Redwood City, CA — September 29, 2010
- Zuora, the subscription billing leader, has been selected by International Data Corporation (IDC) as one of ten companies highlighted in a new report entitled “Innovative Software Companies Under $100M to Watch” for 2010.
- IDC has highlighted Zuora as exemplifying vision and innovation in a key industry trend defined as “Enterprise software application companies with innovative go to market strategies and/or unique business models including unique channel partner models, cloudsourcing models and software within a service offerings.”
Zuora Delivers Strategic Value to Capture Vast Market Opportunity
- Zuora was founded in 2007 to address the needs of the new Subscription Economy. Today, companies and consumers alike are moving away from buying products — And dealing with the hassles of ownership — to subscribing to services. Saas, cloud, digital media, consumer Internet, and mobile services are all industries being reshaped by this trend. Business like Pandora, Zipcar and Netflix are high profile examples of how “ownership” as a concept is becoming outdated.
- But as companies of all sizes join the Subscription Economy, they require a solution that allows for sophisticated billing structures that are flexible enough to adapt quickly as customer needs change.
- After raising $21.5 million from Benchmark Capital and private investors including Salesforce.com’s founder and CEO Marc Benioff, Zuora has been on a torrid growth path. In the first quarter of 2010 alone, Zuora had contracted $1 billion in annual invoice volume and achieved cash flow positive operations.
- At the heart of Zuora’s ability to rise up to meet the demands of the Subscription Economy is its aggressive focus on innovation. Unlike other software companies who innovate on a quarterly or semi-annual basis, Zuora immediately incorporates customer needs and feedback, releasing new versions of its solutions on a monthly basis — A key driver for new business and expanded presence with existing customers.
- “Business has changed. The social web, cloud delivery models, and an increased use of mobile in the enterprise are all impacting businesses and the enterprise application software needed to facilitate business change,” said Michael Fauscette, group vice president, Software Business Solutions, IDC. “Contributing to much needed innovation in enterprise software is a group of small companies with the vision and technology to help businesses deal more effectively with the new business environment.”
- “Addressing the needs of the Subscription Economy is no small challenge, and only by building an organization that is maniacally focused on constant, continuous innovation are we able to rise meet that challenge,” said Zuora co-founder and CEO Tien Tzuo. “We are thrilled that IDC has recognized our drive and fierce level of commitment to innovate.”
About IDC’s “Innovative Companies Under $100M To Watch”
IDC’s “Innovative Companies Under $100M to Watch” reports are a qualitative evaluation of a set of vendors within a specific market — they are not a stack ranking nor do they represent an exhaustive evaluation of all companies in a segment or a comparative ranking of the companies in the report. IDC solicited entries from vendors of less than $100 million that exemplify specific key trends (selected by analysts) that are driving change in a specific software market. Vendors submitted case studies that exemplified one of the trends used as the basis for the award. These case studies were evaluated individually and independently by related market analysts across several pre-determined criteria. The case studies submitted for review had to demonstrate that the technology was available, able to be implemented, and provided real-world benefits to the customer.
About Zuora, Inc.
Zuora’s subscription billing and commerce platform changes the way subscription businesses manage and sell to customers, allowing them to bring new products to market in less time, with more flexibility and less hassle. Zuora customers are up and running within 90 days and often recognize 200% ROI within weeks. Zuora is built from the ground up by SaaS industry visionaries and veterans from salesforce.com, WebEx, Accenture, Google, eBay, Oracle and Vitria. Zuora customers include Reed Business Information, Coremetrics, InsideView, Marketo, Open Range Communications, Box.net, Xactly, and Cloud Central.