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ServiceSource Partnership Helps Pitney Bowes Improve Renewal Rate by 30 Percentage PointsUnprecedented Instrument Uptime, Customer Satisfaction and Predictable Recurring Revenues for Pitney Bowes Business Insight Division's Global Operations (January 31, 2012)
SAN FRANCISCO, CA -- (Marketwire) -- 01/31/12 -- ServiceSource® (NASDAQ: SREV), the global leader in service revenue management, today announced that its partnership with Pitney Bowes Business Insight, a leader in customer data, analytics and communication software, has resulted in an almost 30 percentage point increase in renewal rates and stronger customer relationships through product feedback and support.
Pitney Bowes Business Insight began its partnership with ServiceSource in 2010, seeking assistance for its service-contract renewals business. The Company chose to implement the ServiceSource solution, including the Analytics Cloud application, giving sales representatives and management real-time insight into all renewals transactions. By identifying transaction issues early in the sales cycle, the integrated ServiceSource and Pitney Bowes Business Insight service-sales teams have made their business more responsive to customer needs while improving sales results.
"ServiceSource has done an excellent job of increasing our renewal rates, improving our customer satisfaction, and providing visibility into a vital business process providing a recurring revenue stream," said Greg Van den Heuvel, president of Americas, Pitney Bowes Business Insight. "The strong results ServiceSource had in raising our renewal rate in short order made the decision to expand our relationship an easy one. We are excited about the future opportunities and mutual growth in partnering with ServiceSource."
- Real-time access to a consolidated, accurate global renewals data set;
- A renewal rate improved by 30 percentage points in one year while exceeding quarterly renewal targets;
- Utilized the Service Revenue Intelligence Platform to improve business-critical product and pricing information for managing maintenance revenue streams;
- A proactive and efficient renewal processes that increased the consistency of engaging renewals opportunities up to 90 days in advance.
"Economic volatility continues to impact business, and technology-enabled businesses, like Pitney Bowes, are making the smart decision to look inward at their recurring revenue opportunity and are using ServiceSource to bolster their returns in this area. It is rewarding to see the steady impact service revenue management can bring to Pitney Bowes' ability to succeed during tough times," said Mike Smerklo, chief executive officer, ServiceSource. "Our work with them reflects the value of our decade of best-practice development and unique combination of technology and professional service-sales execution. By providing direct value through increased renewal rates and recurring revenues, with analytics and best practices, we not only help Pitney Bowes' bottom-line, but we also help their customers."
For a more in-depth look at how ServiceSource has helped the Pitney Bowes Business Insight division, visit our blog to view the video case study: Pitney Bowes Boosts Service Contract Renewal Rates and Improves Customer Satisfaction
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 the size of the market for service revenue management, our ability to improve the renewal rates and revenue results of our customers and their channel partners, our ability to enhance the customer satisfaction of their end users, and the overall benefits of our cloud applications such as our Channel Sales Portal. 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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