Performio Secures $75M in Funding for Sales Commission Software Expansion

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Performio, a sales commission software provider based in Irvine, has successfully raised $75 million in new funding. The funding round was led by growth equity firm JMI Equity, with participation from JMI chairman Paul Barber and vice president Jack Duane, both of whom will join Performio’s board of directors. The company plans to utilize the investment to advance its technology and cater to the expanding needs of its client base.

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Performio’s cloud-based sales performance management platform enables companies to streamline and automate their incentive compensation processes, which were traditionally managed manually using spreadsheets. Some of the company’s notable customers include AstraZeneca, ChargePoint, Johnson & Johnson, and Vodafone.

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Initially founded in Australia in 2006, Performio established its presence in the Asia-Pacific region before setting up its global headquarters in Irvine in 2017. Since then, the company has experienced growth in its North American customer base. In 2021, Performio reported a 77% year-on-year increase in revenue and more than doubled its global workforce.

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Recently, the company made key appointments, including former Salesforce executive Neil Graham as chief revenue officer and former Datometry executive Dmitri Korablev as chief technology officer.

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While overall private capital funding has slowed down in 2022, software startups and SaaS-focused funds in the local market have continued to secure investments, indicating the ongoing growth and attractiveness of the sector.