ServiceSource Ramps New Client Engagement for Data Insights Provider

Rhea-AI Summary

ServiceSource International (NASDAQ: SREV) announced a new agreement to provide renewals management services for a software provider, focusing on modernizing the customer renewal process. The initiative aims to assist clients in transitioning from perpetual licenses to subscription models, enhancing customer relationships through continuous engagement. This partnership adds a rapidly growing company in data visualization to ServiceSource's client portfolio, leveraging its Customer Journey Experience practices to drive client value and retention.

Positive

• New agreement for renewals management services with a software provider.
• Focus on transitioning clients to subscription-based models suggests potential for revenue growth.
• Enhances ServiceSource's portfolio with a pioneer in data visualization and analytics.

Negative

• None.

ServiceSource International, Inc. (NASDAQ: SREV), the customer journey experience company, today announced a new agreement to deliver outsourced renewals management services for a software provider whose solutions make it easier to understand and act on data.

ServiceSource will strive to enhance the way the client builds and extends its customer relationships, modernizing the renewals process for the digital age by helping the client’s customers transition from perpetual license contracts to subscription-based models, and promoting a shift to 3-year agreement standard.

“Research shows that migrating customers to subscription offerings can deliver higher growth rates and valuation premiums for companies, but what often gets in the way of a successful transition is a lack of sales expertise and process discipline to guide customers along the journey,” said Gary B. Moore, chairman and chief executive officer, ServiceSource. “The biggest key to success is continuous engagement throughout the change management process, which requires skilled renewals sales experts and advanced methodologies to best sell the customer value, benefits, and outcomes.”

“Maintaining strong connections and proactively engaging to create the right interaction at the right time has a powerful impact on the customer experience, but many companies don’t have the bandwidth or resources to execute this properly,” said Mike Naughton, executive vice president, Global Client Delivery, ServiceSource. “Our High-Performance Selling methodology, built upon two decades of experience, adds value and scale to tackle tough selling challenges and make an immediate impact for new client engagements like this.”

With this agreement, ServiceSource adds a rapidly growing pioneer in data visualization and analytics to its growing software and cloud vertical. ServiceSource became the provider of choice through its proven ability to apply Customer Journey Experience^TM practices that inform retention and growth strategies.

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.

Connect with ServiceSource:

Website: http://www.servicesource.com/
LinkedIn: https://www.linkedin.com/company/servicesource/
Facebook: https://twitter.com/servicesource

Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding our ability to transition our clients’ customers into new agreement types, terms or increased growth rates. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210422005940/en/

FAQ

What is the recent agreement announced by ServiceSource (SREV)?

ServiceSource announced an agreement to deliver renewals management services to a software provider, modernizing customer renewal processes.

How does the new agreement benefit ServiceSource (SREV)?

The agreement allows ServiceSource to expand its offerings and improve client relationships through subscription model transitions.

What is the significance of subscription models for ServiceSource (SREV)?

Shifting to subscription models can lead to higher growth rates and valuation premiums for companies, benefiting ServiceSource's clients.