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ServiceSource Delivers Exceptional Growth in Service Renewals Rates for Cardiac Science CorporationLeading Cardiac Device-Maker Uses Service Revenue Management Solution to Help Save More Lives Through Expanded Reach of Education, Training Programs (April 25, 2012)
SAN FRANCISCO, CA -- (Marketwire) -- 04/25/12 -- ServiceSource® (NASDAQ: SREV), the global leader in Service Revenue Management, today announced that its partnership with Cardiac Science Corporation, a global leader in automated external defibrillator (AED) and diagnostic cardiac monitoring devices, has resulted in a double-digit percentage point increase in renewal rates for their program management and AED service offerings. ServiceSource has supported the Cardiac Science "Proper Program Design" initiative that educates customers on the importance of a properly designed AED program to save more lives.
The Cardiac Science AED Program Management offering addresses all the critical components of a company's AED program, which includes training employees to use the devices, proper AED maintenance, tracking of AEDs and responders, and the medical oversight by a licensed physician. Cardiac Science Corporation began its partnership with ServiceSource in 2010 to support the program management and service-contract operations that complement their defibrillators. The company chose ServiceSource for its experience with the world's top healthcare and life-sciences brands, its purpose-built technology platform, and team of seasoned service sales experts.
"Sudden cardiac arrest is a leading cause of death in the US and it's essential for people to have easy access to an AED. The goal of our program management is to help enable the best possible outcome when sudden cardiac arrest (SCA) occurs," said Sandi Bronte, Program Management Renewals Manager, Cardiac Science Corporation. "The experience and skill of the service sales experts from ServiceSource has allowed us to significantly increase renewal rates and to use the intelligence to deliver more customized solutions to customers that, in the end, can help save more lives."
ServiceSource helps Cardiac Science customers renew the vital Cardiac Science AED program management solution. This process has meant significant increases in conversion rates for the Cardiac Science solution and ultimately reinvestment back into its product portfolio.
"The relationship with Cardiac Science is unique and demonstrates that good things can happen when an organization unlocks the power of recurring service revenue," said Mike Smerklo, Chief Executive Officer and Chairman of the Board, ServiceSource, Intl. "We are proud of the good work of the partnership and that we can help Cardiac Science in their quest to save more lives."
To learn more about how ServiceSource optimizes businesses' recurring service revenue operations whether in healthcare and life-sciences, software or the channel, please visit our Real Results page to hear more success stories.
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.
This press release contains forward-looking statements, including statements regarding our ability to improve the renewal rates and revenue results of our customers and their channel partners, and the overall 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, errors in the estimated size of the market for service revenue management, 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 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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