ICG Commerce Completes Strong Third Quarter as Companies Increasingly Look to Procurement for Significant Cost Reductions
Monday, November 11, 2002
Procurement Services Provider Adds Ten New Customers and Expands Business with Numerous Existing Customers PHILADELPHIA - Monday, November 11, 2002
- ICG Commerce, a leading Procurement Services Provider, today announced key business results for the quarter ended September 30, 2002. ICG Commerce added ten large companies to its customer base during the third quarter, including Abercrombie & Fitch, Airborne and Pechiney Rolled Products. As a result of ICG Commerce's ability to deliver measurable cost reductions for its customers, the company expanded its relationships with a number of existing customers as well, including MSA, Nordstrom, Novartis, Rinker Materials and The Andersons. While growing its customer base, ICG Commerce also continued to accelerate the usage of its purchase-to-pay platform among existing customers, made significant enhancements to its eSourcing technology and was recognized with several notable industry awards.
ICG Commerce attributes its ability to add leading companies to its customer portfolio to three factors: an increasing need among companies to reduce costs, a growing trend within corporations to view procurement as a successful lever in achieving savings and a unique track record of delivering results by supporting the entire procurement process with both sourcing and category expertise as well as technology.
Among its fully implemented customers, ICG Commerce reported that the volume of transactions handled through its purchase-to-pay platform, RealExchangeSM, increased 15 percent over the second quarter. The steady growth is attributed to the company's ability to overcome the two most common e-procurement implementation challenges - enabling suppliers to do business with customers electronically and driving buyers to use new suppliers and new order methods. ICG Commerce's comprehensive implementation approach quickly connects buyers and suppliers, ensures that suppliers are ready to meet buyers' operational and service requirements and prepares and motivates buyers to purchase from preferred suppliers through the exchange.
As part of its goal to continue to bring customers the best combination of technology and expertise to support the entire procurement process, ICG Commerce enhanced its eSourcing platform, RealSourceSM, during the third quarter to include additional languages, RFI auto-scoring functionality and new capabilities, including QuickBid and multi-parameter bidding.
The company's leadership position was further validated this past quarter by its inclusion in Forbes prestigious "Best of The Web: B2B" special issue. ICG Commerce was selected as one of the top four companies in the highly competitive procurement category. This honor follows recognition earlier this year from Supply Chain e-Business as a Top 100 solution provider and from Upside as one of its Hot 100 companies for 2002.
"I am very pleased with the recent performance of the ICG Commerce team," said Ed West, chairman of ICG Commerce. "With a single-minded focus on delivering results for its customers, the company has been able to attract new customers, expand business with existing customers, enhance its solution offering and gain additional recognition in the market for its unique savings solutions. It is clear that procurement is rising to a new level of importance within the enterprise, and as a leading procurement service provider, ICG Commerce is well positioned to help companies address their cost reduction needs."
About ICG Commerce, Inc.
ICG Commerce (www.icgcommerce.com
) is the leading Procurement Services Provider delivering total procurement cost savings through an unmatched combination of deep expertise and hosted technology. ICG Commerce provides a comprehensive range of solutions to help companies identify savings through sourcing, realize savings through implementation and transaction management and drive continuous improvements through category management. ICG Commerce Inc., a privately held company founded in 1992, is a member of Internet Capital Group's (Nasdaq: ICGE) network of partner companies and was recently named one of UPSIDE Magazine's Hot 100 companies for 2002 as well as a Supply Chain e-Business Top 100 solution provider.
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