SAN FRANCISCO, CA -- (Marketwire) -- 10/04/12 -- ServiceSource® (NASDAQ: SREV), the global leader in recurring revenue management, today announced it has received an additional year contract with Agilent Technologies Inc. The extension was a result of ServiceSource's ability to effectively support the rapid growth in recurring revenue for Agilent's Electronic Measurement Group (EMG).
"Agilent is undoubtedly the most respected name in measurement. Earning an extended engagement with them demonstrates ServiceSource's ability to deliver to the highest standards," said Mike Smerklo, Chairman of the Board and CEO, ServiceSource. "Agilent values the discipline, data and advanced technologies we bring to their customer support operations, and we're committed to continue working with them to support growth in recurring revenue."
Using the ServiceSource cloud-based technology solutions, the team gained new insight into performance drivers and expanded their ability to reach additional customers. Gaining greater visibility into their installed customer base and emerging trends in their renewals, the collaboration increased renewals every quarter to produce a 33 percentage point gain in the renewal rate for service and support contracts.
Agilent EMG provides oscilloscopes, spectrum and network analyzers, and signal sources to communication, wireless, industrial and defense customers. ServiceSource works with Agilent EMG's worldwide service and support teams to help customers maximize the value of their Agilent measurement equipment.
About ServiceSource International, Inc.
ServiceSource is the global leader in recurring revenue management. The world's most successful companies rely on us to maximize subscription, maintenance and support revenue; improve customer retention; and increase business predictability and insight. ServiceSource delivers results with Renew OnDemand, the world's only cloud application built specifically to manage and grow recurring revenue, which can be combined with our industry-leading services and unique pay-for-performance model.
With over a decade of experience focused exclusively in growing recurring revenue, our services and applications are based on proven best practices and global benchmarks. The Company is headquartered in San Francisco, and has over $7 billion under management for customers in more than 150 countries and 40 languages.
ServiceSource, and any ServiceSource product or service names or logos mentioned above, are trademarks of ServiceSource International, Inc. All other trademarks used herein belong to their respective owners.
This press release contains forward-looking statements, including statements regarding our Renew OnDemand Cloud platform and application, its capabilities, its overall benefits to customers, and its ease of integration with other third-party applications that our customers use. 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, the risk of material defects or errors in the Company's software offerings; the ability to integrate Renew OnDemand with other third-party applications used by our customers; 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 solution and/or 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; 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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