
“Synygy’s competitive wins last quarter were driven by our superior software, our depth of experience, and our flexible solution options,” said Mark A. Stiffler, president and CEO. “And with our latest software release, our global professional services staff with more experience than all of our competitors combined, and our expanding array of solutions, we are better positioned for continued growth than at any time in the history of our company.”
The company’s financial standing going into the fourth quarter was strong, with 85 percent of fourth quarter 2007 revenue booked for fourth quarter 2008 and 95 percent of fourth quarter 2008 projected cash expenses covered by booked revenue for the quarter. This performance is driven by Synygy’s high recurring revenue from subscriptions for both on-demand and on-premise software and subscriptions associated with post-implementation outsourcing services and on-demand staffing.
Other third quarter accomplishments include:
- Synygy renewed contracts and expanded SCM business with seven existing clients, including several large pharmaceutical, health services, and telecommunications companies.
- Synygy received a Positive rating in Gartner’s 2008 MarketScope for Sales Incentive Compensation Management Software.
- Synygy hosted a successful SALES PERFORMANCE CONFERENCE that attracted attendees from a wide range of companies across varying industry segments.
- Synygy offered a free SCM Vendor Assessment Template to companies interested in creating a Request for Proposal (RFP) and running and unbiased evaluation process.
- Synygy launched the TrueReplacement offer for customers of Callidus Software.
- Synygy promoted three long-time employees to new position of Regional Vice President.
“We enter the fourth quarter with a major new release of our award-winning software that was five years in the making and is vastly superior to our competitors on every dimension—including flexibility, scalability, functionality, and ease of use,” continued Stiffler. “On top of this, our newly launched SOM solutions and our expanded SOM consulting practice are expected to accelerate Synygy’s growth.”
About Synygy
Synygy is a recognized authority in sales performance and sales operations management and the most experienced provider of sales compensation management solutions. Synygy’s software and services include solutions for managing sales territories and channels, sales talent, sales quotas and objectives, sales compensation, sales metrics and analytics, sales data processes, sales reports and analyses, and sales communications. Based in Chester, Pennsylvania and with extensive operations in Europe and Asia, Synygy has achieved 17 consecutive years of success. www.synygy.com
