Syncron Continues Global Growth and Increases Subscription and Support Revenue 32% Year-over-Year

Increased demand for maximized product uptime compels manufacturers to redefine after-sales service

News provided by

Aug 14, 2018, 09:48 ET

STOCKHOLM, Aug. 14, 2018 /PRNewswire/ -- Syncron™, a provider of cloud-based after-sales service solutions focused on empowering the world's leading manufacturers to maximize product uptime and deliver exceptional customer experiences, today announced its Subscription and Support revenue increased 32 percent year-over-year.

This attractive growth is the result of an increased demand for Syncron's innovative suite of after-sales service solutions, as manufacturers around the world take aggressive steps to capitalize on the revenue, profit and customer loyalty improvement opportunities that servitization – or manufacturers' transformative journey from selling products to selling outcomes – introduces.

Consumer preferences are shifting from ownership to access, and this is forcing many manufacturers to redefine the way they do business. Manufacturers now must focus on – and sell – product uptime, increased performance and many other service-related metrics and this outcome-based, service-centered mindset is leading to an increased focus on optimizing after-sales service operations.

"Manufacturers are waking up to the massive opportunity that maximized product uptime presents, and as a result, they realize they need to invest in the necessary technologies to make this huge change a reality," said Anders Grudén, CEO of Syncron. "As more manufacturers equip staff and invest in modern technologies to meet customers' ever-increasing service expectations, they are turning to Syncron to lead them through this evolution. We are constantly innovating to ensure we are always on the cutting edge of technology, helping manufacturers around the world meet their customers' evolving needs. I am thrilled with the phenomenal growth we have achieved in recent years and am eager to continue providing superior products and services to our dynamic, industry-leading customers."

In addition to the increase in revenue, other notable results include:

Closing the first quarter of 2018 as the most successful in the company's history
Increasing employee count by 67 percent since 2015, with a 127 percent increase in Research and Development and 50 percent increase in Customer Success
New business growth in North America, Europe, the Middle East and Asia fueling a 50 percent increase in the number of clients since 2015
Increased presence in high-growth markets, with more than 40 percent of revenue now coming from North America
Expanded ecosystem of partners to streamline implementations and enable customers to realize value quickly

"As an industrial machinery manufacturer, it is always our top priority to ensure maximum product uptime of our customers' machines," said Takashi Yamada, General Manager, Machine Tools CS Planning Department, Machinery Business Division, Brother Industries, (Ltd.). "As our customers' needs continue to increase and evolve, it is now more important than ever to provide superior after-sales service experiences. Syncron guarantees our service supply chain is always in optimum condition and will exceed customer expectations while simultaneously increasing financial performance."

Manufacturers like Brother, BAE, CLAAS, Hitachi, Manitowoc, Motor Coach Industries, Renault and Siemens have turned to Syncron to redefine the way they manage after-sales service. Syncron's recent success is built upon the achievements of previous years, as the company continues to expand its relationship with current customers, add new customers and compete and win against the competition.

To learn more about Syncron and its suite of after-sales service solutions, visit syncron.com.

About Syncron
Syncron empowers the world's leading manufacturers to maximize product uptime and deliver exceptional after-sales service experiences, while driving significant revenue and profit improvements. From industry leading investments in research and development, to providing the fastest time-to-value, Syncron's award-winning, cloud-based service parts inventory, price and uptime management solutions are designed to continually exceed customer expectations. Top brands from around the world trust Syncron to transform their after-sales service operations into competitive differentiators. For more information, visit syncron.com.

SOURCE Syncron