International Business Machines (IBM) yesterday said it is acquiring analytics software provider Varicent Software Inc, for an undisclosed sum, in a bid to strengthen its business analytics portfolio.
The deal comes a day after the New York-based company sold its point-of-sale terminal business to Toshiba Corp for $850 million. (See: Toshiba Corp unit to buy IBM's Retail Store Solutions for $850 mn)
Toronto, Canada-based privately-held Varicent's software automates and analyses the collection and reporting of sales data across finance, sales, human resources and IT departments.
Varicent's software automates and integrates all aspects of sales, client and financial performance management across the enterprise, which is traditionally a labour intensive process. Unlike traditional tools, Varicent provides a single management system that relies on a sophisticated calculation engine to model and analyse the effectiveness of incentive spend.
The software allows clients such as banks, insurance companies, retailers, information technology and telecommunications providers to more accurately determine compensation, streamline territory assignments, manage quotas, and report and analyse sales activities.
Varicent has more than 180 clients, including Starwood Hotels & Resorts Worldwide, Covidien, Dex One Corp, Manpower Group, Hertz Global Holdings, Office Depot Inc and Farmers.