Syncron Ends 2016 with 67% Year-Over-Year Growth in Annual Contract Value

Continued global expansion and widening customer base headline cloud-based after-sales service provider's growth

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Feb 28, 2017, 07:30 ET

STOCKHOLM, Feb. 28, 2017 /PRNewswire/ -- Syncron, the only after-sales service solution provider exclusively focused on enabling the world's leading manufacturers to deliver exceptional customer experiences and business value, today announced its annual contract value (ACV) has increased 67 percent year-over-year following the close of the fourth quarter of 2016. Continued global expansion and the addition of some of the world's most recognized brands, including Motor Coach Industries, Morbark, Al-Futtaim, Electrolux and Perkins, capstones this impressive growth.

With new sales of durable goods remaining stagnant across the globe throughout 2016 and falling again in Dec.ⁱ, manufacturers are turning to after-sales service—the service delivered after the initial sale of a product—to positively influence revenue, profits and customer loyalty. Syncron's cloud-based service parts management and pricing solutions help these manufacturers optimize parts inventory levels and prices, not only leading to improvements in revenue, gross profits and operational efficiency, but also the overall customer experience.

"Customer success is the cornerstone of our company culture," said Anders Grudén, CEO of Syncron. "At this amazing time in Syncron's history, our growth solidifies our leadership position in the industry and validates the huge market opportunity ahead. We're in the best position to deliver superior products and services to our customers, enabling them to improve corporate performance while simultaneously delivering exceptional customer service experiences. At the core of this success are our dedicated, hard-working employees, ensuring every day that the customer is at the center of their responsibilities. I am thrilled with the phenomenal success we achieved in 2016 and eager to expand upon our achievements in 2017 and beyond."

In addition to its increase in ACV, Syncron wrapped up the year as one of the most successful in the company's history. Other highlights include:

Continued growth of Subscription and Support revenue by 33 percent year-over-year, contributing to a 35 percent compound annual growth rate (CAGR)
Nearly 50 percent year-over-year employee growth
Continued global expansion with entrance into new markets, the opening of a new office in Paris and the addition of a research and development center in Bangalore
Launching Customer Success and Employee Success business units to optimize the company's focus on delivering measurable business value to its growing customer base

"To keep our fleet of 28,000 active motor coaches up and running, we base everything on customer demand and expectations," said Ben Zubiate, Director of Materials for MCI. "We have multiple warehouses throughout North America, and needed to create more of a balance between service parts availability and excess inventory. With Syncron, we believe we can better serve our customers, ensuring the right parts are in the right place at the right time, and maximize uptime. All of this contributes to happy customers and improved after-sales margins."

"Today's most innovative manufacturers realize after-sales service is a key growth and profit lever," continued Grudén. "At Syncron, we're positioned to enable these leading brands to take full advantage of this significant area of opportunity."

To learn more about Syncron and its service parts management and pricing solutions, visit syncron.com.

About Syncron
Syncron is the only after-sales service solution provider exclusively focused on enabling the world's leading manufacturers to deliver exceptional customer experiences and business value. The company's award-winning SaaS solutions enable manufacturers and distributors around the world to transform their after-sales service operations by dramatically increasing profitability, cash flow and customer loyalty. Syncron's global customer base includes a variety of market-leading companies across diverse industries. The company is privately held, with its headquarters in Stockholm and additional offices throughout Europe, the U.S. and Asia. For more information, visit syncron.com.

ⁱ http://www.businessinsider.com/durable-gods-orders-december-2016-2017-1

SOURCE Syncron