CEO MONETIZATION PLAYBOOK FOR SOFTWARE

DIGITAL TRANSFORMATION
AN INTRODUCTION: RECURRING REVENUE AND FLEXIBLE CONSUMPTION MODELS

Neej Parikh, VP of Digital Transformation, Zuora

Michael Mansard, Principal, Business Transformation & Innovation, Zuora
Erika Malzberg, Manager, Content Marketing, Zuora
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DIGITAL TRANSFORMATION MONETIZATION ROADMAP

For today’s enterprise software companies, the question isn’t whether or not you have to shift to SaaS…it’s how. McKinsey, IDC, Gartner—they’ve all been sounding the
alarm for 10 years. You know the storyline, but what you don’t know is how to navigate or adopt this trend.

“By 2020, more than 80 percent of software

vendors will change their business model from Subscription
traditional license and maintenance to subscription +
and flexible consumption.” 80%
Flexible Consumption
—Gartner

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That’s because, while transformation is inevitable, there are many different strategies to get
you there. And not to make it even more difficult, but there’s no one-size-fits-all approach to
transformation. Regardless, the pressure is on to do it right.
84 percent of companies fail at digital
transformation—only about 1 in 8 successfully
managed the process.
—Forbes Global 2000 research
Any successful monetization framework has to take into consideration your
particular portfolio as well as the concepts of business transformation and
technology transformation. Plus you now have to put more emphasis than
ever on the customer experience.
In our work with hundreds of software companies, we’ve consistently seen
patterns of behavior that result in successful transformations. Yet there
doesn’t exist a Monetization Playbook for Software Digital Transformation
that enables businesses to deploy multi-pronged strategies—or at least we’ve
never seen one. And this is what Enterprise software leaders need.
So we are creating this Monetization Playbook as a guide for business leaders
across industries seeking transformation.
Here we introduce and detail the first strategy: Repackage to Recurring
Revenue and Flexible Consumption Models (with more to follow).
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1. RECURRING REVENUE AND FLEXIBLE CONSUMPTION MODELS

SUMMARY

“There will still be applications on-premises, licensed in the traditional sense. TYPICAL USE CASES
But growth is in subscription and cloud offerings. This means that most of Address changing customer demands
the largest software companies will be managing a hybrid scenario, from Visibility into predictable metrics—ARR, MRR, ACV, TCV
both a technology and a business model perspective—a tall order.” Move upmarket and downmarket easily by introducing
SaaS-centric pricing models
—Amy Konary, former program VP for Software Business Models and Monetization with IDC and current VP of
Customer Business Innovation at Zuora

Shift existing classic “transactional” offerings
towards repackaged recurring business models
or flexible consumption models like usage-
based, with a meaningful promise and a
perception of affordability.
Conversion is typically the main play for
transforming software companies: moving from
traditional pricing models focused on perpetual
licensing and support/maintenance models to
SaaS-centric subscription pricing and pay-per-
use pricing models.
Companies can go all in on this strategy or opt
for a partial conversion by shifting a portion of
their portfolio to SaaS-centric pricing models.

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CUSTOMER STORIES

PTC provides a good example of this shift in action.
While PTC is one of the 50 biggest software companies,
in recent years their earnings had taken a hit. In the second
quarter of 2015, PTC recorded $303M in revenue. A little
over a year later, that number dropped to $288M. In the
same period, earnings swung from $17.4M profit to a loss
of $28.5M.
To satisfy consumer demand, PTC decided to implement
a broad, systemic shift to its business model from
perpetual licenses to a cloud-based recurring revenue
model. After implementing Zuora to build out the
necessary infrastructure to support this new model, PTC
now offers subscription pricing across its entire portfolio
of solutions and technology platforms.
Since making the shift, customer adoption of PTC’s
subscriptions have accelerated every quarter. Based
on their current course and speed, by fiscal 2021, they
expect about 95% of their software revenue to be
completely recurring.

