Expensewatch.com Continues Strong Growth, Completes Private Equity Buyout by Bezos Expeditions

Apr 18, 2007, 01:00 ET from Expensewatch.com

    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

SOURCE Expensewatch.com