ServiceSource International, Inc. (SREV) has seen an increase of 5.69% in the premarket. However, the last trading session concluded at $1.23 with a decrease of 5.38%.
Third Quarter 2021 Results
SREV announced third quarter 2021 results on 2nd November 2021. The company reported GAAP revenue of $48.6 million whereas the GAAP net loss came out to be $3.4 million. Moreover, through the first three quarters of the year, SREV was able to successfully renew or extend about 94% of the value of the contract that was available for renewal. On a trailing 12-month basis, new reservations increased by nearly 22% year over year. In addition, SREV has signed a new deal with Dropbox who is a global leader in cloud storage and content sharing.
This agreement was made to serve as a planned expansion of the Dropbox go-to-market team by deploying a virtual inside marketing solution across the NALA, EMEA, and APJ regions. Furthermore, the company supported the renewing, upscaling, and cross-selling of enterprise service agreements across more than a number of the client’s subsidiaries and operational divisions in Europe and North America. This resulted in a contract expansion in excess of $5 million in estimated contract value. Lastly, a new three-year $35 million revolving credit arrangement with Bank of America has increased the company’s liquidity.
Contract With Dropbox
SREV has announced the signing of a new deal with DropBox on 6th October 2021. ServiceSource adds to its expanding list of brand-name clients in the hyper-competitive cloud solutions industry, solidifying its digital inside sales services as a strategic advantage in fast-growing industries. Moreover, Dropbox will strengthen its virtual inside marketing initiatives with client discovery, retention, and outreach initiatives, tapping into the increased hunger to acquire services electronically rather than through traditional in-person sales methods, thanks to its partnership with ServiceSource globally.
Through the work in this industry, the company has built best practices that provide their clients an advantage by providing immediate access to proven methods and large-scale outreach to gain new consumers. Last but not least, over the duration of the partnership, the company will seek to become a strategic extension of Dropbox’s go-to-market team in all three global theatres.
Second Quarter 2021 Results
SREV released second-quarter 2021 results on 28th July 2021. The company reported the GAAP revenue of $46.3 million and the GAAP net loss of $5.1 million. The company is delighted by the progress in the business and the improved posture to capitalize on a big and rising market opportunity for our solutions.
Moreover, the market momentum is beginning to improve as a result of the strategic improvements and investments SREV has made across the board. The strength of customer relationships, as well as the direction of financial outcomes, continues to improve. Lastly, the company anticipates continuing on this momentum, and they believe they are on schedule to deliver a year-over-year revenue increase in the third or fourth quarter.