ServiceSource Renew OnDemand to Power Workday Subscription Renewals
Workday to Join ServiceSource Recurring Revenue Alliance Program
SAN FRANCISCO--(BUSINESS WIRE)-- ServiceSource® (NAS: SREV) , the global leader in recurring revenue management, today announced that Workday, a leading provider of enterprise cloud applications for human resources (HR) and finance, has selected ServiceSource Renew OnDemand™ to manage its subscription renewals. As part of today's announcement, Workday will also join the ServiceSource Recurring Revenue Alliance.
ServiceSource Renew OnDemand is the first cloud application purpose-built to maximize recurring revenue. With over $1 billion of recurring revenue opportunity under management, Renew OnDemand arms sales teams, executives, and channel partners with a complete solution to renew contracts and subscriptions.
"Renew OnDemand will provide us new levels of insight into customer retention, renewals, and recurring revenue," said Mike Stankey, president and chief operating officer, Workday. "This allows the Workday team to focus on delivering the industry's highest levels of customer satisfaction as enterprises continue to move HR and finance to the cloud."
Workday will also bring its extensive cloud experience to the ServiceSource Recurring Revenue Alliance. The Recurring Revenue Alliance and its member companies help other subscription-based companies maintain and grow their share of the growing annual recurring revenue market for subscriptions. Together, ServiceSource and Workday will develop best practices for subscription and customer lifecycle management for cloud-based software services.
"We're proud that Renew OnDemand has been selected to support Workday's leading HR and finance cloud applications," said Mike Smerklo, Chairman and CEO of ServiceSource. "Leveraging big data and the cloud, Renew OnDemand will bring increased business value to the Workday suite to enhance ongoing renewal activities. We also welcome Workday to the Recurring Revenue Alliance and believe their extensive cloud experience will help extend ServiceSource's subscription management capabilities. "
ServiceSource International, Inc. (NAS: SREV) is the global leader in recurring revenue management. Renew OnDemand™, the only cloud application built specifically to grow recurring revenue, automates a highly valuable but typically manual business process. By leveraging big data to give companies a complete view of their customers, Renew OnDemand and our proven services drive higher subscription, maintenance, and support revenue, improved customer retention, and increased business predictability.
With over a decade of experience focused exclusively on growing recurring revenue, ServiceSource's products and services are based on proven best practices and global benchmarks. Headquartered in San Francisco, ServiceSource® manages over $9 billion in recurring revenue for the world's largest and most respected technology companies. ServiceSource renews a customer contract every 47 seconds through engagements in more than 150 countries and 40 languages. For more information, please go to www.servicesource.com.
This press release contains forward-looking statements, including statements regarding the benefits of ServiceSource offerings , our managed services and our Renew OnDemand cloud platform and application. These forward-looking statements are based on our 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, fluctuations in our quarterly results of operations; the risk of material defects or errors in the our software offerings or their failure to meet customer expectations; migrating customers to Renew OnDemand and the ability to integrate Renew OnDemand with other third-party applications used by our customers; errors in estimates as to the renewal rate improvements and/or service revenue we can generate for our customers; our ability to grow the market for service revenue management; 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; the possibility that our estimates of service revenue opportunity under management and other metrics may prove inaccurate; demand for our offering that falls short of expectations; our ability to keep customer data and other confidential information secure; 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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ServiceSource, Renew OnDemand 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.
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