During the third quarter we continued to invest in R&D, sales and marketing and our pricing partner ecosystem. We also delivered another release of our pricing solution suite of products and have certified more of our system integration partners and increased their involvement in active implementation projects, expanding our partnering program while increasing our costs in the near term provides both greater visibility for the power of pricing software and greater worldwide scalability for customer implementations.
PROS' focus on delivering an industry-leading pricing and margin optimization software solution with fast time to value, high return on investment and low total cost of ownership for our customers is increasingly helping us to win new business as the buying process of our market matures.
We also continue to grow our strong customer relationships which are demonstrated by follow-on sales to our existing customers and our strong maintenance renewal rates. As many companies have exhausted cost reduction initiatives, such as layoffs and plant closures, we believe companies are increasingly recognizing the power of pricing and margin optimization software as a new profit lever.
The third quarter results indicate that PROS is in a strong position to capitalize on the future market opportunity for pricing software.PROS is a global company with revenue diversified across geographies and our target industry sectors. Revenue that came from outside the United States represented 57% of the third quarter 2010 revenue and 51% of our third quarter license and implementation revenue came from our target industry sectors of manufacturing distribution and services. We continue to invest in people, products and best practice processes to drive our science in product innovation and to increase our competitive advantage as demonstrated by our R&D expense which was 26% of revenue for the third quarter 2010. Read the rest of this transcript for free on seekingalpha.com