Procuri Touts Q2 Results, Points to 10 New Subscription Customers

Strategic sourcing solutions provider also continues 100 percent renewal rate with seven contract extensions

Strategic sourcing solutions provider also continues 100 percent renewal rate with seven contract extensions

Atlanta — August 16, 2004 — e-Sourcing solution provider Procuri today touted its second quarter results, pointing to 10 new subscription agreements and seven contract extensions in the latest period.

Privately held Procuri offers Web-based sourcing solutions that is says can help companies by automating their sourcing processes, institutionalizing best practices and incorporating best-value sourcing decisions into daily operations.

With more than 125 customers, Procuri said it is continuing to increase its market share and revenue growth by focusing on sourcing functionality and customer service. Its new customers in the past quarter included such companies as Exel and LeChase Construction Services.

The provider also extended its 100 percent customer retention rate with seven companies re-upping, including ITT Industries and Progress Energy. Procuri's other customers include such companies as Procter & Gamble, Eastman Kodak, KLM Royal Dutch Airlines, Rio Tinto and U.S. Steel.

Procuri was included in this year's Supply & Demand Chain Executive 100 list, which highlights top supply chain solution providers, consultants and organizations that are leading and transforming the way companies do business in the area of supply chain management. (See story.)

"Procuri was selected based on its industry expertise applicable to specific areas of supply chain improvement and continuous solutions and services innovation," said James Mitchell, Procuri's chief sales and marketing officer. "Procuri has been included on the prestigious '100' list since inception due to its Web-based, functionally rich and cost-effective strategic sourcing solutions that deliver a demonstrated return on investment."

"This is an exciting time for our company," said Mark F. Morel, Sr., president and CEO of Procuri. "Our rapid customer acquisition rate and accolades by customers, analysts and industry influencers fuel the excitement. In a time when many software companies are announcing lower revenue results and decreased customer acquisition, Procuri continues to add key customers across every vertical market."