Global eProcure Touts Successes

e-Sourcing provider triples revenues in 2002 while remaining profitable

Clark, NJ  February 21, 2003  Global eProcure, a provider of e-sourcing services, this week highlighted its recent successes, pointing to a tripling of its revenues over the past year and continued profitability despite the recent tough economic conditions.

Founded in 1999, Global eProcure currently servers more than 30 customers, providing such e-sourcing solutions as spend analysis, electronic request for information and request for proposal, reverse auction, and total cost analysis and reporting tools for private and public sector institutions. The provider offers full-service and self-service tools.

Privately held, the provider did not release detailed financial information, although it said in a statement this week that it had tripled its revenues in 2002 while remaining profitable. Overall, the company says it has sourced more than $2 billion for its global customers to date, with an average savings of 18 percent.

The company has served customers in a variety of sectors, including Duron Paints & Wallcoverings, Exide Technologies, Hoffman-La Roche, Markem Corporation, Phillips International, Lands' End and the state of Wisconsin, as well as numerous federal government agencies. Just last August the U.S. General Services Administration selected Global eProcure to be one of the companies to perform a five-year, $20 million reverse auction contract for the federal government. (See related story.)

"eSourcing has been a great tool in our purchasing toolkit to achieve our cost saving initiatives," said Bruce Boos, director of supply chain at Duron. "We have used the full range of services Global eProcure has to offer and have been very pleased with the results achieved. Spend Analysis provided insight into prioritizing strategic opportunities. The e-auctions have introduced a number of outstanding new vendors."

Global eProcure, based in New Jersey, is owned by NB Ventures, a woman-owned and minority enterprise, certified by New York/New Jersey Minority Supplier Diversity Council (NMSDC).

For more information on the current state of the e-sourcing market, see the Global Enabled Supply and Demand Chain Series article on sourcing in the February/March 2003 issue of iSource Business.