PHILADELPHIA, April 27, 2010 (GLOBE NEWSWIRE) -- On the heels of announcing significant growth in 2009, ICG Commerce, the procurement outsourcing specialist, today announced the appointment of Joseph Waterman to Chief Financial Officer, effective March 15, 2010. Mr. Waterman assumes responsibility for the company's finance strategy and operations and reports directly to Chief Executive Officer Carl Guarino.
ICG Commerce grew revenues by 28 percent in 2009 and increased spend under management by 33 percent to $13.6 billion. This growth reflects the increasing recognition among companies that procurement outsourcing is the next generation strategy for improving financial performance by delivering hundreds of millions in savings across indirect and non-core spend areas. Mr. Waterman is positioned to lead ICG Commerce through continued global expansion, in addition to seizing opportunities created by the increased demand for its services.
"We are pleased to welcome Joe to our management team at a pivotal time in the company's growth," said Carl Guarino, Chief Executive Officer, ICG Commerce. "Joe brings a valuable combination of financial and operational knowledge and a strong track record of helping companies drive successful growth on a global scale."
For the five year period prior to joining ICG Commerce, Mr. Waterman worked for two venture backed entities. Most recently, he was the Chief Financial Officer of RecoverCare, LLC, a leading distributor of health care solutions. Prior to working with RecoverCare, Mr. Waterman was the Chief Financial Officer of Gestalt, LLC, a privately held defense consulting firm. During his three-year tenure, the company's revenue grew three-fold. For the thirteen years prior to Gestalt, he worked for Sanchez Computer Associates, a global software company where he served initially as Chief Financial Officer, and then as President and Chief Operating Officer. During his career with Sanchez, he led a successful IPO prior to the later sale to Fidelity National Financial.
"I am very fortunate to be joining ICG Commerce at this time. The Company's business model and its ability to help leading companies drive strong financial performance through procurement outsourcing fits the need of many corporations today," stated Mr. Waterman. "I look forward to partnering with a very experienced and knowledgeable management team to drive continued growth and global expansion."
Mr. Waterman has held positions on several for-profit and not-for-profit Boards over the years. Currently he is on the Board of Please Touch Museum in Philadelphia, one of the premier children's museums in the world. He is a certified public accountant and graduated magna cum laude from St. Francis University with a BS in Business Administration.
About ICG Commerce, Inc.
ICG Commerce, the procurement outsourcing specialist, is driving a fundamental change in the way today's businesses achieve financial agility and fund growth. ICG Commerce is the only procurement outsourcing specialist with superior market intelligence integrated into an operational approach, resulting in hundreds of millions of dollars in realized savings. ICG Commerce is a privately held company and member of Internet Capital Group's (Nasdaq:ICGE) network of partner companies.
The ICG Commerce, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6920