Performix raises $10m to fund expansion

Software group Performix has raised $10 million (€8.39 million) in new equity to strengthen its position in the call centre market and expand into new areas.

The Dublin company develops software that measures the performance of employees.

Performix claims a 30 per cent share of the sale of employee performance management software to the call centre industry. The company said the proceeds of the fund-raising would be use to "extend the company's leadership position" in the call centre sector and to drive expansion into back office and business processing operations.

"Companies must increase productivity and reduce costs while improving the quality of the service they provide to their customers," said chief executive Mr Cathal McGloin.

A spokeswoman said the move into other back office operations was driven by customer demand. Its software had been found to be effective in areas such as mortgage processing and bill payment.

"Basically, we are looking at areas where you have large numbers of employees carrying out reasonably repetitive tasks," she said.

The latest fund-raising was led by Atlas Venture,a new investor with Performix's existing investors ICC Software and Highland Capital participating fully. Atlas venture partner Mr Eric Hjerpe will join the company's board.

Mr Hjerpe said: "We became interested in Performix Technologies because of its practical technology that is easy to deploy and quickly delivers measurable results to customers."

Performix, which now has its headquarters in the United States following the acquisition last year of US rival Cliffstone, has now raised close to $35 million in venture capital funding.

The company employs more than 100 people and sells employee performance management software in the US and European markets and retains a development base in Ireland. Mr McGloin last year estimated 2002 sales at €10 million. The company spokeswoman said sales grew 37.5 per cent last year with the company securing 60 net new customers.

The company was founded in 1998 by Donegal brothers Cathal and Ray McGloin.