ServicePower Exemplifies Significant Momentum as a Leading Field Service Solution in the First Half of 2023

MCLEAN, Va., Aug. 22, 2023 /PRNewswire/ -- ServicePower, a leading field service management software company focused on transforming field service experiences, today announced impressive performance metrics in the first half of 2023 — demonstrating unwavering commitment to innovation, customer satisfaction and industry-leading solutions.

Key data highlights include:

1. New annual recurring revenue (ARR) bookings grow: ServicePower saw a 132% increase in new ARR bookings compared to the first half of 2022 — pointing to ServicePower's ability to attract new business while expanding its market presence.
2. Strong ARR growth rate: The total addressable market ARR growth rate saw an upswing of 127% by the end of June 2023, compared to the same period in 2022 — highlighting ServicePower's sustained efforts in delivering unparalleled solutions that meet and exceed customer expectations.
3. A steady rise in average ARR per customer: The average ARR per customer increased by 26% — showcasing ServicePower's ability to tailor offerings to meet evolving customer needs.
4. High net retention rate: ServicePower obtained a high net retention rate of 112% in Q1 and Q2 — a direct result of its commitment to building strong relationships with customers and identifying partners that are a strong business fit. 

"Indicators like these point to the fact that what we're building at ServicePower resonates with our customers," said Frank Gelbart, chief executive officer at ServicePower. "This feedback inspires us to continue to pour into our customer base and reinvest in our solution so that we can deliver delightful field service experiences for the best of the best."

In the wake of announcing a new international customer, leader in urban mobility systems, as well as releasing compelling data on how ServicePower impacts sustainability efforts — by reducing an average of 30,000 tons of carbon dioxide emissions annually — ServicePower is positioned to build momentum into the second half of the year.

"As we head into the second half of the year, I am empowered and excited by the passion that drives ServicePower," said Gelbart. "Our team has worked tirelessly to exceed both internal and external expectations and I have no doubt that they will deliver strong results through the rest of 2023."

To learn more about ServicePower visit www.servicepower.com. 

About ServicePower:
ServicePower is a leading field service management software company focused on providing an exceptional customer experience while delivering significant operational efficiencies. Trusted by field service organizations around the world such as GE Appliances, LG, Electrolux, Hisense, and AIG, ServicePower offers the only SaaS platform that helps companies efficiently manage both employed and contracted workforces. ServicePower also offers a fully managed network of contracted service providers to enable on-demand field service delivery in urban and hard-to-reach locations across North America and Europe. 

CONTACT: Hannah Hood, [email protected]

SOURCE ServicePower, Inc.