Canton, Mass. – March 24th, 2014 – Enterprise revenue recognition specialist SOFTRAX and MetraTech Corp., the leading global provider of Agreements-Based Billing™ (ABB), commerce and settlement solutions, today announced a partnership to collaborate on billing and revenue management solutions for both traditional transactional and recurring revenue models. These solutions draw on both companies’ long-standing experience in these fields and automate customer acquisition, provide flexibility to handle a variety of pricing models, and improve renewals with easy access to a comprehensive 360 view of the business.
Together, MetraTech and SOFTRAX will automate quoting and contracts, billing, and revenue recognition processes to support the increasingly complex needs of recurring revenue businesses, including established companies that are transitioning to a recurring revenue model but still maintaining existing legacy clients. Joint customers will be able to minimize the cost of customer acquisition, identify opportunities for cross and up-selling, and drive customer satisfaction with differentiated offers to increase renewals.
The move to everything-as-a-service (XaaS) requires businesses to support recurring revenue sources such as subscriptions and pay-as-you go pricing, along with dynamically created services and bundles. The number of service and pricing options often outstrips the capabilities of simplistic billing and enterprise resource planning (ERP) systems, which are not flexible enough to support the explosion in services and the growing complexity of pricing models. Businesses require systems that can efficiently handle orders, billing, and revenue recognition as the business grows and evolves. Easy access to meaningful, actionable customer data is also necessary to manage renewals and drive up-selling opportunities. Additionally, a global customer base poses challenges in pricing management, payment terms, revenue recognition over contract terms, and local taxation. Changes in regulation, particularly the impending convergence of US and international accounting standards, create additional pressure for these systems.
SOFTRAX and MetraTech work directly with clients whose billing, revenue recognition and/or partner settlement needs outstrip the capabilities of their ERP and billing platforms. The combined solution provides a compelling and cost-effective alternative to expensive custom coding, error-prone manual workarounds, and the disruption of a whole-system replacement. Customers can grow their subscriber bases globally, manage customer renewals efficiently, and provide a 360-degree view of customers across the organization to unlock opportunities for up-selling and cross-selling. Both companies’ solutions integrate with systems such as Salesforce.com, Microsoft Dynamics, Netsuite, and Oracle Financials and benefit from almost two decades of development and deployment experience.
“SOFTRAX has been addressing complex revenue recognition challenges for many years, while MetraTech has been supporting flexible pricing for a variety of business models that include subscription, usage and negotiated enterprise agreements that enable a business to evolve and grow. The depth and flexibility of SOFTRAX solutions complements our own billing and settlement solutions,” said Esmeralda Swartz, Chief Marketing officer at MetraTech.
“Combining our solution with MetraTech’s award-winning billing and settlement products provides clients with the power and flexibility required to support billing and revenue management through the changing nature of the subscription and services-based economy,” added Graham Hulme, Director of Product Management at SOFTRAX. “SOFTRAX and MetraTech are committed to providing clients with solutions that augment and enhance existing systems, allowing them to meet the challenges of today’s business world head-on.”
MetraTech Corp. simplifies and enables global commerce innovation, while helping businesses respond to an ever-changing customer and partner relationship landscape. MetraTech empowers businesses to embrace change through a unique agreements-based billing™, commerce and settlement solution that models and supports fluid, personalized, multi-party agreements for customers, partners and suppliers. MetraTech customers innovatively create and securely collect revenue, provide settlement to partners and manage their customer lifecycle in 36 languages, 28 currencies and 150 countries.
SOFTRAX is a leading provider of revenue recognition solutions that fundamentally change the way companies manage, report, and forecast their revenue and cash. Corporations manage billions of dollars through SOFTRAX to maximize their revenue, reduce operating expenses, comply with revenue recognition regulations and Sarbanes-Oxley requirements, and gain unprecedented visibility into their business performance. More information can be found at www.SOFTRAX.com or by calling (617) 778-7320.