SAN FRANCISCO, Nov. 22, 2011 (GLOBE NEWSWIRE) -- At its first Investor Day held on Monday, November 14, 2011, ServiceSource (Nasdaq:SREV), the global leader in Service Revenue Management, demonstrated its vision for the next generation of Service Revenue Management solutions and provided an in depth look at its long term growth strategy. Analysts and investors in attendance heard first-hand how ServiceSource is helping leading companies around the world improve their recurring service revenue performance, increase profits and raise their customer satisfaction levels.
"As technology innovation disrupts every major technology and industrial industry, companies are recognizing that they need to maximize revenues and profits across their businesses to fuel future innovation," commented Mike Smerklo, Chairman and CEO of ServiceSource. "Where they used to be primarily focused on innovating and selling products, large enterprises are increasingly realizing that their service renewal engine is a critical third gear that can help drive their growth and success. The market is rapidly shifting from wondering 'why' they would invest in service revenue to questioning why they wouldn't invest more in this important element of their business, and ServiceSource is the proven solution for the Fortune Technology 500."
The day's events included presentations by ServiceSource's management team, including a demonstration of Avalon, the Company's next generation vision for service revenue technology, as well as presentations from ServiceSource customers, including Patrick Byrne, CEO of Intermec, and Ed Deenihan, Executive Vice President, Customer Advocacy of NetApp.
"At Intermec, our service business is key to the company's value to customers and to the financial performance of the company," said Patrick J Byrne, Intermec President and CEO. "ServiceSource is an important partner for our business as we execute our channel focused, go to market strategy."
Highlights from the day included:
- Mike Smerklo presented a keynote about "Funding and Fueling Tech-Enabled Business." The presentation focused on the dramatic impact that technology has had on nearly every industry, from hardware to software, healthcare to automotive, building controls and so on. Listeners heard how software is changing the world and leading companies need to embrace the service renewal engines as an important element of their comprehensive strategies to fuel innovation and drive growth.
- Ganesh Bell, EVP of Products of ServiceSource, and Greg Olsen, VP of Engineering and Chief Technologist, unveiled the vision for the next major release of the Service Revenue Performance Cloud that unites over ten years of focus and experience managing recurring service revenue with the advantages and data capabilities of tomorrow's cloud technology.
- ServiceSource customer NetApp discussed how ServiceSource has helped orchestrate their Service Revenue process, leading to higher service renewal rates, better global process and efficiency, and higher customer and partner satisfaction.
- Patrick Byrne, CEO of Intermec, demonstrated how ServiceSource has helped to facilitate better and more profitable channel relationships. Mr. Byrne detailed how Intermec has used ServiceSource's renewals engine to better mobilize the enterprise, optimize their service revenue processes and enhance their data capture.
- And the company's executive management laid out the long term growth strategy for ServiceSource, detailing how they are aligning the business around the fundamental tenets of operations focused on execution for our customers, marketing and sales centered on landing and expanding the customer base, and technology innovation to drive efficiency and customer value.
About ServiceSource
ServiceSource is the global leader in service revenue management, partnering with technology-based companies to optimize maintenance, support and subscription revenue streams, while also improving customer relationships and loyalty. ServiceSource helps customers increase service revenue contract renewal rates, on average, by over 15 percentage points and, in some cases, up to 44 percentage points. ServiceSource delivers these results via a cloud-based solution, combining its Service Revenue Performance Suite™ of applications with dedicated service sales teams, leveraging a proprietary Service Revenue Intelligence Platform™ of transaction data, benchmarks and best practices. ServiceSource offers its service revenue management solution on a unique pay-for-performance business model that enables a success-driven, shared-risk partnership. The Company is headquartered in San Francisco and manages service revenue performance for customers across the globe in more than 35 languages.
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Forward Looking Statements
This press release contains forward-looking statements, including statements regarding our ability to improve the renewal rates and revenue results of our customers, as well as the other benefits of our Cloud applications. These forward-looking statements are based on the Company's 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, changes in market conditions that impact our ability to generate service revenue on our customers' behalf; errors in estimates as to the renewal rate improvements and/or service revenue we can generate for our customers; delays in the introduction of our next-generation Cloud applications and/or risks associated with material defects or errors in the Company's software or the effect of data security breaches; our ability to adapt our solution to changes in the market or new competition; our ability to protect our intellectual property rights; 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 and 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.