Detail

Hertz Selects ICG Commerce to Provide Procurement Outsourcing Services

Monday, April 21, 2008

Key Element of Strategic Initiative to Change Business Model

PHILADELPHIA - Monday, April 21, 2008 - The Hertz Corporation (NYSE: HTZ) has signed a five-year contract with ICG Commerce, a leading procurement services provider, for procurement outsourcing services to support Hertz';s broader efficiency improvement and reengineering efforts.

"Our objective is to be the lowest cost, highest quality and most customer-focused company in the rental markets we serve. We are selecting service providers who will help us drive efficiency, quality and service improvements worldwide," said Mark P. Frissora, Hertz's Chairman and Chief Executive Officer.

John Thomas, Executive Vice President, Global Supply Chain at Hertz added, "Partnering with ICG Commerce enables us to drive material savings across our indirect spend over the next five years while increasing our focus on our direct expenses and other key supply chain opportunities."

Under the contract, ICG Commerce will provide comprehensive procurement outsourcing services for Hertz's North American and European operations. These services will help Hertz drive greater control over expenditures in buying categories including professional services, equipment and automotive, facilities, transportation, IT, benefits and marketing.

"We chose the procurement specialist based on ICG Commerce's deep procurement expertise, strong track record of helping companies achieve aggressive bottom-line cost reductions and their understanding of our needs and goals," said John Thomas. "Working collaboratively with ICG Commerce allows us to more effectively deliver global, best-in-class procurement to support and grow our business."

In order to help Hertz achieve its procurement goals, ICG Commerce will provide access to a comprehensive infrastructure that supports sourcing, transaction management and category management across North America and Europe. ICG Commerce will leverage its partnership with Genpact (NYSE: G), drawing on the company's deep six-sigma experience and strong operational capabilities, to support procurement processing in Europe.

"We are proud to play a high-impact role in one of Hertz's key strategic initiatives," said Carl Guarino, chief executive officer, ICG Commerce. "We look forward to working alongside Hertz to achieve their objectives and to demonstrate the significant value procurement outsourcing can bring to a company."

About Hertz

The Hertz Corporation, the world's largest general use car rental brand, operates from approximately 8000 locations in 145 countries worldwide. Hertz is the number one car rental brand in the United States and at 69 major airports in Europe, as well as the only car rental company with corporate and licensee locations in Africa, Asia, Australia, Europe, Latin America, the Middle East and North America. Product and service initiatives such as Hertz #1 Club Gold, Neverlost customized onboard navigation systems, SIRIUS Satellite Radio, and unique cars and SUVs offered through Hertz's Prestige, Fun and Green collections, set Hertz apart from the competition. Hertz also operates one of the largest equipment rental companies in the United States and Canada combined, with corporate locations in France and Spain.

About ICG Commerce, Inc.

ICG Commerce is the leading procurement outsourcing specialist delivering comprehensive source-to-pay services. Results-driven leaders access ICG Commerce's experienced resources and market intelligence to better manage procurement and logistics spend, gaining significant savings and enhanced visibility and control.

ICG Commerce is a privately held company founded in 1992 and a member of Internet Capital Group's (Nasdaq: ICGE) network of partner companies. The company has earned recognition from Forbes, Fortune, The International Association of Outsourcing Professionals (IAOP) and leading industry analysts for its leadership in procurement outsourcing. For more information: www.icgcommerce.com

About Genpact

Genpact (NYSE: G) manages business processes for companies around the world. The company combines process expertise, information technology and analytical capabilities with operational insight and experience in diverse industries to provide a wide range of services using its global delivery platform. Genpact helps companies improve the ways in which they do business by applying Six Sigma and Lean principles plus technology to continuously improve their business processes. Genpact operates service delivery centers in India, China, Hungary, Mexico, the Philippines, the Netherlands, Romania, Spain and the United States. For more info: www.genpact.com.

Back to press release list