Procuri Touts Q3 Customer Wins

e-Sourcing specialist sees European growth fueling success, signs Australian partner to expand Asia-Pacific presence

Atlanta — October 27, 2003 — Strategic sourcing software provider Procuri this week reported that it had closed the third quarter of 2003 with 22 new customer agreements, increasing its overall customer base to more than 90, as European customer wins boosted the e-sourcing specialist's fortunes.

The provider said the addition of Campina and other European-based customers helped fuel its success over the past quarter. Thirty-one companies have signed long-term subscription agreements with Procuri this year, doubling the total number of long-term subscription customer agreements that the provider has signed compared with the same time last year.

"We've been extremely pleased with our success in Europe, especially when other sourcing vendors are having to restructure their European operations," said Mark Morel, Sr., Procuri's president and CEO. "There is a clear need for these solutions, and companies are realizing the competitive advantage they have with sourcing solutions in place."

The company also reported that it had continued its 100 percent renewal rate on all expiring customer agreements. Procuri said that its customer list spans a variety of industries, including consumer goods, transportation, construction materials, financial services, manufacturing and government.

Elsewhere, Procuri said it had signed an agreement with Australian-based Portland Group in a move to expand its presence in the Asia-Pacific market and provide sourcing solutions to procurement organizations and companies based in Australia and New Zealand. Under this agreement, Portland Group will exclusively use Procuri's solutions with its existing client base and resell these solutions to its customers and prospects.

Portland Group was the first company to run an online bidding event in Australia and has experience in sourcing goods and services in the Australian market, both online and offline. The company offers a range of professional services focused on assisting large corporations and government entities in improving their procurement and supply chain operations.

Portland eSourcing, the e-sourcing division within Portland Group, will focus on selling and supporting Procuri's solutions in the Australasian market.

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