|By Business Wire||
|May 21, 2014 08:45 AM EDT||
ServiceSource®¨ (NASDAQ: SREV), the global leader in recurring revenue management, today announced that it has expanded its relationship with Red Hat, the leading provider of open source solutions. Since 2010, ServiceSource has managed software renewals across five strategic business segments and four global regions for Red Hat. During this period, ServiceSource has doubled its recurring revenue opportunity under management. As part of today’s announcement, Red Hat has enlisted ServiceSource to now manage renewals across their public sector business.
Today, driving consistent revenue growth through recurring revenue and maximizing customer retention requires a relentless focus on customer success across every phase of the customer lifecycle. Working with ServiceSource over the past four years, Red Hat has fostered strategic customer relationships by demonstrating value across its high volume customer base – ultimately helping boost renewal and customer retention rates. ServiceSource has also empowered Red Hat’s channel partners with actionable insights into renewal opportunities.
“In today’s economy dominated by the cloud, subscriptions and pay-per-use models, customers have many options and can churn at a moment’s notice. As such, Red Hat has placed a relentless focus on maintaining high levels of customer engagement, satisfaction and retention across its customer base,” said Essam Bahsali, director of Global Renewals, Red Hat.
“ServiceSource’s experience, and best practices and results have played a key role in our customer success and engagement with channel partners, making them a logical choice to now manage our public sector business,” said Paul Smith, vice president and general manager of North America Public Sector, Red Hat.
“Red Hat has become the world’s open source leader by demonstrating value to its customers across every stage of the lifecycle – spanning acquisition, onboarding, adoption and renewals,” said Jay Ackerman, ServiceSource Head of Worldwide Sales and Customer Success. “Working with ServiceSource, Red Hat is well-positioned to focus on new sales opportunities while expanding recurring revenues from existing customers.”
ServiceSource International, Inc. (NASDAQ: SREV) is the global leader in cloud-based recurring revenue management solutions. The company helps customers drive growth and build long-standing relationships across the customer lifecycle with the industry's most comprehensive data management, analytics, automation and services capabilities. Through Renew OnDemand™ª, Scout®¨ and proven services, ServiceSource delivers higher subscription, maintenance, and support revenue, improved customer retention, and increased business predictability. Headquartered in the Cloud Corridor of San Francisco, ServiceSource®¨ manages $14.5 billion in recurring revenue for the world's largest and most respected technology and B2B companies. For more information, please go to www.servicesource.com.
This press release contains forward-looking statements, including statements regarding the benefits of ServiceSource offerings, our managed services, our Renew OnDemand cloud platform and application, and/or our Scout application. These forward-looking statements are based on our current assumptions and beliefs, and involve risks and uncertainties that could cause our results to differ materially from those expressed or implied in our forward-looking statements. Those risks and uncertainties include, without limitation, fluctuations in our quarterly results of operations; the risk of material defects or errors in our software offerings or their failure to meet customer expectations; migrating customers to Renew OnDemand; the ability to integrate Renew OnDemand or Scout with other third-party applications used by our customers; errors in estimates as to the renewal rate improvements and/or service revenue we can generate for our customers; our ability to grow the market for service revenue management; our ability to protect our intellectual property rights; the risk of claims that our offerings infringe the intellectual property rights of others; changes in market conditions that impact our ability to sell the Renew OnDemand or Scout solution and/or generate service revenue on our customers' behalf; the possibility that our estimates of service revenue opportunity under management and other metrics may prove inaccurate; demand for our offering that falls short of expectations; our ability to keep customer data and other confidential information secure; our ability to adapt our solution to changes in the market or new competition; general political, economic and market conditions and events; and other risks and uncertainties described more fully in our periodic reports and registration statements filed with the Securities and Exchange Commission, which can be obtained online at the Commission's website at http://www.sec.gov. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements.
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ServiceSource, Renew OnDemand, Scout and any ServiceSource product or service names or logos above are trademarks of ServiceSource International, Inc. All other trademarks used herein belong to their respective owners. Red Hat is the trademark of Red Hat, Inc., registered in the U.S. and other countries.
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