Performix raises US$10m

20 Apr 2004

Irish software firm Performix Technologies has secured a further US$10m in venture capital funding. This is additional to the US$25.7m it raised in three previous funding rounds between 2000 and 2002.

The latest round was led by Atlas Venture, with participation from existing investors Highland Capital Partners and ICC Software.

The company said the funds would be used to extend its leadership in the contact centre arena – where it claims a 30pc market share of the employee performance management software market – and to fuel expansion into back office and business processing areas. As part of the investment, Atlas Venture partner Eric Hjerpe will join the Performix Technologies board.

“The additional capital we’ve raised will be used to grow our global sales and marketing operations and to fund ongoing product development, speeding our expansion into back office and business processing areas, where there is large client demand,” commented Cathal McGloin, chief executive officer, Performix Technologies.

Eric Hjerpe, partner at Atlas Venture, added: “We became interested in Performix Technologies because of its practical technology that is easy to deploy and quickly delivers measurable results to customers. The company’s management has shown that it can manage rapid growth while maintaining high levels of customer satisfaction. This combination of practicality, tangible delivered value, and a focus on the customer is the reason that Atlas Venture led this investment.”

In 2003, Performix won significant deals on both sides of the Atlantic to implement its Emvolve Performance Manager solution outside of the contact centre and across broader business process areas. Its customers include the UK’s Co-operative Bank which is is currently rolling out Emvolve Performance Manager across 90pc of its employee base, and one of the world’s largest banks, which intends to use it to streamline back office activities, such as mortgage processing.

According to Datamonitor, within the contact centre industry alone, the market for employee performance management software is forecast to grow at 29pc CAGR to reach US$114m in 2008. Performix Technologies estimates that the market for enterprise-wide employee performance management will follow a similar growth trajectory, reaching more than US$450m by 2008.

Founded in 1988, Performix is headquartered in Burlington, Massachusetts.

By Brian Skelly