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Iconixx Secures $4.5 Million Funding Led by BPV

By December 28, 2012June 11th, 2024No Comments

New Investment to Drive Continued Company Growth and Customer Success

December 28, 2012
Iconixx Software Corporation,(“Iconixx”) the first company to deliver a cloud based, on-demand, Total Compensation offering through its Sales Compensation Management and Incentive Compensation Management solutions, today announced the completion of an equity investment of $4.5 million from Ballast Point Ventures (“BPV”) to fund continued rapid growth and enhance customer success. “We are pleased to partner with Ballast Point Ventures. This investment represents an opportunity for Iconixx Software to capitalize on both a strong sales compensation and incentive compensation market, and the many challenges other vendors in the space are experiencing,” said Derrik Deyhimi, Iconixx’s Chairman and CEO. “Not only is the market opportunity significant, but all of our recent wins have also been in a competitive environment where we have clearly demonstrated our superiority to the other vendors.” “We made this investment in Iconixx because of the Company’s rapid adoption rate by customers, along with the extremely strong management team in whom we have complete confidence. Iconixx is positioned to leverage the changing industry landscape and capture significant market share,” Matt Rice, Principal at Ballast Point Ventures added, “Iconixx will use the new funds to expand its sales and marketing efforts, as well as to enhance its customer success as a response to the rapid growth the company is experiencing,” Deyhimi added. “Iconixx Software is the only company that offers Total Compensation, in the Cloud, that can be used by Enterprise, Mid-Market and Small companies alike.”
About Ballast Point Ventures Ballast Point Ventures is a later stage venture capital fund established to provide expansion capital for rapidly growing, privately owned companies in diverse industries, with a particular emphasis on companies located in the Southeast and Texas. The BPV partners have more than 70 years of combined experience investing in and building high-growth companies in a number of industries, including healthcare, business services, communications, technology, financial services and consumer. BPV has $200 million under management and seeks to make equity investments ranging in size from $3 million to $10 million. For more information, visit www.ballastpointventures.com. About Iconixx Software® Iconixx Total Compensation Software leverages the latest Cloud technologies, to deliver a consistent Sales Compensation Management and Incentive Compensation Management solution to customers – Small Business, Mid-Market, and Enterprise –on a single, organically developed solution with a native workflow engine, native territory management, and pre-configured business rules and formulas library accessible on any mobile device anytime, anywhere.
© 2012 Iconixx Software Corporation. All rights reserved. Iconixx Software, Iconixx Total Compensation Software and the Iconixx Software logo are registered trademarks or service marks of Iconixx Software Corporation in the United States and other countries. All other brand, service or product names are registered trademarks or service marks of their respective companies or owners.
### Press Contact: Carolyn Jenkins Iconixx Software (512) 651-3111 x701 cjenkins@iconixxsoftware.com
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Ballast Point Ventures

Ballast Point Ventures is a later-stage venture capital fund established to provide expansion capital for rapidly growing, privately owned companies in diverse industries, with a particular emphasis on companies located in Florida, the Southeast, and Texas. The BPV partners have more than 70 years of combined experience investing in and building high-growth companies in a number of industries, including healthcare, business services, communications, technology, financial services, and consumer goods. BPV has $200 million under management and seeks to make equity investments ranging from $3 million to $10 million.

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Harbert Management Corporation

Harbert Management Corporation seeks to generate superior returns for their investors by identifying and investing in the most promising early growth stage companies in the Southeastern U.S. HMC seeks to capitalize on what it believes are compelling regional dynamics, such as a strong and fast-growing economy, significant research and development activities, and an established entrepreneurial community. The HMC team combines substantial investment, advisory, and operating experience with capital and networking contacts to support great entrepreneurial teams in successfully executing their growth plans. With offices in Birmingham, Alabama; Richmond, Virginia; and Gainesville, Florida, it’s well positioned to partner with entrepreneurs throughout the Southeast.

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KBH Ventures

KBH Ventures was an early investor in Iconixx Software. KBH's investment philosophy plays a significant role in the firm's successful track record. KBH believes in running businesses to be cashflow positive and profitable every month. Startups and companies in a startup mode, such as one that has been purchased in distress, are expected to generate revenue within the first six months and reach profitability within the first 12 to 18 months. KBH also only invests in or acquires companies that are in the startup phase or have less than $20 million in revenues. KBH targets technology companies that offer business-to-business services.

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S3 Ventures

S3 Ventures is an early expansion and growth stage venture firm with $200 million under management. It’s focused on information technology solutions that solve large business problems. S3 also invests in medical devices that improve the human condition. S3 invests in category-defining opportunities. It partners with the team and help focus methodically on what it takes to build a successful company. S3 today helps talented entrepreneurs take their technology and market knowledge and form valuable businesses in a repeatable fashion. Investment sizes start at several million or more for Series A, B, and C financing.