SOURCE: ServiceSource

ServiceSource

May 24, 2011 18:00 ET

ServiceSource Announces Expansion of Asia Pacific & Japan (APJ) Operations

SAN FRANCISCO, CA--(Marketwire - May 24, 2011) - ServiceSource® (NASDAQ: SREV), the global leader in cloud-enabled service revenue performance solutions, today announced the expansion of its APJ operations headquarters. Located in the heart of Singapore's 'Technology Corridor' at Science Park II, ServiceSource will more than double its footprint in the Capricorn building to accommodate an aggressive hiring plan to support significant customer expansion over the next 18 months.

In the past 12 months, ServiceSource has achieved the following key milestones in the Asia Pacific and Japan (APJ) market:

  • 400% revenue growth
  • 100% customer growth
  • Establishment of a full regional management team
  • Launched SUMMIT2010, the first and only annual Service Revenue Management executive event in the region

Over the past 5 years, ServiceSource has achieved a 35% annual growth rate in revenue, driven, in part, by rapid expansion in APJ. ServiceSource's success in APJ has come from steady growth both from global customers as well as from new customers based in the region.

"In APJ, technology-based companies are realizing that maintenance, support and subscription renewals represent a growing and profitable revenue stream," said Rolf Jester, VP Distinguished Analyst, Gartner. "The problem is their installed base data is typically in disarray and they have not made the necessary investments in expertise and technology to capture their full renewals opportunities."

ServiceSource supports over 20 customers in APJ, driving maintenance, support and subscription renewals revenue in Japan, Korea, China, India, South East Asia, Australia and New Zealand. ServiceSource's market-leading solution includes the Service Revenue Performance Suite of cloud applications, a proprietary Service Revenue Intelligence platform of data, key performance indicators, renewals best practices and managed services consisting of dedicated service sales teams working under customers' brands. This unique service revenue management solution has been put to the test over 10 years and is proven to significantly increase maintenance, support and subscription renewal rates by over 15 percentage points, on average, and in some cases, up to 44 percentage points. Combined with ServiceSource's unique pay-for-performance model, this proven end-to-end service revenue performance solution will continue to drive growth for ServiceSource and its customers in the region.

"APJ is an environment that is highly complex with multi-tier channels, making it challenging for technology vendors to have visibility into their business or reach end-users to determine the full value of the service contract," said Basheer Cassim, senior vice president of Asia, Pacific and Japan, at ServiceSource. "At ServiceSource APJ, we bring deep expertise in data management, including a proprietary Service Revenue Intelligence Platform, Key Performance Indicators and best practices to help our customers get a clear picture of their installed base and the full value of their renewals opportunities."

ServiceSource's growing customer base in APJ includes: Adobe, Blue Coat, CA, Microsoft, NetApp, Riverbed, Siemens and VMware.

About ServiceSource
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.

For more information on ServiceSource, visit http://www.servicesource.com. To connect with ServiceSource, visit us on Twitter, Facebook, LinkedIn and YouTube.

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.

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