Great Hill Partners, LP and Spectrum Equity Management, L.P. completed the acquisition of Sales Performance Management Business of International Business Machines Corporation.

Great Hill Partners, LP and Spectrum Equity Management, L.P. signed a definitive agreement to acquire Sales Performance Management Business of International Business Machines Corporation (NYSE:IBM) on November 25, 2019. Post completion, the business will be operated as an independent company named as Varicent Software. The new company will be led by original Varicent founder, Marc Altshuller. The Company is to be headquartered in Toronto. The transaction, which is subject to customary closing conditions, is expected to close in the fourth quarter of 2019. Austin LLP served as legal advisor to Great Hill Partners. Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to International Business Machines Corporation. Great Hill Partners, LP and Spectrum Equity Management, L.P. completed the acquisition of Sales Performance Management Business of International Business Machines Corporation (NYSE:IBM) on January 1, 2020.