Xactly raises $30M to fuel growth in burgeoning compensation management sector

Despite avowals a year ago to move to positive cash flow without additional investment, compensation management software maker Xactly Corp. announced Wednesday it has raised $30 million to accelerate expansion in the fast-growing sector.

Xactly brought in Cheyenne Ventures and Glynn Capital Management, both of Menlo Park, Calif., to lead the deal, joined by prior investors Alloy Ventures of Palo Alto, Calif., Rembrandt Ventures and Bay Partners of Menlo Park, and Outlook Ventures of San Francisco. The new round brings total investment in the three-year-old company to $57 million, and Xactly CEO Chris Cabrera said the round will take the company to profitability in 2009 while leaving a healthy cushion on its balance sheet.

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