This past Friday the ServiceSource Inc (NASDAQ:SREV) stock came into sharp focus among investors after the company announced that it bagged a new client. ServiceSource announced that it inked an agreement with a client for providing advanced revenue retaining solutions.
The client is involved in the cloud powered communications and collaboration space. The news came as a major boost for the ServiceSource stock and it jumped by as much as 9% on Friday as investors piled on to it in a big way. More importantly, it is perhaps important for investors to know that this new client is a pretty big player in its own industry.
The identity of this client has not been revealed but it has emerged that it provides its digital solutions to more than 50% of the company which are currently a part of the Fortune 100. In addition to that, it also offers its services its services to daily active users who are spread across as many as 150 nations across the world.
In collaboration with ServiceSource, the client has decided to set up health check, renewals and retention initiative in order to ensure that it can continue to grow at a yearly rate of 40%.
Market Reaction:
On Friday, SREV stock surged 9.32% to $1.29 with more than 12.05 million shares, compared to its average volume of 590k shares. The stock has moved within a range of $1.1601 – 1.3100 after opening the trade at $1.17. Over the past 52-week, the stock has been trading within a range of $1.1200 – 2.1800.
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