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ServiceSource® (NASDAQ: SREV), the global leader in recurring revenue management, today announced that Workday, a leading provider of enterprise cloud applications for human resources (HR) and finance, has selected ServiceSource Renew OnDemand™ to manage its subscription renewals. As part of today’s announcement, Workday will also join the ServiceSource Recurring Revenue Alliance.
ServiceSource Renew OnDemand is the first cloud application purpose-built to maximize recurring revenue. With over $1 billion of recurring revenue opportunity under management, Renew OnDemand arms sales teams, executives, and channel partners with a complete solution to renew contracts and subscriptions.
“Renew OnDemand will provide us new levels of insight into customer retention, renewals, and recurring revenue,” said Mike Stankey, president and chief operating officer, Workday. “This allows the Workday team to focus on delivering the industry’s highest levels of customer satisfaction as enterprises continue to move HR and finance to the cloud.”
Workday will also bring its extensive cloud experience to the ServiceSource Recurring Revenue Alliance. The Recurring Revenue Alliance and its member companies help other subscription-based companies maintain and grow their share of the growing annual recurring revenue market for subscriptions. Together, ServiceSource and Workday will develop best practices for subscription and customer lifecycle management for cloud-based software services.
“We’re proud that Renew OnDemand has been selected to support Workday’s leading HR and finance cloud applications,” said Mike Smerklo, Chairman and CEO of ServiceSource. “Leveraging big data and the cloud, Renew OnDemand will bring increased business value to the Workday suite to enhance ongoing renewal activities. We also welcome Workday to the Recurring Revenue Alliance and believe their extensive cloud experience will help extend ServiceSource’s subscription management capabilities. ”
ServiceSource International, Inc. (NASDAQ: SREV) is the global leader in recurring revenue management. Renew OnDemand™, the only cloud application built specifically 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.