CUSTOMER EXAMPLES

PTC • SYMANTEC • GE DIGITAL • AVID • PIVOTAL • SAGE • TIBCO • HONEYWELL •

SCHNEIDER ELECTRIC • ALCATEL-LUCENT ENTERPRISE

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PROS AND CONS TO SHIFTING TO A RECURRING REVENUE MODEL

PROS CONS

Increase shareholder value by providing forward-facing recurring revenue Disruption of current business practices
business metrics
Potential revenue decline in the short term
Address market white space with limited investment Necessary investment in new underlying technology to enable
flexible pricing and packaging changes
Good leverage to justify connecting associated hardware

Provide buying flexibility to customers and increase interaction (added flexibility

makes the customer stickier)

Provide more predictability in metrics—ARR/MRR per product line, ACV, TCV

Increase opportunities to sell more products to an existing customer—land and

expand model, i.e. increase growth with up-sell/cross-sell

Ride the wave of subscriptions with limited impact to your products

Easy-to-activate strategy—especially as a defensive play

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BOTTOM LINE
Repackaging and introducing pricing flexibility is a great way
to revive or boost an existing product/service with low sales,
low coverage, etc. You can also leverage this strategy to con-
nect with associated hardware. You’ll just want to define a
distinctive strategy per segment: transactional or recurring.
“The statistics vary, but more than 85 percent of software
is still run on-premise through vendors like SAP and Oracle. But that’s not
where the growth is. These categories are shrinking, and it’s hard to imagine
that any next-generation, forward-thinking company wouldn’t think about
a subscription-based model.”
— Jason Pressman, Managing Director at Shasta Ventures
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2. PRODUCT-AS-A-SERVICE

SUMMARY

As Fast Company recently noted: “Some companies know

that products only get you so far, that services are the
The current Global 100 Software Leaders ranks SaaS and PaaS revenue for the top 50 companies, and the
future—in fact, services already account for 75% of the
percentage each segment comprises of overall software revenue.
global economy.”
Among the top 20 companies, the list of SaaS standouts includes:
For quite a few years now, we’ve been software businesses—
from Adobe to PTC—moving away from one-off products
and into SaaS business models to increase agility, revenue, #10 Intuit with 46% of revenues from SaaS #14 Cisco Systems with 35%
and shareholder value and ward off competition from
nimbler startups.
#11 Adobe with 23% of revenues #19 Citrix with 27%
But the trend towards as-a-service is picking up steam and
crossing industries. Just look at a company like Philips which
makes thousands of products, but now refers to themselves “These are indications of companies that understand the
as “a technology solutions partner.”
changes underway.”
—PwC

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TYPICAL USE CASES
Software-as-a-Service
Hardware-as-a-Service
Device-as-a-Service (IoT)
Information-as-a-Service
Security-as-a-Service
Network-as-a-Service
Unified-Communication-as-a-Service
Payment-as-a-Service
By selling a service as opposed to a product, businesses shift not only their financial model, but the value
of their offering. Product-as-a-service is a customer-centric model where customers subscribe for the
time, usage, or outcome of the product—rather than simply purchasing a product outright as a one-time
transaction. The shift for consumers is from an upfront price to usage-based pricing in which price is
aligned with use, i.e. value-based pricing.
It’s all about access and outcomes, not product ownership. This shift creates opportunities for businesses
to build ongoing, meaningful relationships with customers that they can continue to monetize over time.
“With even large, established companies seeing revenues fall as a result of
startups taking advantage of new technology, it’s more important than
ever that savvy business owners start looking into whether the “as a service”
model could be applied to their own industries.”
—Deloitte
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PROS AND CONS

PROS CONS

Disruptive model to enable upstream and downstream sales flexibility Requires an upfront capital investment

Provides competitive advantage with smaller and nimbler start-ups Lack of initial visibility into success and revenues of product-as-
a-service offering
Very high stickiness for consumers because of perceived value (i.e. outcome-based
pricing: paying for the services/outcome/access you need) Paradigm shift due to complexity in product-related metrics
(e.g. product adoption, ASP,
Creates new revenue stream due to multiple ways of monetizing products while
MRR, ARR, CLTV, ARPU, Churn)
leveraging existing hardware (usage/consumption and subscription models)
Ongoing buyer-seller relationships require greater customer
Increased upsell and cross-sell opportunities support which may require

Creates additional feature capabilities and introduces additional revenue opportunities The build-out of a new customer success function

Visibility into predictive product metrics due to recurring nature of business (e.g.
product adoption, ASP, MRR, ARR, CLTV, ARPU, Churn)

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CUSTOMER STORIES

Symantec is the global leader in cyber security, with $4B in They reduced multiple ERPs down to one consolidated
revenue. Facing revenue decline and growing competition platform and provisioning down from 21 days to 5-10
in the security space from nimble SaaS startups, Symantec minutes. And they saw 28% YoY growth in GAAP revenue
knew they needed to transform into a security-as-a-service in 2017 and 35% growth in non-GAAP revenue.
provider, with the necessary infrastructure to support this
shift. With Zuora Central acting as “the heart” of their global
subscription platform, they were able to successfully make
the transformation from license to subscription.

