GlobeNewswire

New York, Oct. 16, 2024 (GLOBE NEWSWIRE) -- In an era where sales performance can make or break a company, the tools used to manage and motivate sales teams have never been more critical. Yet, traditional approaches to sales compensation often fall short. Everstage, the leading sales performance management software for enterprises worldwide, is changing this narrative. The company announced that it has raised $30 Million in a Series-B funding round led by Eight Roads Ventures, with participation from existing investors, Elevation Capital and 3one4 Capital. This investment brings Everstage's total funding to $45 million. 

Since its inception, Everstage has rapidly emerged as a leader in sales compensation, trusted by a growing list of several global Fortune 1000, publicly-listed companies and large enterprises including GrayTV, Wiley, Diligent, Trimble and Paychex. With a rating of 4.8/5, Everstage is recognized as #1 sales compensation platform on leading software review sites such as G2 and Gartner, based on over 2,000 customer reviews. The company’s ability to swiftly evolve its product to stay ahead of market needs has contributed to its tremendous growth — 300% YoY revenue growth last year. 

“Our Series B is not just about growth; it’s about a long-term commitment to our customers”, said Siva Rajamani, Co-founder and CEO of Everstage. “In a market dominated by traditional vendors, we’ve questioned the status quo by offering a modern, strategic approach to sales performance management. This investment will allow us to double down on product innovation and elevate our customer experience with the highest standard of service, unlike anything the market has seen before.”

Everstage Leadership: (L to R) Siva Rajamani (Co-founder & CEO), Vivek Suriyamoorthy (Co-founder & CTO) and Mike Groeneveld (VP of Global Sales)

Founded in 2020 by Siva Rajamani and Vivek Suriyamoorthy, Everstage was born out of the founders' firsthand experience with the challenges of sales compensation management. Prior to starting Everstage, Rajamani served as the head of Freshworks' global revenue operations team. This experience highlighted the need for a more efficient and strategic approach to sales compensation.

“Everstage’s modular product helps organizations dynamically manage their evolving Sales Performance Management needs and align frontline teams with broader organization goals. Customers consistently expressed their appreciation for the product’s simplicity and intuitive design, which significantly shortens the time to value,” said Aditya Systla, Partner at Eight Roads Ventures. “We are excited to partner with Siva and Vivek, who have assembled a strong team with extensive experience in Revenue Operations. Together, we share a unified vision of creating a customer-first sales performance management platform that delivers real impact.”

Everstage currently caters to a variety of industry verticals such as Technology, Manufacturing, and Financial Services, to go beyond simple innovation and turn sales compensation into a strategic lever for business growth. At the heart of the company’s approach is Crystal, a module that provides real-time commission forecasting for sales representatives. This feature allows sales teams to understand potential earnings from closing deals, reducing financial uncertainty and boosting motivation. Complementing Crystal is Everstage's BI-powered reporting and analytics, offering insights that help drive profitable growth through sales compensation.

Everstage dashboard 

“Our move to Everstage was one of the best decisions we've made”, said Jose Aleman, VP of Commercial Operations at Diligent. “Working with Everstage has been a great experience. They’ve delivered on every promise, and we're 110% satisfied with what we've achieved so far. We're excited for what the future holds.”

Everstage's approach has yielded impressive results for its clients. Monex leveraged Everstage's dashboards to drive peak sales performance, while Postman achieved a 2x increase in multi-year deals. Nitro now manages its incentive programs for over 100 payees with just one administrator, thanks to Everstage's automation. Popmenu replaced its legacy software, seeing improvements in both sales performance and returns, while Chargebee improved the commission experience for over 300 sales reps across 50 teams. 

The company’s new round of funding will be used to expand Everstage's product capabilities and further invest in its in-house professional services to accelerate time-to-value for customers. Looking ahead, Everstage is set to launch its AI Agent Creation Studio, a feature that will empower RevOps professionals to build and customize their own AI assistants. These AI agents will be capable of performing tasks such as sales performance analysis, plan building, and modeling recommendations, further streamlining the sales operations process. 
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As part of its growth strategy and commitment to customer success, Everstage is also investing significantly in delivering value to customers. The company recently hired Kelly McGuire as VP of Customer Success, bringing over 15 years of experience from companies like Glassdoor and Sisense to enhance Everstage's customer experience.

Ends 

Notes to the editor
Media images can be found here. 

About Everstage
Everstage is a high growth Enterprise-SaaS company headquartered in New York City. Started in 2020, the company has very quickly made its way up to becoming the highest-rated sales performance solution for enterprises worldwide. Everstage was founded by Siva Rajamani, previously Head of Global Revenue Operations in Freshworks, who was very close to the challenges faced by Operations and Finance teams in managing sales compensation.

After having put together a founding team of sales compensation experts, Siva built the platform with two simple missions: make lives of Operations and Finance professionals easier with products that help enhance their work, and bring certainty to the earnings of sellers. Everstage today has over 200 team members working towards these missions and translating them into profitable growth for customers.

About Eight Roads Ventures
Eight Roads is a global investment firm backed by Fidelity. Eight Roads manages $11 billion of assets across Asia, Europe, Israel and the US, with a focus on technology, fintech, consumer and healthcare. Some of Eight Roads Ventures’ global tech investments include Appsflyer, Icertis, HiBob, Whatfix, Neo4J, MoEngage, Plaid, Fireblocks, Gloat, SaaS labs, Kyligence, Red Points, Recurly, Spendesk, Wovn and Yappli. More information: www.eightroads.com

For further information please contact the Everstage press office: Bilal Mahmood on b.mahmood@stockwoodstrategy.com or +44 (0) 771 400 7257.