Stables Partners is a seasoned group of long-term investors and operators with a history of success in investing and growing enterprise software companies. After evaluating the incentive compensation market, they decided to purchase Australia-based Performio with the goal of continuing its market leadership in APAC and growing its presence in North America. As part of the acquisition, Stables Partners’ Managing Directors, Grayson Morris and Luke Teeple, have stepped in to lead the company and the company’s headquarters were relocated to Irvine, California. Performio has retained its Melbourne-based team and has continued to build on its dominant presence in APAC by adding strategic roles in Product, Engineering, and Professional Services. David Marshall, Performio’s founder, remains in a senior leadership role in the company.
“Performio’s excellent reputation and focus on a superior product and high-quality service was a consistent theme across the many customer conversations we had. Their deep sales comp domain expertise and laser focus on customer experience was very appealing to us,” said Grayson Morris, CEO, Performio. “We saw an exciting opportunity to apply our strategy and operations experience to build on Performio’s solid foundation and create the next major global incentive compensation player.”
Performio debuted on the Gartner Magic Quadrant in January 2019 and continues to win in the market against legacy incumbents and newer, less powerful entrants. Since the acquisition, Performio has tripled their US team across sales, marketing, customer success, and professional services. They have also made key strategic appointments including adding Dennis Dresser, a seasoned software executive, to the board of directors and hiring Trevor Childers, former regional VP of Sales at Anaplan, as Global Head of Sales.
Notable new customers include Amphenol, BrowserStack, Cerapedics, Cybereason, DreamBox Learning, Foxtel, Grubhub, News Corp, Spark Energy, Tech Data, Wedbush Securities, and WP Engine.
“Performio enabled Simpli.fi to improve our commission reporting and accuracy, while eliminating the use of Excel and increasing efficiency,” said Andries Marx, CFO at Simpli.fi.
Since the acquisition, Performio has continued to improve on their industry-leading product. They have invested in integrations with major CRM and ERP providers. Performio now offers a multi-object Salesforce connector that allows Salesforce customers to directly integrate with any object (standard or custom) in Salesforce. In addition, Performio has launched a “Built for NetSuite” connector that allows NetSuite customers to directly integrate with Performio’s ICM solution. Finally, on the security front, Performio has achieved SOC1 and SOC2 compliance to deliver enterprise-grade security to its global customer base.
Performio is a new breed of incentive compensation management software that combines enterprise-grade functionality with the ease of use required of modern software applications. Their product is used by large global enterprises such as Veeva, Optus, REA, Johnson & Johnson, and Vodafone, as well as growing mid-market companies worldwide. Performio’s feature-rich cloud application enables enterprises to automate their sales compensation calculations, provide increased transparency to their sales reps, and adapt to changing market conditions with confidence. For more information, visit www.performio.co.