ServiceSource Announces New Partnership With FICO to Increase Service Renewal Rates and Customer Loyalty
SAN FRANCISCO, CA -- (MARKET WIRE) -- 07/28/11 -- ServiceSource® (NASDAQ: SREV), the global leader in cloud-enabled service revenue performance solutions for technology-based companies, today announced a services partnership with FICO (NYSE: FICO), the leading provider of analytics and decision management technology. FICO chose ServiceSource for its proven track record of partnering with the world's most admired technology-based brands to boost service revenue and profits as well as to strengthen installed-base customer relationships.
FICO delivers superior predictive analytics solutions that drive smarter decisions. The company's groundbreaking use of mathematics to predict consumer behavior has transformed entire industries and revolutionized the way risk is managed and products are marketed. Partnering with ServiceSource, FICO will now be able to improve renewals data quality and accuracy to gain better visibility and control into its global renewals business resulting in higher renewal rates and a better understanding of its installed base.
"Our business is growing across the globe, and we see real opportunity to fuel that growth by elevating our renewals business to a best-in-class performance level," said Jim Hannon, vice president of business operations, FICO. "To help us accomplish this, we selected the experts, ServiceSource. Their industry leadership, impressive customer-base and extensive knowledge of the renewals business made them the natural choice.
"FICO is a well-respected, global brand serving leading businesses in banking, insurance, healthcare, retail and government," said Mike Smerklo, chairman of the board and chief executive officer of ServiceSource. "We are looking forward to partnering with FICO to help the company scale its renewals business in lockstep with its clients' growing needs and increase its recurring service revenue streams, as well as customer loyalty in the process."
The partnership with FICO demonstrates ServiceSource's industry leadership position in working with innovative, blue chip technology-based companies to optimize their renewals business. ServiceSource's service revenue management solution, including its purpose-built suite of cloud applications, Service Revenue Intelligence Platform™, with over a decade of renewals data, KPIs, benchmarks and best practices, and global team of highly-trained service sales professionals offered as a managed service, has been proven to increase recurring revenue renewal rates on average by over 15 percentage points, driving up revenue and profits.
FICO (NYSE: FICO) delivers superior predictive analytics solutions that drive smarter decisions. The company's groundbreaking use of mathematics to predict consumer behavior has transformed entire industries and revolutionized the way risk is managed and products are marketed. FICO's innovative solutions include the FICO® Score -- the standard measure of consumer credit risk in the United States -- along with industry-leading solutions for managing credit accounts, identifying and minimizing the impact of fraud, and customizing consumer offers with pinpoint accuracy. Most of the world's top banks, as well as leading insurers, retailers, pharmaceutical companies and government agencies, rely on FICO solutions to accelerate growth, control risk, boost profits and meet regulatory and competitive demands. FICO also helps millions of individuals manage their personal credit health through www.myFICO.com. FICO: Make every decision count™.
For FICO news and media resources, visit www.fico.com/news.
FICO is a trademark or registered trademark of Fair Isaac Corporation in the United States and other countries.
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.
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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