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Follow on Google News | Synygy Announces Positive Q3 Results with Profit Increasing 54 Percent over Prior YearThe sole vendor in the SPM space that can point to a nearly two-decade long history of growth and profitability, Synygy’s financial highlights for the period include an increase in profit of 54 percent over the same quarter of the prior year.
By: Synygy Inc. Synygy’s solid quarterly performance was driven by: • continuation of recurring subscription revenue being more than 70 percent of total revenue • growth in gross margins, with increases in productivity more than offsetting reductions in fees charged for implementation services • overall decline in operating expenses despite a 15 percent increase in sales and marketing expenditures On the software development front, the quarter’s achievements included a fourth major software release for the year that featured enhanced dashboards, new workflow applications for telecommunications, insurance, and other industries, and fully-automated SAP integration, all while using the same suite of SPM applications for both on-premise and on-demand deployments. Other third-quarter achievements included: • recognition by CRM magazine as an Incentive Management Market Leader • record attendance at Synygy’s Executive Education Series webcasts which nearly doubled versus the same period last year • the hiring of 12 new salespeople, including two sales executives who previously worked for competitors • a partnership with incentive rewards industry leader Maritz to develop and market a comprehensive SPM solution that includes tracking and fulfillment of recognition programs • a new corporate website highlighting expanded SPM solutions • a five-year renewal by one of the company’s largest and longest-tenured clients • on-time, on-budget deployment of an end-to-end sales compensation management project for a leading provider of healthcare services, IT, and automation “We are very pleased with our Q3 performance and our ongoing demonstration of Synygy’s leadership in the SPM market, especially in light of the declining revenue and widening losses of our competitors. In a quarter when a competitor slashed its employee count by more than 23%, Synygy continued to grow, increasing our global sales staff, our marketing department, and our software development group,” said Mark A. Stiffler, president and CEO. “Synygy’s lead as the largest and most experienced provider of SPM solutions widened in the third quarter, and with our sales pipeline at a record level, we are well-positioned for continued success and accelerated growth in 2010.” About Synygy Synygy is the largest and most experienced provider of sales performance management (SPM) software and services. These include SPM solutions for: sales compensation management (incentive compensation; # # # About Synygy Synygy is the largest and most experienced provider of sales performance management (SPM) software and services. These include SPM solutions for: sales compensation management (incentive compensation; End
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