CUSTOMER EXAMPLES

NCR • ALCATEL-LUCENT • HUSQVARNA • SMARTCAP • BARCO • EDF • VIVINT • SYMANTEC

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BOTTOM LINE

Shifting to an as-a-service model is a highly disruptive “You call Zuora the hub, I call Zuora the heart, it’s the heart of the platform
strategy that enables new monetization streams. With more
flexibility in a service offering, as-a-service provides the because it holds all the intelligence around the billing and the subscriptions—
foundation for a much stickier customer experience while it’s the heart that ties it all together.”
also empowering companies to acquire more and more
customers. Once you pivot to as-a-service, businesses begin
—Sheila Jordan, CIO, Symantec
to measure profits in new ways, with new metrics. This is
a paradigm shift that can be challenging to undertake, but
ultimately this insight into more predictable business metrics
consistently leads to higher valuation caps, and therefore
higher shareholder value.

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3. LAUNCHING NEW FLEXIBLE CONSUMPTION OFFERINGS AND RUNNING
A HYBRID BUSINESS MODEL

SUMMARY “Not every company can jump feet first into flexible consumption—
Businesses today are increasingly under pressure to
commercial intensity does not equate to product readiness.”
monetize their offerings, through products, services, and
—Deloitte Flashpoint Edition 17 on Flexible Consumption Operating Models
subscriptions. A hybrid business model is a combination
of both fixed models and usage-based ones. It involves
continuing to employ traditional pricing strategies
(perpetual licenses) while at the same time tapping into a
flexible consumption model. TYPICAL USE CASES

The idea behind this hybrid model strategy is to start small Software-as-a-Service + Perpetual license + Support streams
and then evolve: companies launch new recurring revenue
Device-as-a-Service (IoT) + Device
model offerings while maintaining core offerings as fixed
models. These new offerings are then managed as separate Data-as-a-Service

business units from core legacy products, but enable Network-as-a-Service + Network Device
opportunities for upsell and cross sell between hybrid lines
of business.

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PROS AND CONS
PROS
Tap into new revenue streams
Experiment with subscription models with mitigated risk/disruption to the organization
Cross sell and upsell existing customers with new monetizations models
Legacy product revenue streams are protected—which means that companies can
avoid taking a massive dip in their revenues while making the shift to subscriptions
Less volatility to cash flow
Evolving go-to-market provides a great competitive advantage
Greater customer satisfaction as consumers have increased control over their
subscriber experience and greater perceived value of your offerings (i.e. they are
getting and paying for exactly what they want)
CONS
Launching a new offering has its own complexities in terms of
people, processes, and technology
Potential lack of total organizational buy-in to this “side project”
Initial investment can be heavier with lower typical ROI due to
small volume
Greater complexity is built into your business management
processes, e.g. billing, invoicing, and collections
More challenging to create a seamless experience for your
subscribers, especially with traditional systems that are built to
support one-time sales, not recurring revenue
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CUSTOMER STORIES

Qlik is a great example of a customer who, although way that their savvier customer base wants to consume:
focused on a subscription-first strategy, realizes that subscriptions and flexible and usage-based consumption
they need to keep the lights on. methods.

With over 2,500 employees and over 40,000 customers With Zuora, Qlik was able to enable their sales team to
in over 100 countries, Qlik is re-inventing itself to go to market in a hybrid business model. And they are
become the leading self-service Business Intelligence empowered to focus on evolving their business model in
platform acquired on a subscription basis. To do so, the shift to subscriptions.
their business and IT teams need to support new and
traditional ways of going to market. They want to
enable innovation so as to serve value-add services in a

CUSTOMER EXAMPLES

NETAPP • VMWARE • SYMANTEC • MICROFOCUS • QLIK

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BOTTOM LINE

If you develop the right product for subscription monetization, this “dipping-your-toes-in”
approach is a great way to experiment with subscription models without disrupting existing
operations. Businesses can slowly evolve and transition their customer base to subscription
models without a disruptive “big bang.” This hybrid model is a win-win in that it provides
stability while building a subscription foundation on which a company can expand.

