Iconixx said Tuesday it raised $10 million in funding co-led by Harbert Venture Partners and S3 Ventures with participation from existing investor Ballast Point Ventures. Austin-based Iconixx provides compensation management software.
AUSTIN, Texas, Aug. 18, 2015 /PRNewswire/ — Iconixx is poised to continue its rapid ascent in the compensation management software industry after raising $10 million in a recent investment round. Company founder and CEO, Derrik Deyhimi, said the money will fuel Iconixx’s accelerated growth. The round was co-led by Harbert Venture Partners and S3 Ventures with participation from existing investor Ballast Point Ventures.
The emergence of Iconixx as a global leader in compensation management has garnered significant interest from investors. This latest$10 million round comes on the heels of a $4.5 million capital investment from Ballast Point Ventures and KBH Ventures in 2014. That investment and an earlier round in 2012 were both instrumental in helping Iconixx capture a significant slice of market share.
The infusion of fresh capital will have a transformational impact on the company. Iconixx is focused on expanding its product line at an aggressive rate and will hire a substantial number of additional employees — including a 150-percent increase in the size of its customer success team.
Additionally, Iconixx is preparing to release two new state-of-the-art offerings, which Deyhimi believes will become “significant differentiators” in the market.
Iconixx provides clients with a comprehensive solution to compensation management. The company’s innovative product suite automates sales, incentive, bonus and merit processes, resulting in greater sales performance efficiency and accuracy.