NASDAQ OMX

Zuora Acquires Leeyo, the Leading Provider of Revenue Recognition Software, to Ease the Burden of Imminent Accounting Standards

Dela

Zuora RevPro will be the most comprehensive ASC 606 and IFRS 15 compliant solution available

SAN MATEO, Calif., May 10, 2017 (GLOBE NEWSWIRE) -- Zuora, Inc., the leading provider of subscription commerce, billing and finance solutions, today announced that it has signed a definitive agreement to acquire Leeyo Software Inc.®, the undisputed leader in revenue recognition automation. Zuora® will add Leeyo RevPro®, the cloud-based, enterprise-grade ASC 606 and IFRS 15 compliant revenue recognition solution, to its order-to-cash product portfolio. This creates a one-stop shop for automating financial operations, further increasing Zuora's dominance in the $102 billion market for Subscription Economy® tools.

In recent years, many reports have documented the global subscription movement. The Economist found that 80 percent of customers are demanding new consumption models and moving away from traditional ownership. Credit Suisse reported that people in the U.S. spent $420 billion on subscriptions in 2015, up from $215 billion in 2000. Companies like Salesforce.com, Amazon, Netflix, and Box were the early disruptors in the Subscription Economy. However, the story is now far broader and deeper, and relevant to every industry in the world. Companies in media and entertainment, consumer services, telecom and utilities, financial services, healthcare, education, manufacturing and even farming are all pivoting to subscription businesses. According to McKinsey & Company, digital services are expected to account for about three-quarters of global growth over the coming decade.

As mixed business models emerge, the complexities of revenue reporting are forcing financial regulators around the world to change global accounting standards. As a result, beginning in fiscal 2018-2019 companies large and small, public and private, must now adopt the new ASC 606 and IFRS 15 revenue guidelines. This is the biggest change to accounting standards in the last 100 years. According to PwC, more than half of the affected companies - particularly those that bundle subscription and non-subscription services - are unprepared to adopt these new standards.

"We've been saying that accounting standards have to change to accommodate the Subscription Economy, and now they have," said Tien Tzuo, CEO and founder of Zuora. "Every company, regardless of revenue mix, product or service offerings, will be impacted by these new accounting standards. We've partnered with Leeyo for over three years, and today we join forces to help our customers alleviate the burden of dealing with these new standards."

Consistency and comparability of financial reporting across all industries, geographies and business models is beneficial to investors. However, the new standards significantly increase the compliance burden for reporting companies. This will lead to:

  • Hours of additional manual labor for companies who manage these complex calculations with spreadsheets
  • Costly earnings restatements and tarnished reputations for companies who report inaccurately
  • Lengthy audits and potential litigation for companies that don't comply with the guidelines

Reporting becomes increasingly time consuming, labor intensive and risky, wreaking havoc on finance teams if the rules are not adopted accurately and on time. Leeyo's RevPro software automates these critical revenue recognition processes, helping businesses save countless hours, improving investor confidence and building greater stability in public markets.

RevPro has over one hundred customers running an estimated $266 billion annually through its revenue recognition engine. Together, the combined company becomes a one-stop shop for managing customer records, product catalogues, subscriptions, billing, orders, cash, and revenue recognition.

"At Leeyo, we are tremendously proud of the company and market leading product we've built. Being part of Zuora allows us to reach a broader range of companies looking for revenue automation, transparency and consistency in corporate financials," said Jagan Reddy, CEO of Leeyo. "RevPro is a natural fit for Zuora's product portfolio and completes the full order-to-revenue process."

Customer and Analyst Comments

Zendesk VP Global Corporate Controller Christina Liu: "Traditional financial systems and manual processes don't work for the fast paced world of Zendesk. Zuora and Leeyo have been critical to our ability to automate and scale our financial operations. We're excited the two companies are coming together to allow us to have a single-source-of-truth for our order to cash process."

Connor Group CEO Jeff Pickett: "With the latest changes in the accounting standards to globally unify revenue recognition, Zuora's acquisition of Leeyo makes perfect sense. Combining all these capabilities under one roof will significantly help simplify compliance and financial reporting."

MGI Research Managing Director Andrew Dailey: "This is a smart move that unites the best of breed leader in revenue recognition with an Agile Billing leader. It's a win for Leeyo and Zuora customers, and adds breadth and depth to Zuora's play in delivering an Agile Monetization Platform."

SurveyMonkey COO and CFO Tim Maly: "As the world's leading online survey platform with more than 3 million responses every day, SurveyMonkey relies on Leeyo to handle high volume transactions for our self-serve business and Zuora's subscription billing streamlines our high-growth sales supported business. The benefits of both products keep us focused on what matters most, our customers."

