Director and Chair of the Compensation Committee departs to focus on his private equity fund and investments
DENVER--(BUSINESS WIRE)-- ServiceSource (NASDAQ: SREV), a global leader in outsourced inside sales, customer success and recurring revenue growth and retention solutions, today announced the resignation of James C. Madden from the Board of Directors. Madden, a member of the Board since January 2007 and Chair of the Compensation Committee, is departing to focus on Carrick Capital Partners, LLC, the growth equity investment firm he co-founded and where he serves as a Managing Director.
"I joined the ServiceSource Board nearly 11 years ago and it has been incredible to see and support the maturation and transformation of the Company into the market leader it is today," said Madden. "Given the commitments I have to Carrick Capital Partners and the companies in which the firm has invested, it became clear that now was the time to step back from my active role with ServiceSource."
"The ServiceSource Board would like to thank Jim for his long-standing commitment and service to the Company," commented Bruce Dunlevie, lead independent director for ServiceSource. "We have moved forward with a smooth and seamless transition, having successfully recruited two new directors who are very well-suited to support the governance and leadership needs of ServiceSource going forward."
ServiceSource International, Inc. (NASDAQ:SREV) helps the world's leading brands grow closer to their customers. As a global leader in outsourced inside sales, customer success and recurring revenue growth and retention solutions, ServiceSource expands customer lifetime value by helping companies to more efficiently and effectively find, convert, grow and retain their B2B customer relationships. Trusted by global market leaders in the cloud/XaaS, software, technology hardware, medical device & diagnostic equipment and industrial IoT sectors, ServiceSource sells, manages or renews $9 billion of revenue annually on behalf of its clients. Leveraging a robust technology suite, predictive data models and more than 3,000 revenue delivery professionals speaking 45 languages, only ServiceSource brings to market nearly 20 years of expertise and the ability to drive recurring revenue growth to more than 170 countries. To learn more, visit www.servicesource.com.
This press release contains forward-looking statements, including statements regarding our market position. 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 our forward-looking statements. Those risks and uncertainties include: that the market for our solution is underdeveloped and may not grow; errors in estimates as to the service revenue we can generate for our customers; changes in market conditions that impact our ability to sell our solutions 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; our ability to adapt our solution to changes in the market or new competition; our ability to achieve our expected benefits from international expansion; 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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Investor Relations Contact for ServiceSource
Erik Bylin, 415-901-4182
Source: ServiceSource International, Inc.
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