San Jose, California based company Xactly is a software company that has raised $7.5 million in funding. This is Xactly’s fifth round. Xactly plans to raise a total of $12.5 million according to an SEC filing.

Steve Cakebread recently left salesforce.com (NYSE:CRM) as President to join a rival company called Xactly.  Cakebread will be working as the CFO and administrative officer of Xactly.  Xactly creates software for managing compensation of sales representatives.

This will be quite a change for Cakebread as he is moving from the head of a large public company to a smaller, private company.  Cakebread joins Xactly at a time when they made their first major acquisition–Centive.

“In a nice market, you would think this is a company headed to an IPO,” stated China Martens, an analyst with 451 Group. “So it’s very interesting they’d hire a guy who took Salesforce public and took Salesforce through acquisitions of increasing size.”

Xactly is based in San Jose, Calif.  Their client list includes PayPal and Pep Boys.