CIBC Innovation Banking announced today that it has provided $13 million in growth capital financing to Performio, an incentive compensation-software company.
Performio offers a SaaS platform that unlocks the power of incentive compensation management; saving on the time, money and resources required to manage the complexity of paying people on performance. The platform provides real-time insights, streamlines commission calculations, and enables data-driven decision-making to improve sales performance.
“We are impressed by Performio’s innovative platform which offers a scalable approach to incentive compensation planning, calculation, management, and reporting. Performio helps sales teams, sales managers, and executives understand their incentive compensation in ways that drive value for the organization,” said Caroline Tkatschow, CIBC Innovation Banking Executive Director. “We look forward to working with Performio as it continues to innovate in sales performance management.”
“It was important for us to work with a debt provider that understood our vision for growth and our commitment to innovation and product development,” said Luke Teeple, CFO at Performio. “This debt raise provides additional resources in support of our long-term plans to improve our platform, extend our market reach, and explore new avenues for growth.”
About CIBC Innovation Banking
CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, Durham, London, Menlo Park, Montreal, New York, Reston, Seattle, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking, private banking, wealth management and capital markets businesses.
Headquartered in Irvine, California, and with offices in San Francisco and Melbourne, Performio continues to offer sales performance management software for businesses looking to automate their sales compensation calculations and provide increased transparency to their sales reps.
Used by large global enterprises such as Veeva, GrubHub, Johnson & Johnson, and Vodafone - as well as growing mid-market companies - Performio is a new breed of sales compensation software that combines the enterprise-grade functionality that you need with the ease of use you’ve come to expect from modern software applications.