PHILADELPHIA, Feb. 24, 2011 (GLOBE NEWSWIRE) -- ICG Commerce, the leading provider of comprehensive procurement solutions, continues to build significant momentum through new customers and expanded engagements as companies are increasingly recognizing that indirect goods and services offer a significant and untapped cost reduction opportunity. Revenues grew by 24 percent marking the sixth consecutive year of growth of 20 percent or more; total spend under management increased 26 percent to $17.2B.
"ICG Commerce experienced significant growth in 2010 due to its differentiated and specialized infrastructure which combines the expertise, market intelligence, technology and process that companies need to optimize spending and accelerate the realization of savings," said Carl Guarino, the company's chief executive officer. "The sluggish economy continues to challenge business leaders to find new ways to simultaneously grow revenues and profits. By partnering with ICG Commerce, our customers access a comprehensive solution that allows them to accelerate and maximize cost savings that can be used to fund innovation and growth and improve the bottom-line."
ICG Commerce added customers across a range of industries, including high-technology, consumer products and food service entering into new multi-year engagements with global prestige beauty products company, Elizabeth Arden and with leading casual dining company, Brinker International.
To support ICG Commerce's continued global growth, the company opened in 2010 new centers in Prague, Czech Republic and Sao Paolo, Brazil. Based on its leadership in the procurement arena, ICG Commerce has been recognized by the International Association of Outsourcing Professionals® (IAOP®) as one of the world's best outsourcing service providers in the 2011 Global Outsourcing 100 program.
In order to further its leadership position, the company made several key infrastructure advancements throughout the year. To help customers accelerate and maximize savings realization, ICG Commerce enhanced its proprietary technology platform adding new functionality that guides best-in-class sourcing, contracting, buying and on-going category management processes and provides unparalleled visibility into spending, compliance and realized savings. ICG Commerce also expanded its workforce comprised of dedicated procurement and category specialists by 20 percent and launched a first of its kind procurement leadership development program, focused on building exceptional leadership skills coupled with deep procurement expertise.
The company has also continued to invest in growing its business in the consumer products (CP) industry. The company bolstered its CP expertise by hiring industry veteran Thomas Bornemann to lead its CP practice and the addition of Pat Peters, a former top executive with Unilever, to its Consumer Products Executive Advisory Board.
"CP companies are committed to tapping into sustainable sources of savings that can be reinvested in new product development and new market penetration," said Thomas Bornemann, consumer practice lead at ICG Commerce. "At ICG Commerce, we deeply understand CP market conditions and have developed our solution to help companies optimize spending in strategic areas such as Marketing, Logistics and IT while they focus on combating core commodity cost inflation and meeting the needs of the increasingly value focused consumer."
In 2010, this focus resulted in a total of four new CP customers, including Elizabeth Arden. The addition of these new customers underscores a growing trend among consumer products companies to partner with comprehensive procurement solution providers to address complex areas of spend that are difficult to manage with traditional procurement approaches.
About ICG Commerce, Inc.
ICG Commerce, the leading procurement solution provider, is driving a fundamental change in the way today's businesses achieve financial agility and fund growth. ICG Commerce is the only procurement solution provider that has built a specialized infrastructure dedicated to helping companies optimize indirect spend and drive bottom line savings that strengthen their businesses. ICG Commerce is a privately held company and member of ICG's (Nasdaq:ICGE) network of partner companies.
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