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ServiceSource Global Partnership With VMware Delivers Results to Global Maintenance and Support OperationsVMware Strengthens Renewals Operations, Improves Customer Satisfaction and Develops Best Practices for Channel Renewals Management (November 09, 2011)
SAN FRANCISCO, CA -- (Marketwire) -- 11/09/11 -- ServiceSource® (NASDAQ: SREV), the global leader in service revenue management, today announced that the Company's partnership with VMware, the global leader in virtualization and cloud infrastructure, has delivered dramatic results across VMware's global renewals business with an emphasis on customer success and channel enablement.
VMware chose ServiceSource because of its proven track record in improving maintenance, support and subscription renewal rates and customer loyalty for some of the world's most respected technology brands, giving them the renewals solution they needed without straining their IT resources and overall efficiency. Furthermore, ServiceSource's disruptive, pay-for-performance commercial model allowed VMware to begin its maintenance and support transformation and drive improved renewal results without forcing them to make large upfront infrastructure investments.
"The ServiceSource solution has helped VMware be even easier to do business with, for our customers and our channel partners," said Bryan Cox, vice president of global support renewals, VMware. "As our renewals business has increased rapidly over the last four years, we knew we needed a purpose-built solution from ServiceSource to standardize and evolve our renewals business, improve renewals performance with our channel partners and increase customer satisfaction."
Since initiating its partnership with ServiceSource, VMware has been able to:
- Reignite its focus on small and medium businesses with a global customer portal and sales team, helping improve renewal rates of SMB contracts.
- Expand its global maintenance and service initiatives with the launch of a purpose-built channel enablement program developed by both companies called Partner 360. The program, spanning the NALA, EMEA and APAC regions, provides a stronger renewals infrastructure and a consistent, streamlined process to enable VMware's 2,300 channel partners to drive performance.
- Deploy Renewal Central, a new, integrated channel sales and reporting application powered by ServiceSource that has helped to improve sales accuracy while reducing quote delivery times and providing partner incentives.
"As a result of the Partner 360 program ServiceSource helped us put in place, we've seen increased partner engagement and satisfaction and stronger than expected revenues," said Bryan Cox, vice president of global support renewals, VMware.
"It is great validation for ServiceSource to have partnered and developed a solution with an industry-leading company like VMware to drive renewals revenue operations on a global scale," said Mike Smerklo, chief executive officer, ServiceSource. "VMware now has an improved foundation to provide partners better support and actionable, insightful, maintenance data to deliver improved customer support for its products without hindering its rapid growth."
VMware at ServiceSource SUMMIT2011
Carl M. Eschenbach, co-president, customer operations, VMware, will deliver a keynote address at ServiceSource's annual customer event, SUMMIT2011, in San Francisco on November 15th to discuss the success of the VMware and ServiceSource partnership.
Bryan Cox, vice president of global support renewals, VMware, will also be speaking at SUMMIT2011 in a general session panel discussion on "Transforming the Global Renewals Business to Drive Customer Success and Partner Loyalty."
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, over 40 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.
Forward Looking Statements
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 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.
Media Contact for ServiceSource:
Horn Group for ServiceSource
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