Learn more about Zuora and Leeyo at Subscribed on June 5-7, 2017 at the Marriott Marquis in San Francisco. Register here.

Additional Resources
Download the Zuora guide on ASC 606 and IFRS 15 
"The Subscription Economy: A Business Transformation" by Tien Tzuo, CEO of Zuora
SlideShare: "Drivers of Success in the Subscription Economy"
MGI Research Forecast on Agile Monetization Platforms 2016-2020
About RevPro: https://leeyo.com/revpro/revpro-overview/

Follow us online:
Facebook.com/zuora
@Zuora
#SubscriptionEconomy

About Zuora, Inc.
Zuora is a SaaS company and the world's foremost evangelist of the Subscription Economy. Zuora's leading subscription relationship management platform helps enable businesses in any industry to launch or shift products to subscription, implement new pay-as-you-go pricing and packaging models, gain new insights into subscriber behavior, open new revenue streams, and disrupt market segments to gain competitive advantage. Zuora serves more than 800 companies around the world in every industry, including Box, Komatsu, Rogers, Schneider Electric, Toshiba, Xplornet and Zendesk. The Subscription Economy Index (SEI) demonstrates that SEI companies are growing revenues approximately nine times faster than the S&P 500. Headquartered in Silicon Valley, Zuora also operates offices in Atlanta, Boston, Denver, San Francisco, London, Paris, Beijing, Sydney and Tokyo.

About Leeyo Software, Inc.
Leeyo's next-generation revenue recognition software rescues companies and revenue teams of all sizes from the chaos of today's manual data entry or customized processes. Leeyo RevPro - the most complete revenue recognition software suite on the market - automates and manages every process facing a revenue team, seamlessly integrating with the quote-to-cash processes of any ERP system to deliver unparalleled visibility, functionality and configurability to the revenue recognition and reporting process. Learn more about Leeyo and RevPro at: www.leeyo.com

© 2017 Zuora, Inc. All Rights Reserved. Zuora, Subscribed and Subscription Economy are trademarks of Zuora, Inc. Third party trademarks mentioned above are owned by their respective companies. 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. To learn more about the Zuora platform, please visit www.zuora.com.

© 2017 Leeyo Software Inc. All Rights Reserved. Leeyo, the Leeyo logo, RevPro, and the RevPro logo are trademarks of Leeyo Software Inc. All other trademarks are property of their respective owners. Learn more about Leeyo and RevPro at: www.leeyo.com

Media Contact:
Jayne Scuncio
jscuncio@zuora.com
408-348-1087




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Zuora, Inc. via Globenewswire

Om

NASDAQ OMX
NASDAQ OMX



Följ NASDAQ OMX

Abonnera på våra pressmeddelanden.

Senaste pressmeddelandena från NASDAQ OMX

Integrum uppmärsammas av Frankrikes president Emmanuel Macron och Stefan Löfven17.11.2017 19:02Pressmeddelande

PRESSINFORMATION 17 november 2017                                  Integrum blev vid fredagens EU-toppmöte i Göteborg som ett av få inbjudna att presentera bolagets tankestyrda proteser för Frankrikes president Emmanuel Macron och Stefan Löfven. Detta i samband med det strategiska partnerskap för innovation mellan Frankrike och Sverige som undertecknades vid mötet med mål att presentera konkreta framsteg inom två år. Integrum var utvalt som ett bra exempel på innovativt företag som utvecklar avancerade medicintekniska produkter där samspelet mellan människa och teknik skapar stort värde för användaren. Under mötet med president Emmanuel Macron och Stefan Löfven demonstrerades Integrums världsunika proteser som styrs med hjälp av tankekraft. Tekniken möjliggör att personer kan få en protes direkt kopplat till skelett, nerver och muskler utan att ha elektroder tillfälligt fästa utanpå huden. "Det är självklart mycket hedrande att I

CrownBio Launches an Innovative Grant Program to Fund Advancements in Preclinical Oncology Research17.11.2017 18:07Pressmeddelande

SANTA CLARA, Calif., Nov. 17, 2017 (GLOBE NEWSWIRE) -- Crown Bioscience, a wholly-owned subsidiary of Crown Bioscience International (TWSE:ticker 6554) and a global drug discovery and development services company providing translational platforms to advance oncology, inflammation, cardiovascular and metabolic disease research, announces the launch of a grant program supporting oncology research scientists which provides funding for projects that show promise for scientific advancement of Patient Derived Xenograft (PDX) technology. Research Grants up to $50,000 will be awarded to projects focused on accelerating the pace of preclinical innovation and novel PDX methodologies that improve clinical predictions with sound science. The program offers an opportunity for investigators to receive funding for projects that may not receive support through traditional funding channels. Submitted proposals will be reviewed and selected by CrownBio's Scientific Steering Committee with the goa

