Sales Commission Startup Performio Scores $13M Funding Round

Sep 14, 2023

Performio, a West Hollywood, CA-based incentive compensation software company, raised $13 million in growth capital financing.

IRVINE, Calif., June 14, 2022 Performio, a leading enterprise-grade sales commission software solution provider, today announced that it has received a $75 million growth investment led by JMI Equity ("JMI"), a growth equity firm focused on investing in leading software companies. This additional funding will support and accelerate Performio's innovation and advancement of best-in-class products for automating incentive compensation management and serving the dynamic needs of its growing customer base worldwide.

Performio provides a cloud-based sales performance management (SPM) platform that sales and finance teams at organizations use to manage, calculate, and communicate incentive compensation information, a complex process that is frequently performed manually. Before adopting Performio, 80 percent of its customers used spreadsheets to manage their sales-commission process. Performio currently works with some of the world's largest banking, media, healthcare, manufacturing, technology, and software companies.

"We are thrilled to partner with JMI to support and accelerate Performio's continued growth," said Grayson Morris, Performio's Chief Executive Officer. "The JMI team has an impressive track record of helping build and scale b2b software companies at a similar point in their growth trajectory to Performio today."

"We ran a thorough process and believe that JMI is the best partner to help us take Performio into its next chapter of growth and success," said Luke Teeple, Performio's Chief Financial Officer and Chief Operating Officer. "Their investment underlines our plans to continue to innovate in the ICM market, generating more value for new and existing Performio customers."

Underscoring its impressive trajectory since inception more than 15 years ago, Performio grew its year-over-year revenue by 77 percent and more than doubled the number of its employees worldwide in 2021. Performio has established leading positions in the North American and global mid-market and enterprise segments, with clients such as AstraZeneca, BrowserStack, ChargePoint, Contentful, Drager, Johnson & Johnson, OnDeck, Simpli.fi, Veeva Systems, Vodafone, and WP Engine.

"Performio is an emerging leader in sales commission software, and we are excited to help take the company to the next level," said Paul Barber, Chairman at JMI. "JMI Equity is excited to partner with Grayson and Luke to expand their team and product investment in this critical, emerging market."

Founded by sales-compensation expert David Marshall in Australia in 2006, Performio quickly grew to become the leading commission management software solution provider in the Asia Pacific region. Performio expanded to the United States in 2017 with the launch of its global headquarters in Irvine, CA. Since then, Performio has increased its customer base in North America and globally.

Concurrent with the closing of JMI's investment, Paul Barber and JMI Vice President, Jack Duane, have joined Performio's Board of Directors.

Canaccord Genuity LLC served as the exclusive financial advisor to Performio in connection with the transaction.

About Performio
Performio is a leading provider of a new breed of incentive compensation management software that combines enterprise-grade functionality with the ease of use required of modern software applications. The company's product is used by large global enterprises and growing mid-market companies worldwide such as AstraZeneca, BrowserStack, ChargePoint, Contentful, Drager, Johnson & Johnson, OnDeck, Simpli.fi, Veeva Systems, Vodafone, and WP Engine. 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.

About JMI Equity
JMI Equity is a growth equity firm focused on investing in leading software companies. Founded in 1992, JMI has invested in over 170 businesses in its target markets, successfully completed over 110 exits, and raised more than $6 billion of committed capital. JMI partners with exceptional management teams to help build their companies into industry leaders. For more information, visit www.jmi.com.

SOURCE Performio