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4. MERGER & ACQUISITIONS (M&A)

SUMMARY

More and more companies in high tech are looking to
grow their service arm, specifically because they know
that companies with customer-centric business models
are getting better valuations—valuations that may not be
achievable via traditional business models. With the M&A
monetization strategy, legacy software works its way into
a flexible consumption model through the acquisition of
SaaS pure plays (and, occasionally, through a merger).
In particular, we are seeing an evolution in the hardware/
software world towards acquiring more subscription savvy
companies featuring recurring revenue models. Recent
examples include SAP’s $8 billion acquisition of Qualtrics—
putting a stake in the ground of the new digital world with
a “land grab” into the emerging experience software (EX)
space to complement their existing traditional business in
operational software (OX); IBM acquiring Red Hat for $34
billion to “unlock true value of the cloud” for their business
(according to a ​recent press release​); Salesforce with their
big acquisition arm continually taking on new companies,
including its recent acquisition of ClickSoftware to bolster
its field service; and Alphabet / Google consistently
acquiring pre-revenue companies in the subscription
world to ​“enhanc[e] the technical capability of its cloud
applications”—to name just a few.

Every time a company goes through an acquisition, they

are faced with a whole new set of people, processes, and
“Every company is becoming a software company and the transformational change technology. The challenge is in merging two entities. As

that as-a-Service software delivery challenges incumbents with is to pivot their a company, we experienced these challenges first-hand,
first when we acquired FrontLeaf, a subscriber experience
businesses to new models, often in the form of very large acquisitions.” analytics application, in 2015, and again, in 2017 when
we acquired Leeyo, the leader in revenue recognition
—Deloitte Flashpoint Edition 17 on Flexible Consumption Operating Models automation (now Zuora RevPro).

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M&A is a complex process. Most companies today are
acquiring or merging with high-growth companies that
are focused on recurring revenue business models.
These companies are agile and nimble, and it is critical
for the acquirer to maintain this agility and nimbleness
via processes and systems. The next step is enabling
sales acceleration via upsell and cross-sell between
the acquirer and the acquired. To enable high growth
in the SaaS business, it’s just as important to foster soft
synergies (e.g. sales acceleration) as hard synergies (e.g.
cost savings).
The goal is to optimize opportunities to cross-sell and
upsell both the new product lines as well as the legacy line
of business, without stunting the growth of the acquired
company. To do so, you need to create an infrastructure
that will enable sales to easily sell new products along
with the old. From a technology standpoint, acquiring
companies require a standardized platform that allows for
the sale of both legacy products and recurring revenue
offerings—and a streamlined order-to-revenue process
across business lines—all on one system.
With the right infrastructure, companies can sell any kind
of flexible consumption model and offer a seamless order-
to-revenue process, both for customers as well as for TYPICAL USE CASES
the company.
Growth by acquisition for recurring revenue line
of business
With a successful acquisition, the customer experience is
consistent, with quotes, invoices, and billing all coming out of
one system—regardless of what product line they subscribe
to. And the customer view is also consistent, with all
customer-related metrics coming from one system offering
a unified view, rather than a skewed perspective derived from
mixing and matching info from disparate systems.
With visibility into key subscription metrics like customer
lifetime values, customer acquisition costs, churn rates,
and net dollar retention all available within one system,
companies can make better decisions based on live data
thus optimizing the value from acquisitions.
Building a monetization M&A-friendly platform plays
an important role in facilitating a repeatable process to
successfully integrate new companies and accelerate a
pivot to SaaS.
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PROS AND CONS
PROS
Jumpstart digital transformation by injecting SaaS DNA into existing company DNA
Land grab for existing line of recurring revenue
Cross sell opportunities: legacy software can sell new product to their install base
and sell into the customer base of the acquired company
CONS
Only viable for software companies with cash reserves that
can afford the upfront financial investment of an acquisition
Challenge to integrate SaaS business in with legacy business
in terms of people, process, and technology - companies risk
breaking the order-to-revenue process and killing the agility
of the acquired company
Acquisition alone won’t transform your business into a SaaS
business unless you absorb and apply SaaS learnings across
your organization
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CUSTOMER STORIES

