ATLANTA, March 18, 2016 /PRNewswire/ -- From its beginnings as a company offering employees the ability to purchase computers through payroll deduction, Purchasing Power has grown in 15 years to become an industry-leading voluntary benefit. Today, the specialty e-retailer's employee purchase program has 45,000 products and services in its catalog and is available to 7.8 million American workers through companies with 1,000+ employees, associations and government agencies.
Purchasing Power has consistently experienced record growth. The company has ranked for the last eight consecutive years in the Inc. 5000 Fastest Growing Private Companies in America and currently reports approximately $1.4 Billion in cumulative revenue at a CAGR of 30.8% between 2003 and 2014, the measurement window for the Inc. 5000 annual honors.
Reena Barber, Senior Director, Payment Solutions, has been with the company since it started. "I don't think we fully understood back then the magnitude of what was ahead of us," she commented. Reflecting on what has made Purchasing Power what it is today, Barber said it's really the people – the Purchasing Power employees – who contribute their heart and soul to the business. "It's the belief in the greater good, and how we are truly Powering People to a Better Life™ that has made this company great," she added.
"Purchasing Power delivers an employee benefit that is valuable for both employees and employers," said Richard Carrano, Purchasing Power President and CEO. "Employees are empowered with a better way to buy products and services they need or want, and because they can, employees are less financially-stressed and more productive at work, which benefits the employer's bottom line. Our strong growth can be attributed to the popularity of our employee purchase program as well as our world-class customer service," he added.
Pioneering the concept of an employee purchase program, Purchasing Power allows workers to obtain products and services regardless of credit history through a disciplined budget plan. Through the years the company expanded beyond its early offerings of computers and electronics to include a full range of products and services that enhance employees' lifestyles, including furniture, appliances, baby and kids gear, online educational services, automotive services and vacation packages. Purchasing Power enhanced their program in recent years by adding financial tools and resources to improve employees' financial wellness.
Last November, Purchasing Power received its first investment-grade credit rating and announced completion of a $160M asset-backed securitization to fuel continued growth driven by significant new client and customer additions to the business.
About Purchasing Power, LLC
Purchasing Power is one of the fastest-growing voluntary benefit companies in the industry, offering a leading employee purchase program for consumer products and services as well as providing financial tools and resources to improve employees' financial wellness. Purchasing Power is available to 7.8 million people through large companies – including Fortune 100s – and government agencies. The company was honored for "World Class Service" by Smart Business, recognized as one of the fastest-growing companies for eight years on the Inc. 500|5000, and is one of "Atlanta's Best and Brightest Companies to Work For." Headquartered in Atlanta, Purchasing Power is 'Powering People to a Better Life™' through its employee purchase program, financial literacy efforts and charitable contributions. Purchasing Power is a Rockbridge Growth Equity, LLC Company. For more information, visit www.PurchasingPower.com.
"A Better Way to Buy" and "Powering People to a Better Life" are trademarks, and "Purchasing Power" is a registered trademark, of Purchasing Power, LLC.
Juliann Kaiser, 770.643.0615
SOURCE Purchasing Power, LLC