Barings Backs Sentinel Capital Partners in Acquisition of Nekoosa17.11.2017 17:00Pressmeddelande

CHARLOTTE, N.C., Nov. 17, 2017 (GLOBE NEWSWIRE) -- Barings, one of the world's leading asset management firms, announced today that it served as Lead Agent on a senior secured credit facility to support Sentinel Capital Partners in its acquisition of Nekoosa ("Nekoosa" or the "Company"). Headquartered in Nekoosa, Wisconsin, the Company is a leading manufacturer of specialty paper and film products used in the graphics and commercial print markets, including application and pressure-sensitive tapes, specialty synthetic papers, sheeted digital and offset grade carbonless paper, and extruded film products. Nekoosa serves a highly diverse base of more than 70,000 commercial print and graphics shops in 65 countries. Barings served as lead senior lender on the transaction, which included a senior term loan and a revolving credit facility. "Sentinel is pleased to have Barings' support on our investment in Nekoosa," said Scott Perry, a partner with Sentinel Capital Partner

At SC17, ExaScaler and PEZY Computing Unveil Gyoukou Supercomputer with a High Combined Green500/Top500 Ranking16.11.2017 23:29Pressmeddelande

ExaScaler and PEZY Computing Also Take Top Three Green500 Positions DENVER, Nov. 16, 2017 (GLOBE NEWSWIRE) -- At SC17, ExaScaler and PEZY Computing unveiled their Gyoukou supercomputer whose Green500 and Top500 rankings attest to a unique combination of high efficiency and computing power. The Gyoukou supercomputer is installed at the Yokohama Research Institute in Japan. (Video: PEZY Liquid immersion cooling) PEZY supercomputers leverage 48V Factorized Power, a high efficiency, high density power distribution architecture. PEZY's CPUs are co-packaged with Vicor's Power-on-Package ("PoP") Modular Current Multipliers ("MCMs"), which enable efficient, direct 48V to sub-1V current multiplication at the XPU. ExaScaler and PEZY Computing also achieved the #1, #2 and #3 positions on the Green500. These supercomputer system installations also utilize 48V Factorized Power. Come see us at SC17 at Booth 633 where ExaScaler / PEZY Computing will be

ELS Educational Services, Inc. Launches New Vacation English Program Starting January 201816.11.2017 20:59Pressmeddelande

New York, New York, Nov. 16, 2017 (GLOBE NEWSWIRE) -- ELS Educational Services, Inc. - one of the leading language services providers worldwide - has launched a new vacation English language program, ELS Language Experience+, which is set to begin enrollment for January 2018. "Here at ELS, our students and their English language goals always come first, and we are proud to introduce ELS Language Experience+ as an exciting new addition to the many quality programs we offer them," said ELS Chief Operating Officer, Reiji Terasaka. "This conversation-oriented, flexible new vacation English program allows students to make the most of their English instruction while gaining an invaluable cultural experience at the same time." ELS Language Experience+ concentrates on everyday speaking, communication skills and discussion, within a flexible course structure (three or six hours of study per day). Courses offered include: Everyday English, Grammar in Action, D

Global SD-WAN Partnership between CallTower and Aryaka to Deliver High-Performance Cloud Communication Solutions to Global Enterprises16.11.2017 16:02Pressmeddelande

SAN MATEO, Calif., Nov. 16, 2017 (GLOBE NEWSWIRE) -- Aryaka, the leading global SD-WAN provider, today announced a new partnership with CallTower, an industry-leading unified communications and collaboration company, to provide global enterprise customers with fast and reliable, high-quality cloud service connectivity.  CallTower's partnership with Aryaka will deliver improved performance of their unified communications solutions to global enterprise customers. CallTower has linked their data centers with the Aryaka global network to deliver secure, reliable connectivity with quality of service guarantees for mission critical real-time communication applications. CallTower Cisco and Microsoft unified communications solutions, including Cloud Contact Center customers will now be able to add Aryaka's global SD-WAN service to further optimize, and enhance reliability over a secure network.  "In addition to our unified communications offering, we have seen tremendous growth i

I vårt pressrum kan du läsa de senaste pressmeddelandena, få tillgång till pressmaterial och hitta kontaktinformation.

Besök vårt pressrum