Zuora Strengthens Operational Efficiency for Procore's Finance Department Enabling its Fastest Revenue Close To Date

SAN MATEO, Calif., Oct. 04, 2017 (GLOBE NEWSWIRE) -- Zuora, Inc., the leading provider of subscription order-to-cash solutions, today announced that its customer Procore was able to close its quarterly books faster than ever, taking the monthly financial close process down from eight to two days. With its improved operational efficiency running on the Zuora® Central platform, Procore is well positioned to continue its growth and market leadership.

“Once our breakneck pace surpassed the capabilities of our homegrown system, we selected Zuora to support our aggressive growth initiatives. Zuora functions as our system of record for measuring bookings, churn and retention - the metrics that truly matter for a subscription business. In just three months we’ve improved the efficiency of our software orders and financial close processes,” said Kevin Spinelli, Senior Director of Financial Systems at Procore.

Procore has more than two million users managing billions of dollars in annual construction volume. The high demand for its flagship product, which empowers construction firms to simultaneously manage multiple projects as seamlessly as possible, led Procore to launch its first international office this year in Sydney, Australia. Zuora provided Procore with a flexible enterprise subscription platform to support its accelerated international expansion plans and faster time to market.

“Procore is using software to change the way the construction industry thinks and performs,” said Tom Krackeler, SVP of Product at Zuora. “We love working with fellow SaaS disruptors and applaud Procore’s commitment to bringing the Subscription Economy^® effect to a market ripe for innovation. The company’s climb toward $100 million in revenue illustrates the magnitude of its impact on the market.”

Procore selected Zuora to help support their business goals of:

• International Expansion: Procore’s domestic growth will be complemented by strategic international expansion like its first APAC office in ydney which has already grown to more than 100 customers since April. Zuora enabled the company to easily add multiple currencies and credit card payment processing options, thus decreasing the time required to set up and launch pricing tailored to a new geography.
• Product Innovation: The international expansion follows significant interest in Procore’s intuitive, reliable, and cost-effective project management solution built specifically for the construction industry. Zuora has helped Procore fine tune pricing plans tailored to its customers.
• Financial Efficiency: Zuora helped Procore streamline critical processes in the quote-to-cash architecture including the automation of revenue recognition and collections, the end of customizations in Salesforce, the addition of billing amendments, and the seamless integration with existing back-end systems and taxation tools.

Additional Resources
“The Subscription Economy: A Business Transformation” by Tien Tzuo, CEO of Zuora
SlideShare: “Drivers of Success in the Subscription Economy”
MGI Research Forecast on Agile Monetization Platforms 2016-2020
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About Zuora, Inc.
Zuora, the leading Subscription Economy® evangelist, provides the only SaaS platform that automates all subscription order-to-cash operations in real-time for any business. Companies in any industry can launch new businesses, shift products to subscription, implement new pay-as-you-go pricing and packaging models, gain new insights into subscriber behavior, and disrupt market segments to gain competitive advantage. Zuora serves more than 1,000 companies around the world in a wide range of industries, including Box, Komatsu, Rogers, Schneider Electric, Toshiba, Xplornet and Zendesk. The Subscription Economy Index (SEI) demonstrates that SEI companies are growing revenues approximately nine times faster than the S&P 500. Headquartered in Silicon Valley, Zuora also operates offices in Atlanta, Boston, Denver, San Francisco, London, Paris, Beijing, Sydney, Chennai and Tokyo.

Media Contact:
Jayne Scuncio
[email protected]
408-348-1087

© 2017 Zuora, Inc. All Rights Reserved. Zuora and Subscription Economy are trademarks of Zuora, Inc. Third party trademarks mentioned above are owned by their respective companies. Nothing in this press release should be construed to the contrary, or as an approval, endorsement or sponsorship by any third parties of Zuora, Inc. or any aspect of this press release. To learn more about the Zuora platform, please visit www.zuora.com.

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