SAN FRANCISCO, CA — (Marketwire) — 07/26/11 — (NASDAQ: SREV), the global leader in cloud-enabled service revenue performance solutions, today announced that (NYSE: RHT), the world-s leading provider of open source solutions and an S&P 500 company, has implemented ServiceSource-s Subscription Lifecycle Management solution for its Global Small & Medium Business (SMB).
Red Hat selected ServiceSource-s cloud-based service revenue performance solution to effectively support and enable its channel partners with greater visibility and control over their renewals performance and opportunities. The ServiceSource Subscription Lifecycle Management solution was implemented at Red Hat within 120 days, including the ServiceSource Channel Sales Cloud application.
“With Red Hat-s subscription-based business model, providing our customers with the support they need for our enterprise-class products is critical to continued customer satisfaction throughout the sales lifecycle,” said Mark Enzweiler, vice president, Global Channel Sales, Red Hat. “Utilizing ServiceSource-s Subscription Lifecycle Management system, we now have a global solution in place that helps us to renew our SMB customers and foster stronger relationships with them.”
“We are thrilled to have fully-implemented our end-to-end service revenue performance solution with Red Hat and to have achieved great results after just four months on a global level,” said Mike Smerklo, chairman of the board and chief executive officer, ServiceSource. “This is a great testament to the ease of use and scalability of our cloud-based service. By leveraging our Subscription Lifecycle Management solution, Red Hat is better positioned to take advantage of opportunities for stronger customer retention, improved customer relationships and increased recurring revenue from subscription renewals.”
The collaboration with Red Hat highlights ServiceSource-s penetration into rapidly-growing, alternative software-delivery markets, such as Software-as-a-Service (SaaS), subscription software and open source. ServiceSource-s service revenue management solution, including its Service Revenue Performance Suite of cloud applications, its Service Revenue Intelligence Platform and its global team of dedicated service sales professionals, has been proven to increase recurring service revenue renewal rates and end-customer loyalty, driving higher revenue and profits for the leading technology-based brands worldwide.
Red Hat, the world-s leading provider of open source solutions and an S&P 500 company, is headquartered in Raleigh, NC with over 65 offices spanning the globe. CIOs ranked Red Hat as one of the top vendors delivering value in Enterprise Software for seven consecutive years in the CIO Insight Magazine Vendor Value survey. Red Hat provides high-quality, affordable technology with its operating system platform, Red Hat Enterprise Linux, together with virtualization, applications, management and Services Oriented Architecture (SOA) solutions, including Red Hat Enterprise Virtualization and JBoss Enterprise Middleware. Red Hat also offers support, training and consulting services to its customers worldwide. Learn more: .
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.
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.
For more information on ServiceSource, visit . To connect with ServiceSource, visit us on Twitter, , and .
This press release contains forward-looking statements, including statements regarding our ability to improve the renewal rates and revenue results of our customers. 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; 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 . 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.
Will Stickney
Horn Group for ServiceSource
(415) 905-4023
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