ServiceSource Named to Prestigious Deloitee Technology Fast 500 List for the Second Year in a Row
ServiceSource®, the global leader in recurring revenue management, today announced that it has been recognised as a fast-growing North American technology company by Deloitte & Touche LLP, placing on the Technology Fast 500 list for 2013. This is the second consecutive year ServiceSource has been awarded this honour.
The Technology Fast 500, conducted by Deloitte & Touche LLP, includes public and private companies in hardware, software, telecom, semiconductors, life sciences and emerging markets. Overall, 2013 Technology Fast 500 companies achieved revenue growth ranging from 137 percent to 208,897 percent from 2008 to 2012, with an average growth of 2,600 percent.
ServiceSource wasnamed to the Technology Fast 500 list by growing its revenue approximately 143% between 2008 and 2012. The company attributes its recent success to the 300percent year-over-year growth in bookings for its Renew OnDemand™ cloud application. In accepting the award, Mike Smerklo, ServiceSource CEO and Chairman, cites the major market shift towards cloud- and recurring revenue-based business models.
"We're honoured to be included in The Technology Fast 500, and this award validates the importance recurring revenue is playing within today's economy," said Smerklo. "Since its launch one year ago, Renew OnDemand has tapped into a growing demand within the marketplace to help companies define and drive their growth strategies and create loyal customers for life."
"The fastest growing companies in the US are drivers of constant innovation and operate with the agility to stay ahead of a quickly evolving marketplace, and software, biotech/pharma and internet companies continue to be at the forefront," said James Atwell, national managing partner of the Emerging Growth Company practice, Deloitte Services LP. "The companies excelling in these sectors have a startup mentality that allows them to be nimble and adapt quickly, which is why they consistently lead the list of fast-growing companies each year."
About Deloitte's 2013 Technology Fast 500™
Technology Fast 500, conducted by Deloitte LLP, provides a ranking of the fastestgrowing technology, media, telecommunications, life sciences and clean technology companies — both public and private - in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2008 to 2012.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company's operating revenues.Companies must have base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. Additionally, companies must be in business for a minimum of five years, and be headquartered within North America.
ServiceSource International, Inc. (NASDAQ:SREV) is the global leader in recurring revenue management. Renew OnDemand™, the only cloud application builtspecifically 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 the Cloud Corridor of 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.