CombineNet Completes Record-Breaking Year for Financial Performance and Growth in E-Sourcing Software Market Share

PITTSBURGH, Jan. 17, 2012 /PRNewswire/ -- CombineNet, Inc., the leading provider of best-in-class e-sourcing technology, today announced that it concluded 2011 with very strong results in revenue growth, sourcing software usage, customer expansion and retention, staff development, and industry recognitions. CombineNet reports growth of 71% in active customers in 2011 over 2010, which is record-breaking for the company, and now supports its largest-ever customer base. Also, 2011 was a top revenue year for CombineNet.

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CombineNet's Chief Executive Officer Rich Wilson commented: "Rapid adoption in 2011 of our self-service e-sourcing product solution, CombineNet ASAP®, across an even wider range of spend types, confirms the value we offer to a diverse set of companies and industries.  We are poised to further accelerate our growth in 2012 as we continue to lead the industry in product innovation, which translates to an unmatched and swift return on investment. " 

CombineNet's President and Chief Financial Officer, David Zynn, stated: "2011 proved to be an excellent growth year for our company, following our strategic shift in late 2010 to invest in product-led solution delivery so that sourcing teams can easily and rapidly execute online sourcing events. Despite some turbulent global economic conditions, we feel our success is due in large part to our solution's ability to clearly identify previously untapped savings and supply chain innovation opportunities and deliver immediate ROI to our customers."

Additional key highlights from 2011 include:

• Over 70% growth in hands-on users of the company's Software-as-a-Service (SaaS)-based e-sourcing product, CombineNet ASAP, from 2010 to 2011.
• More than 250% growth in e-sourcing events supported in CombineNet ASAP from 2010 to 2011, including utilization in new spend areas such as media buying, corporate services, facilities development, and certain raw materials.
• Addition of customers in new vertical sectors, including Quick Service Restaurants, Pharmaceuticals, and Energy.
• A customer retention rate of over 95%.
• Employment growth of 20% across product development, sales, and customer support departments, including the addition of a new chief technology officer, Steve Brooke, formerly of Procuri.
• Two major CombineNet ASAP product release updates, which delivered a new Expressive Feedback feature and sourcing event Dashboards to users, among other enhancements.
• The formation of a formal Customer Advisory Board, anchored by Global 1000 companies.
• Receipt of numerous industry and professional awards, including: Food Logistics 100; Supply & Demand Chain Executive Pros to Know for three staff members; Supply & Demand Chain Executive 100; Inbound Logistics' Top 100 Logistics IT Company; SupplyChainGreat 100 Great Supply Chain Partners; and the American Marketing Association Pittsburgh chapter's Technology Marketer of the Year.

To read more about CombineNet's headlines in the e-sourcing market, please visit our newsroom online at: http://www.combinenet.com/news-events/pressreleases.aspx

About CombineNet

CombineNet, Inc. delivers award-winning best-in-class e-sourcing software through its product CombineNet ASAP®. As a Software-as-a-Service (SaaS)-based sourcing solution, CombineNet ASAP allows customers to speed, simplify, optimize and centralize the sourcing of any and all spend categories from global suppliers: direct and indirect materials, all modes of transportation and services. Now in its twelfth year in business, CombineNet has a proven track record of driving significant bottom-line and productivity savings for its clientele which includes: Procter & Gamble, General Mills, Sears, Johnson & Johnson, A.P. Moller-Maersk, Bayer, Coca-Cola, Pepsico, U.S. Department of Agriculture, and many more. www.combinenet.com.

SOURCE CombineNet, Inc.