Top 10: Sales Compensation software
Updated: October 29, 2023
Sales Compensation software is a specialized tool that helps businesses design, manage, and automate sales compensation plans for their sales teams. These platforms streamline the process of calculating and distributing commissions, bonuses, and incentives based on predefined sales performance metrics and targets. Sales Compensation software allows organizations to create complex compensation structures that align with business objectives and motivate sales representatives to achieve their targets. With real-time visibility into sales performance and earnings, sales teams can stay motivated and focused on driving revenue growth. Moreover, these platforms offer transparency and accuracy in calculating commissions, reducing disputes and ensuring fair compensation for sales representatives. Sales Compensation software improves efficiency, accuracy, and transparency in the sales compensation process, enabling businesses to foster a results-driven sales culture and drive overall sales performance and success. Some of the most popular sales compensation software options are listed below.
See also: Top 10 Talent Management Systems
See also: Top 10 Talent Management Systems
2023. Qobra raises $10.5 million for its real-time sales compensation tool
French startup Qobra has successfully secured a $10.5 million Series A funding round for its innovative solution aimed at simplifying sales compensation management for businesses, eliminating the need for cumbersome Excel spreadsheets. Qobra streamlines the process by integrating seamlessly with various CRM, ERP, and data warehouse platforms, including Salesforce, HubSpot, Pipedrive, Microsoft Dynamics, Google Big Query, Snowflake, PostgreSQL, Zoho, and Amazon Redshift. By leveraging historical data, operations and finance teams can establish compensation rules and targets. Qobra offers a user-friendly no-code interface reminiscent of a spreadsheet, enabling users to incorporate variables like churn rate and monthly recurring revenue into their sales compensation calculations. The platform supports standard acceleration rules, allowing for different formulas based on sales performance, such as exceeding or falling below quotas during a quarter.
2022. Everstage raises $13M Series A to make sales commissions more transparent
For sales representatives, commission plans can often be complex and lack transparency, resulting in accounting errors and dissatisfaction. Everstage, a sales commission platform, addresses these challenges by providing sales reps with clear visibility into their earnings. Additionally, it offers features that allow them to estimate potential commissions from their deals pipeline. The startup recently announced a successful funding round, raising $13 million. Over the past year, Everstage has introduced new features such as instant commission visibility on Slack, contract management, and incentives gamification. For instance, sales reps can input different scenarios to see how they would affect their payout estimates. The platform also includes leaderboards, enabling sales reps to track their rankings within their team.
2021. QuotaPath raises $21.3M to help sales teams better track commissions
QuotaPath, a company that has developed a commission-tracking solution tailored for sales and revenue teams, has successfully raised $21.3 million in a Series A funding round. With QuotaPath, sales teams gain the ability to forecast earnings more accurately and establish meaningful goals aligned with the company's bottom line. The startup introduced its paid platform in June 2020 and serves a diverse range of companies, spanning from small teams with as few as three representatives to larger organizations with several hundred members. These companies operate in various industries, including SaaS, e-commerce, as well as traditional businesses such as wedding venues and funeral homes.
2021. Pequity, a compensation platform designed for more equitable pay, raises $19M
Diversity and inclusion have emerged as crucial subjects in the realm of work. In the most comprehensive approach, enhancing these aspects requires not only designing products with these considerations but also adopting diverse and inclusive practices in talent acquisition and management. A recently established startup named Pequity has developed a solution to specifically address the latter aspect, focusing on equitable compensation. The startup's successful fundraising indicates both the market demand for such solutions and the utilization of technology to aid in this endeavor. Pequity operates by seamlessly integrating with various HR tools, including HRIS, ATS, and payroll systems, enabling organizations to analyze and compare salary structures across the entire workforce. By combining internal data with broader market information, including industry benchmarks and prevailing trends, Pequity offers valuable insights to HR teams.
2021. CaptivateIQ raises $46M for its no-code sales commissions platform
CaptivateIQ has successfully secured $46 million in a Series B funding round. The company specializes in developing a no-code platform aimed at assisting businesses in designing personalized sales commission plans. CaptivateIQ's SaaS platform stands out by combining the convenience of spreadsheets with the scalability and performance of software. This unique approach empowers users to fully configure any commission plan independently. The company's primary objective is to automate and streamline the entire commissions process, from start to finish. As part of its expansion efforts, CaptivateIQ is extending its data integration capabilities to encompass all major data systems. Additionally, the company is introducing new dashboarding features and enhancing existing collaboration workflows related to approvals, inquiries, and contracts.
2021. SetSail nabs $26M Series A to rethink sales compensation
SetSail, the startup aiming to revolutionize salespeople's compensation structure by providing continuous pay throughout the sales cycle instead of a single commission after the sale is finalized, has successfully raised $26 million in a Series A funding round. SetSail integrates with various systems including CRM, email, and calendar, which provide insights into the advancement of specific sales. By utilizing machine learning, SetSail identifies key milestones within the sales cycle where it is appropriate to reward salespeople for their progress. Through the power of machine learning, SetSail analyzes customer interactions and uncovers the factors that contribute to the advancement of deals.