Are you looking for a process and a system or do you already have a TM process and are looking for a system for tracking? My own experiences have shown that the process is the key. Watch out for tools that would not support the process you have in place. Many off the shelf products are not customizable enough to support your own process needs. Be clear with the vendor about what specifically you need and what you do not, otherwise you'll end up with a complex tool with all kinds of bells and whistles that you'll never use, but will impede your ability to enter data and create reports.
We are currently working with a company that provides both Performance Management and LMS system and support. These systems are top of the line and I am sure they would be happy to give you a demo for free if you are interested.
Let me know and I can set it up for you - no obligation. PM me if you are interested.