Industry-leading cyber security software company
Symantec was founded in 1982, and made its first
acquisition shortly after, in 1984. With 50+ acquisitions to
date, M&A is clearly built into its DNA and has helped to
make it the powerhouse that it is today.
But a few years ago, they found their position in the
security space threatened by the launch of smaller,
more nimble SaaS startups. To compete with this heavy
competition, they decided to make the shift into a security-
as-a-service provider, flipping the switch to transform their
entire model.
As a 30+ year old company with many acquisitions folded
into their main business, they had accumulated a complex
IT ecosystem with multiple ERPs, quote-to-cash systems,
and literally thousands of SKUs for every product they
sold. A staggering 90% of their order-to-cash process was
performed manually.
In 2015 they implemented Zuora, consolidating their
complex IT ecosystem onto one platform.
Since implementing Zuora, Symantec has made a number
of acquisitions including Blue Coat Systems (cyber
security) in June 2016, LifeLock (identity theft protection)
in November 2016, and Fireglass (malware prevention) in
July 2017. With Zuora, they’ve been able to standardize
their order-to-revenue operations with a unified
salesforce, a unified billing experience, and a unified
customer experience. The result? A huge leap from -2%
to 29% growth YoY.

CUSTOMER EXAMPLES

DEMANDWARE • VMWARE • TERAPEAK • HITACHI VANTARA • ATLASSIAN

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BOTTOM LINE

An increasing number of businesses—software/hardware “We made a strategic bet on Zuora as part of our global subscription platform
and otherwise—are acquiring companies to drive
subscription revenue. For larger established software to run our digital order-to-cash system for our cloud product and services
enterprises, acquisition can be easier than full-on because it offers a unique frictionless experience for our customers and
transformation. And the organizational knowledge brought
by native SaaS companies is invaluable for legacy software
partners... choosing Zuora has helped us eliminate SKUs, simplify our pricing,
companies. At the heart of all of this M&A activity isn’t just and allow our customers and partners to consume our products and services
the way that makes the most sense for them.”
a desire to build out or complement product offerings, or
to subsume competitors, but a strategic play to jumpstart
necessary digital transformation.
—Sheila Jordan, CIO, Symantec

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5. NEW CONNECTED SERVICES

SUMMARY

As noted in the “Product as a Service” play (strategy

#3), software companies have increasingly been
making the shift from products to services. Strategy
#5, New Connected Services, is an incremental
approach towards a connected services model as
well as a product-as-a-service model.

In short, connected services and connected devices

capture value-add data that can be monetized by
companies. We’re seeing more and more software
companies with devices beginning to introduce
these connected services in order to drive more
value for their customers. These connected services
create opportunities for even age-old, traditional
businesses to introduce new ways to build long-
term relationships with their customers based on this
ongoing value-add data.
Because these new services drive specific data points, they can be used
in many different applications—thus opening up new revenue streams.
For example, we work with a company called Analog Devices (ADI), a ​
multinational semiconductor company specializing in data conversion and
signal processing technology. They have their own hardware and software
connected app offering. The device plugs into a hotel room and provides
data on whether or not a hotel guest is in the room. They can then sell this

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“If you currently sell products that collect some sort of data (or could be data to a cleaning service, for example, so that the service
knows when to enter the room to clean without disturbing
retrofitted to do so) and there is someone out in the world who would find the guest. This is just one example of the interesting ways

that data valuable, IoT is a new revenue source for you.” that traditional companies can use connected devices to
penetrate new markets—consumer and B2B—to create
revenue opportunities that extend beyond their device.
—Scott Pezza, Blue Hill Research

This play creates opportunities for businesses to build

relationships with customers. That’s why it’s a particularly
desirable (and much more common) strategy for an
industry like manufacturing in which, historically, the
business doesn’t have much direct engagement with
their customers. But you can see that having ongoing
relationships with customers that are monetized over time
is a valuable strategy for software companies as well. This is
the evolution into the IoT strategy.

Connected services generate “stickiness,” creating more

touchpoints with subscribers. And they become a critical
differentiator for software businesses looking to separate
themselves from competitors.

