New Contract Expands ServiceSource Customer Success Solution with Existing Cloud-based Client
ServiceSource International, Inc. (NASDAQ: SREV) has secured a new contract to extend its Customer Success solution for a cloud-based identity management client, enhancing customer retention for SMBs. The company achieved a 90% renewal rate for this client in North America and will now expand operations to EMEA and APJ regions. This expansion will potentially increase the contract's value by 50% over two years. The Client aims to ensure effective service adoption through proactive engagement and improved customer relationships.
- New contract to expand Customer Success solution, indicating reliable growth.
- Achieved a 90% renewal rate with SMB clients, showcasing effective service.
- Expected 50% increase in contract value over two years through geographical expansion.
- None.
ServiceSource International, Inc. (NASDAQ: SREV), the customer journey experience company, today announced a new contract to expand its Customer Success solution into new geographies for a fast-growing, cloud-based identity management client.
The client provides secure identity and access management technologies to business users globally and in 2020, chose ServiceSource to address its need to better retain its small and midsize (SMB) customers. Through its sales performance analysis process, ServiceSource determined that a Customer Success strategy would remove the barriers to solution adoption and usage that the client experienced, and ultimately help build lasting and growing relationships with its customers.
Within a year, ServiceSource executed a Customer Success playbook for its client that delivered a 90 percent renewal rate among SMB customers in North America.
As a result, ServiceSource recently signed a new contract to expand its outreach on behalf of the client to customers in the Europe, Middle East and Africa (EMEA) and Asia Pacific and Japan (APJ) regions, giving the relationship a global footprint. Through this expansion, ServiceSource expects the value of this client partnership will increase approximately 50 percent over the contract’s two-year term.
“Customers are buying outcomes, not just products or services. Especially for Software-as-a-Service solutions where expectations are high and adoption of services can be low, proactive engagement early and often is critical for success,” said Gary B. Moore, chairman and chief executive officer, ServiceSource. “Fast-growing businesses sometimes lack the resources they need to ensure that smaller and mid-market relationships begin, and stay, on the right track. Adding the scale and strategy of our solutions to tackle these issues enables our clients to maximize their revenue along the entire customer journey experience.”
“ServiceSource provides the consistent outreach that is essential to maintaining the short-term subscription-based relationships that are often found in the SaaS world,” said Mike Naughton, executive vice president of Global Client Delivery, ServiceSource. “The key to improving customer stickiness is to tightly align onboarding and activation to the customer’s goals and routinely check-in to ensure that every action taken is building the relationship for the long-term. We are pleased to take on a broader role in helping our client create customers for life.”
About ServiceSource
ServiceSource International, Inc. (NASDAQ: SREV) is a global outsourced go-to-market services provider that accelerates B2B digital sales and customer success transformation. Our expert sales professionals, data-powered insights and proven methodologies scale and reimagine customer journey experiences (CJX™) into profitable business outcomes. Backed by more than 20 years of experience, ServiceSource drives billions of dollars in client value annually, conducting commerce in 45 languages and 178 countries. To learn more about how we design, develop and manage CJX solutions that transform the agility, speed, efficiency and value of our clients’ growth initiatives, visit www.servicesource.com.
Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding the increased value of the partnership and our ability to maximize our clients’ revenue. 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 our forward-looking statements. Those risks and uncertainties include that we may be unable to attract and retain the highly skilled employees we need to support our planned growth; changes in market conditions that impact our ability to sell our solutions and/or generate service revenue on our clients’ behalf; 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 https://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.
Trademarks
ServiceSource®, 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.
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