CONSHOHOCKEN, Pa., April 18 /PRNewswire/ -- Expensewatch.com continued
its rapid growth from 2006 across each aspect of its business in the first
quarter of 2007, including new customer acquisitions, add-on subscriptions
from existing clients and licensed-user renewals. In addition, Bezos
Expeditions completed a private equity buyout of the company.
Expensewatch.com added more than 6,500 new subscribers and 82 new
customers from Q1 2006 through Q1 2007. Over the same period, more than 32
percent of existing customers expanded their use of the service by adding
additional users or modules, while expensewatch.com customers renewed
expiring licenses at a rate of more than 90 percent.
"Our continued growth, especially in our customer renewal rates,
demonstrates there is significant demand by small and midsized companies
for our innovative on-demand operating expense controls," said Bill
Vergantino, president and CEO. "We will continue to succeed only if our
customers are successful in controlling and reducing their operating
expenses through the use of expensewatch.com."
"We chose expensewatch.com because we see real value in our ability to
control and reduce all of our operating expenses within one solution," said
Sandro Lanni, president and CEO of Charter School Management Corporation.
"We can capture all company expenses with the modules for expense reports,
purchasing and invoice management, apply company spending policies, and
then report on that data in real time to see where actuals are against
budgets. That's real control."
"Whether in education, banking, technology, health care services,
financial services, hospitality, engineering, non-profit or other
industries, small and midsized companies spend money," Vergantino said.
"With expensewatch.com's web-based operating expense control service, they
can automate and control a critical aspect of their business."
Further validating the market demand and expensewatch.com's ability to
align to that demand, existing investor, Bezos Expeditions, the personal
investment company of Jeff Bezos, completed a private equity buyout of
expensewatch.com in March. The terms of the agreement were not disclosed.
"Expensewatch.com is a terrific, customer-focused company with a value
proposition that makes sense for every small-to-midsize business. Until
recently, integrated expense control across travel and entertainment,
invoice management and purchasing was really only affordable for the
largest companies. Expensewatch.com is changing the way we think about
expense management-the online tools are easy to use and automate time
consuming paper flow," said Stephen Campbell, chief investment officer for
Bezos Expeditions. "We see significant opportunities for growth in this
market as more and more businesses experience the benefits, great value,
and ease-of-use of web-based applications and services."
Currently thousands of people in more than 15 countries are using the
expensewatch.com service. For more information call 1-866-399-2824 or visit
Contact: Kristin Keyes