Zuora cements its position as the leading system of record for subscription businesses
San Mateo, Calif. – June 5, 2018 – Zuora, Inc. (NYSE: ZUO), the leading cloud-based subscription management platform provider, today announced its Spring ‘18 product release at its sixth annual user conference Subscribed™ in San Francisco on June 5-6th.
Finance teams are under immense pressure to support the growth of their businesses. The Deloitte 2018 Q1 North American CFO Signals report found that CFOs indicate a strong bias toward revenue growth over cost reduction (64% vs. 18%). Yet 41% of CFOs said staying current with changing technology is the greatest pressure facing their accounting and finance teams according to the Robert Half Management Resources survey.
The Zuora Spring ‘18 release empowers the office of the CFO to be a critical driver of growth with the first and only complete subscription order-to-revenue solution on the market. Zuora has built new capabilities for the finance and operations team of the future – including Billing, Collections, Revenue Accounting, Deal Desk, Orders, and CXOs.
“This is our biggest product announcement ever,” said Zuora SVP of Product Tom Krackeler. “The Zuora Spring ‘18 release includes a number of new features and product upgrades to arm finance teams with the technology required to address their most pressing subscription order-to-revenue needs.”
Subscription Order Management Designed for Customer Expansion
For a typical subscription business, around seventy percent of revenue comes from the existing customer base through renewals, upsells, and cross sells. This Zuora Central Platform upgrade allows finance and operation teams to more easily process and capture these subscription change orders.
- Capture Expansion Upfront: Rapidly growing sales teams can book multi-year expansion contracts upfront
- Increase Subscription Orders Flexibility: Capture complex changes for existing subscriptions, including multi-subscription and multi-site scenarios
- One Place for Order Metrics: Out-of-the-box change order metrics like Monthly Recurring Revenue, Churn Rate, Net Retention visualized on a configurable dashboard
- Automate Order-to-Revenue: Comprehensive change order data is captured to recognize revenue under ASC 606 compliance
New Workflow Builder Brings Greater Platform Automation
A new Workflow service in the Central platform gives teams greater efficiency and flexibility for account management, provisioning, invoice management, and other business processes.
- Easily Customize: Easy, drag-and-drop workflow builder
- Automate Everything: Using conditional logic and rules to tailor each workflow
- Reduce Custom Code: Integrate quickly to other systems without custom code
Zuora Collect, now Generally Available, Maximizes Recurring Payments
Zuora Collect helps collections teams reduce revenue leakage and involuntary churn caused by ineffective collections processes for recurring payments.
- Collect More: Maximize chances of collections success with a self-service web portal and multiple payment method options per subscription
- Minimize Churn: Mitigate involuntary churn with intelligent retry logic for electronic payments
- Reduce Costs: Maximize automation to handle recurring collections with configurable business workflows and a centralized collections workbench
New Zuora RevPro UI Designed for Greater Revenue Automation
Zuora RevPro enables businesses to automate revenue recognition.
- Better Performance: Improved system speed for task rendering and data loading, resulting in a more pleasant user experience
- Seamless Navigation: New intuitive design allows users to navigate more easily
- New and Optimized Reporting: A new configurable dashboard, faster load times, data grids with advanced filtering, no export limits, drill-down capabilities, and more
New Capabilities for Easier Invoice Settlement in Zuora Billing
New capabilities gives greater control throughout the entire AR process.
- Manage Payment Operations: Process payment applications and unapplied payments the way customers demand
- Align with Accounting Mechanisms: Correct, adjust and manage account balances with credit and debit memos
- Gain Greater Control: Enjoy granular reporting and accounting for AR settlement activity with line item settlement
About Zuora, Inc.
Zuora provides the leading cloud-based subscription management platform that functions as a system of record for subscription businesses across all industries. Powering the Subscription Economy®, the Zuora platform was architected specifically for dynamic, recurring subscription business models and acts as an intelligent subscription management hub that automates and orchestrates the entire subscription order-to-cash process, including billing and revenue recognition. Zuora serves more than 900 companies around the world, including Box, Komatsu, Rogers, Schneider Electric, Xplornet and Zendesk. Headquartered in Silicon Valley, Zuora also operates offices in Atlanta, Boston, Denver, San Francisco, London, Paris, Beijing, Sydney, Chennai and Tokyo. To learn more about the Zuora platform, please visit www.zuora.com.
This press release contains forward-looking statements that involve a number of risks, uncertainties and assumptions, including but not limited to statements regarding the expected benefits of Zuora’s Spring 2018 product releases, Zuora’s expectations regarding companies shifting to subscription business models, and the expected growth and trends in the market for subscription businesses. Any statements that are not statements of historical fact may be deemed to be forward-looking statements. Actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in the “Risk Factors” section of Zuora’s final prospectus related to the initial public offering filed with the Securities and Exchange Commission (SEC) on April 12, 2018, as well as other documents that Zuora may file from time to time with the SEC. The forward-looking statements in this press release are based on current expectations as of the date of this press release and Zuora undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This press release also includes market data and certain other statistical information and estimates from industry analysts and/or market research firms. Zuora believes these third party reports to be reputable, but has not independently verified the underlying data sources, methodologies or assumptions. Information that is based on estimates, forecasts, projections, market research or similar methodologies is inherently subject to uncertainties and actual events or circumstances may differ materially from events and circumstances reflected in this information.
© 2018 Zuora, Inc. All Rights Reserved. Zuora, Subscribed, Subscription Economy, Powering the Subscription Economy, and Subscription Economy Index are trademarks or registered trademarks of Zuora, Inc. Other names and brands may be claimed as the property of others. Nothing in this press release should be construed to the contrary, or as an approval, endorsement or sponsorship by any third parties of Zuora, Inc. or any aspect of this press release.