ServiceSource® (NASDAQ:SREV), the global leader in recurring revenue management, today announced that it has been recognized 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 honor.
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 was named to the Technology Fast 500 list by growing its revenue approximately 143% between 2008 and 2012. The company attributes its recent success to the 300 percent 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 honored 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.”