Enterprise Software - Wednesday, June 29, 2005
ServiceSource - Profile
HQ: San Francisco, CA
Founded: 1999
Management: CEO Michael Smerklo previously ran sales and business development for Loudcloud. Before that he was an M&A banker and Morgan Stanley. Smerklo took over the business from the founders who were ex-Cisco salespeople.
Investors: In June 2005, Benchmark Capital invested $10M in the already profitable ServiceSource. ServiceSource claims it wasn't looking for an investment but Benchmark pursued them. Housatonic Partners was a prior investor.
Business Model: ServiceSource works on a pay-for-performance basis with tech companies to increase their service and maintenance renewal billings. The ServiceSource sales team works as virtual salespeople for their clients, focused specifically on increasing service revenues. The company claims annual revenues of $25 to $50M and 180 employees, based on revenue generated for its clients of $800M a year in service revenue.
Competitors: It appears to be a uniquely positioned business at this point.
Dirt: Any business that can grow 100% year after year and get to double digit millions of dollars in revenues, based on a pay-for-performance model is bound to continue to grow like a weed. ServiceSource smartly does not state how exactly it is able to extract more cash for its clients - it's the secret sauce.
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Edmonton dominated the Carolina Hurricanes on Saturday night and the 4-0 margin in Game 6 makes it hard to imagine the Oilers not hoisting hockey's Holy Grail above their heads in less than 48 hours. And it would not come as any shock to see defenseman Chris Pronger, who had another 31-minute night, take the honors for the Conn Smythe Trophy as the playoff MVP.
Posted by: ansleansy at June 24, 2006 02:51 PM
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