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PROS AND CONS

PROS CONS

Connected services create a brand new revenue stream (which Requires connectivity (not a fit for all segments)
means a lower risk of cannibalizing other products in your portfolio)
The learning curve for a sales team of a traditional device company is steep
High margin contribution

Greater stickiness with your customer

Increased market opportunities: new connected services can be

sold to both net new customers and existing install base

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TYPICAL USE CASES
New monetization stream​.
Opportunity to create value add monetary streams and create a stickier
customer relationship.
Cloud shared calculation and optimization services​.
Development of services that calculate and optimize cloud required
capacity and use for multiple applications for a customer.
Predictive maintenance​.
Data collection and advanced analysis to track and early detect anomalies
in HW/devices/machinery to optimize cost and/or reduce downtimes—like
a supercharged phone-home service offering.
Vertical/Expert cloud storage (settings, templates, machine output, etc.).
Optimization of cloud services for a specific industry or specific application
use, with specialized functions and options that best meet industry-use
and specifications.
Advanced reporting and data export​.
Collection of data from different sources and analysts to automatically
create reports based on predefined formats.
Notifications, remote surveillance, and actionable alerts​.
Remote monitoring of devices and equipment through the installation of devices
to collect data and with the possibility to set up alarm thresholds to be alerted
when unsatisfactory conditions are detected.
Device management and enablement software (PLM, etc.).
Software allowing customers to centrally configure and manage different devices
(including data integration, automatic updates, enablement, etc.) throughout the
entire lifecycle of a device.
Vertical business process SAAS​.
Business process management software including various methods to model,
analyze, optimize, and automate a business process, delivered as SaaS for a
specific industry.
Extensibility (APIs, SDKs, 3rd Party Connectors, etc.).
Enabling the extension of a model by using standardized tools such as
application programming interface (API) or software development kit (SDK).
CUSTOMER STORIES
Alcatel-Lucent Enterprise (ALE), a world leader in
communication and networking solutions, found
themselves facing industry transformation. They needed
to differentiate from large “asset-less” entrants to the
communications market, players like GAFA (the big
four multinational tech companies: Google, Amazon,
Facebook, Apple) that were putting the market under
high pressure. At the same time, they needed to protect
against new small players that were entering the market
by offering small feature sets, with great user experience.
CUSTOMER EXAMPLES
GENERAL MOTORS • GERBER TECHNOLOGY • ALCATEL-LUCENT ENTERPRISE • BARCO • CATERPILLAR •
SCHNEIDER ELECTRIC • HAGER • KOMATSU • BRIGGS & STRATTON
In order to extend its footprint, defend its broad install
base, and create new market opportunities, ALE needed
to add high-value cloud solutions, and adapt their pricing
and business models accordingly.
As Pierre-Yves Noel, Cloud Services Product Owner at
Alcatel-Lucent Enterprise, put it, “We wanted to build
relationships where we could provide our customers with
our technology at the core on-premise, but also overlay
cloud services to complement our revenues.”
So in 2016, they launched Rainbow, a cloud-
based platform that makes additional collaboration
services available to users, regardless of their existing
communications systems. Its goal is to make companies
borderless, from a communications standpoint, and
thus optimize the employee, supplier, and customer
experiences. In other words, the focus isn’t on the
platform, but on the seamless communication that the
platform enables.
As an overlay solution, Rainbow offers features like
contact management, presence, chat, audio/video call,
screen, and file sharing. Users can download and install
with a single click. And, as an open-platform-as-a-
service, users can integrate Rainbow’s collaboration tools
directly into existing applications and business processes.
Rainbow is available for free, but users can buy additional
features on a subscription basis.
With the right infrastructure, ALE has been able to build
a unified communication-as-a-service platform with
connected services like Rainbow.
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BOTTOM LINE

For software/hardware businesses, offering new “As a company, we are innovating from a technology perspective. To
connective services is relatively easy to start with and
puts a limited risk on the company’s financials. It’s a complement that technology innovation, we need the capability to innovate
strategic play to create brand new revenue streams, our business model as well. Zuora provides us with the flexibility to build
increase market opportunities, and become more
customer-centric.
those new business models.”

—Pierre-Yves Noel, Cloud Services Product Owner at Alcatel-Lucent Enterprise

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About Zuora

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 1,000
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.

More at www.zuora.com. 28