Software-as-a-Service renewal firm Renewtrak has flagged the upcoming opening of its new global headquarters in Palo Alto, to underpin strong early demand for its offerings which are aimed squarely at the tech industry.
“We’re about to go on a recruitment drive to support the growth of the company, and are excited to start reaching out to top developer and commercial talent in Silicon Valley,” said company founder and CEO Nick McMenemy, during a media session on the sidelines of NetEvents’ Global IT Summit in San Jose. “Our HQ will also support our burgeoning US customer base.”
Founded in 2014, the firm’s proposition centres on unlocking the unexploited value in the renewal process. Put simply, Renewtrak is billed as a white label service provider offering a suite of intelligent customer management services designed to maximize revenues and margins from existing client customers.
“Our mission is to rewire a process that is traditionally manual, lacks scale and leaves money on the table,” McMenemy said. “Using our pioneering technology and integrated performance-based commercial model, we’re certain we’ve hit the sweet spot. We take renewals data and let the software start to make predictions based on some of the behaviors and trends that emerge in the renewals process.”
McMenemy explained how Renewtrak’s automated service, while relying on machine learning, for now at least did not involve AI to any great extent. “We are taking the numbers and making predictions about if this data point acts in a certain way, then we predict this outcome. This process is automated; it is like being able to programme and make learnings about how a traffic light system might work, reacting to peaks in traffic, it is simply about the numbers. This to my mind is machine learning, not true AI.”
“Our service is able to do this at scale, no matter the value of the renewal,” said McMenemy. “However with Renewtrak we are also dealing with behaviours and the messiness of actual business. We are able to automate processes that really don’t need to be done by call centers.”
“Through data gathering and automation, the machine can start to learn,” he said. “Our service can easily spot when renewals are coming up. The machine sees no difference or creates no weight leaning towards the higher value renewals.”
According to Renewtrak, its service saves clients an annual revenue of 45.4% and can increase average client profit by 62.9%. The company currently has four offices around the globe, with its ISO 27001 certified service supporting 32 currencies and 24 languages.
McMenemy also noted some early customer wins, including signing Ingram Micro and said trials were underway with several other key Silicon Valley tech players which the firm will be announcing over the next 2-3 months. “We look forward to working with many more here in the US from our new global HQ,” he added. “We are growing fast and have a clear ambition to be the tech industry’s global go-to provider for renewals.”
Richard van der Draay was in San Jose as a guest of NetEvents