Purchasing Power Recognized For Strong Financial Growth By Inc. 5000 for Fifth Consecutive Year Atlanta e-Commerce Company Continues to Add to Growing List of Business Achievement Awards
ATLANTA, Aug. 22, 2012 /PRNewswire/ -- Fueled by a 137 percent three-year growth in revenue, Purchasing Power announced today the company obtained a ranking of 1961 on the 2012 Inc. 5000, Inc. magazine's annual listing of the fastest-growing private companies in America. This is the fifth consecutive year the company has appeared on the list.
Purchasing Power also ranked 75th on the list of top companies in the Atlanta Metro Area, 75th on the list of top companies in Georgia, and at 140th in the nation in the Business Products & Services category.
"Over the past few years, voluntary benefits have become widely accepted by human resources professionals and benefits brokers as a way to stay competitive in recruitment and to increase employee job satisfaction," said Richard Carrano, Purchasing Power President and CEO. "Despite the challenges of growing a business in a troubled economy, we have been able to increase the number of employees participating in the Purchasing Power employee purchase program, and by placing emphasis on creating a positive customer experience, 70 percent of our customers are repeat purchasers."
Purchasing Power grew its revenue by 137 percent from 2008 to 2011 and is on track to boost its revenue again in 2012. Since 2001, Purchasing Power customers have placed over 1 million orders. Additionally, the company has almost doubled it workforce since 2007, the year Purchasing Power first appeared on the Inc. 5000 list.
Founded in 2001, Purchasing Power is the premier employee purchase program that helps consumers buy name-brand products such as computers, electronics, home appliances and furniture through payroll deduction. The company was also named a 2012 "Georgia Fast 40" company, and earned an Atlanta Business Chronicle Pacesetter Award earlier this year.
The 2012 Inc. 500|5000 is ranked according to percentage revenue growth when comparing 2008 to 2011. To qualify, companies must have been founded and generating revenue by March 31, 2008. They had to be U.S.-based, privately held, for profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2011. (Since then, a number of companies on the list have gone public or been acquired.) The minimum revenue required for 2008 is $100,000; the minimum for 2011 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Companies on the Inc. 500 are featured in Inc.'s September issue. They represent the top tier of the Inc. 5000, which can be found at http://www.inc.com/500.
Founded in 1979 and acquired in 2005 by Mansueto Ventures, Inc. is the only major brand dedicated exclusively to owners and managers of growing private companies, with the aim to deliver real solutions for today's innovative company builders. Total monthly audience reach for the brand has grown significantly from 2,000,000 in 2010 to over 6,000,000 today. For more information, visit http://www.inc.com.
About Purchasing Power, LLC
Headquartered in Atlanta, GA, Purchasing Power, LLC was founded in 2001 and offers customers an alternative to purchase a variety of name brand products and pay for them over 12 months through payroll deduction. Purchasing Power differentiates itself from traditional e-commerce retailers through its unique payment plan value proposition, strategic benefit broker partnerships, internal marketing expertise and superior customer service. Purchasing Power is a Rockbridge Growth Equity, LLC Company. For more information, visit www.PurchasingPower.com.
About Rockbridge Growth Equity, LLC
Rockbridge Growth Equity, LLC is a private equity firm that invests in financial and business services, consumer-direct marketing, and sports, media & entertainment industries. Based in Detroit, Michigan, Rockbridge owns equity stakes in Connect America, My Insurance Expert, Account Now, Protect America, Northcentral University, One on One Marketing and One Reverse Mortgage, and is affiliated with other leading businesses in its target sectors including Quicken Loans, the Cleveland Cavaliers, Title Source, Fathead, Xenith and ePrize. For more information on Rockbridge Growth Equity, visit www.rbequity.com.
SOURCE Purchasing Power, LLC