PROS Overview
We believe the following key strengths that differentiate us:
We have a 20-year track record of providing pricing and margin optimization software products to numerous customers in a variety of industries. Our software products are integrated into our customers' systems and processes, allowing us to gain significant insight into the most complex and demanding pricing problems. We believe that our experience in delivering pricing software products that are strategically important to our customers has enabled us to build a strong reputation within the pricing and revenue optimization market.
We focus exclusively on the pricing and revenue optimization market. We employ a team of 30 scientists who actively participate in the pricing research community and work closely with our customers to improve pricing methodologies. As a result, we have developed extensive expertise in pricing, and we believe our thought leadership in pricing science enables us to develop and deliver leading pricing and revenue optimization software products.
Our software products currently operate in some of the largest, most complex and demanding information technology environments. In high volume transaction applications, PROS software products can handle hundreds of simultaneous users and transactions per second. We continue to invest in improving the scalability, reliability and performance of our software products for large global customers.
Our PROS Pricing Solution Suite addresses analytics, execution and optimization in an integrated platform. Our software products offer a broad feature set and are designed to be configurable to the unique needs of our customers across industries. We also provide a range of services to our customers that include analyzing a company's current pricing process, identifying detrimental pricing practices and implementing our software products to improve pricing strategies.
Our software is used by customers around the world across a number of industries, including manufacturing, distribution, services, hotel and cruise, and airline. PROS has implemented over 200 solutions across a range of industries in more than 40 countries. Our software accommodates global requirements such as currency conversion, units of measure and unique country-specific pricing processes.
Our objective is to be the leading global provider of pricing and revenue optimization software. To achieve this goal, we pursue the following strategies:
We believe the strategic importance of our pricing and revenue optimization solutions will help us attract new customers in our existing markets and in new markets. We intend to expand our customer base by growing our sales force to acquire customers in new markets and to increase penetration in the manufacturing, distribution, services, hotel and cruise, and airline industries.
We develop close relationships with our customers by identifying and addressing their high value pricing needs during the implementation of our strategic management software products and by enabling pricing best practices within their organizations. Over the past three years, customers have renewed an average of 96% of the maintenance and support revenue that was up for renewal. Our focus on customer service creates opportunities to cross-sell additional pricing solutions and increase penetration within an organization.
We plan to extend our thought leadership in pricing science by working on our customers' demanding pricing problems and increasing our investment in advanced scientific pricing research. We also plan to promote the use of pricing software products through our research publications and pricing conferences.
We intend to extend our technology leadership by increasing our investment in research and development to deliver more advanced pricing software solutions to our customers. We also intend to make further investments to enhance the scalability of our pricing software products, which we believe is a key differentiator of our solutions. In addition, we will continue to include new functionality in our strategic management software products based on our knowledge of our customers' pricing problems.
We plan to develop relationships with third-party consultants and systems integrators that will enable them to promote and implement our strategic management software products for customers.
