Xactly, a US-based incentive compensation service backed by enterprise software provider Salesforce.com, filed for an initial public offering on Tuesday in which it will seek to raise up to $75m.
Founded in 2005, Xactly has developed a cloud-based incentive compensation service based on aggregated and anonymised data, enabling companies to better manage employee and sales performance. It made an $18.5m loss in the fiscal year ending in January 2015, from revenue of $61.1m.
Salesforce Ventures, the corporate venturing unit of Salesforce, made a strategic investment in Xactly in 2010 as part of a $12m round that also featured Bridgescale Partners, Alloy Ventures, Bay Partners, Cheyenne Partners, Glynn Capital Management, Outlook Ventures, and Rembrandt Ventures.
Xactly has raised approximately $83m since it was founded, according to press releases and regulatory filing.
Salesforce is not among the company’s largest shareholders, the largest of which is Rembrandt Ventures, which holds a 15.2% stake.
Other notable shareholders include Bay Partners (11.7%), Alloy Ventures (11.5%), Key Venture Partners (11.2%), Bridgescale Partners (9.4%) and Outlook Ventures (8.4%).
JP Morgan Securities and Deutsche Bank Securities are the lead joint book-running managers for the IPO, while UBS Securities is acting as a book-running manager. Needham & Company and Oppenheimer are serving as co-managers for the offering.