eLance Introduces Monthly Subscription Fees for All Service Providers

New Pricing Model Fuels Revenue Growth



Apr 30, 2001, 01:00 ET from eLance, Inc.

    SUNNYVALE, Calif., April 30 /PRNewswire/ -- eLance, Inc. (www.elance.com),
 the leading professional services marketplace for Web-based outsourcing, today
 announced it will begin charging monthly subscription fees from all service
 providers to bid on projects in the eLance marketplace.  The new fee structure
 is expected to accelerate revenue growth for the company.
     Since its launch two years ago, eLance has created an online community
 where buyers and sellers of services can transact business without geographic
 limitations and realize greater efficiencies in time and cost.  eLance is now
 the largest professional services marketplace with over $60 million in
 transaction volume -- with 40 percent of the transactions occurring across
 borders.  With the new subscription model, the company is adapting to changing
 conditions and building a strong, viable marketplace with serious, high
 quality service providers.
     These new revenues further enable development of new products and services
 designed to broaden revenue streams and strengthen relationships with buyers
 and service providers.  The company recently introduced eLance Direct, which
 offers project management expertise for buyers of application development and
 web design projects.  Also in the pipeline are products like eLance Store and
 eLance Office that are geared to helping service providers manage and grow
 their businesses more effectively.
     "eLance has successfully leveraged the Internet to build a company that
 has created new ways for buyers and sellers of services to interact and grow
 their business," said V. Eric Roach, chairman and chief executive officer of
 eLance.  "The challenge now is to build a long term, stable and sustainable
 business that will benefit all stakeholders."
     Under the new subscription system, monthly fees start at $25 for the Basic
 level and range up to $150 for Select membership in certain categories.  In
 addition, service providers pay transaction fees ranging from seven to ten
 percent of the value of all awarded projects.  eLance has proven to be a great
 source of clients and a highly efficient marketing channel for service
 providers across the globe.
     "eLance has always been a very active market," said Susan Lawrence of
 Visual Communications, "I started using eLance to supplement my income and was
 so successful that I quit my day job.  Since then, eLance has helped me market
 myself to customers that pay more for high quality work.  In fact, I've
 recently had to turn down clients because I simply have more work than I can
 do.  eLance has given me the opportunity to work on my own terms, making it
 worth my while."
 
     About eLance
     eLance, Inc. (www.elance.com) is the leading professional services
 marketplace for Web-based outsourcing used by businesses worldwide.
 Businesses can tap into a highly qualified pool of professional talent to get
 a wide range of projects completed online -- including software development,
 Web design and development, creative services, graphic design, translation
 services, copywriting and more.  eLance provides a highly liquid marketplace
 with a broad selection of professional service providers, online collaboration
 tools, global billing and payment capabilities and a quality assurance system
 designed to maintain the high standards for which the company is known.
     As a global company with 40 percent of transactions occurring
 cross-borders, over 300,000 businesses and individuals from more than
 160 countries are registered to conduct work via the eLance network.  eLance
 has built alliances with industry leaders across a range of business sectors
 including:  eBay, Sun Microsystems, Oracle Technology Network, IBM,
 Handspring, CNET, Red Hat, Novell, NetObjects, Corel, Macromedia, Virgin and
 Lycos Asia.
     A privately held company, eLance has attracted over $65 million to date
 from investors including Kleiner Perkins Caufield & Byers, Pequot Capital
 Management, Citigroup, Integral Capital Partners, and Charter Venture Group.
 Outside directors include John Doerr and Joe Lacob from KPCB, Ram Shriram
 former VP of business development at amazon.com, and Lawrence D. Lenihan, Jr.
 from Pequot Capital Management.
 
     CONTACT:  Pushpita Prasad of Edelman PR Worldwide, 650-968-4033, or
 pushpita.prasad@edelman.com, for eLance, Inc.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X47334610
 
 

SOURCE eLance, Inc.
    SUNNYVALE, Calif., April 30 /PRNewswire/ -- eLance, Inc. (www.elance.com),
 the leading professional services marketplace for Web-based outsourcing, today
 announced it will begin charging monthly subscription fees from all service
 providers to bid on projects in the eLance marketplace.  The new fee structure
 is expected to accelerate revenue growth for the company.
     Since its launch two years ago, eLance has created an online community
 where buyers and sellers of services can transact business without geographic
 limitations and realize greater efficiencies in time and cost.  eLance is now
 the largest professional services marketplace with over $60 million in
 transaction volume -- with 40 percent of the transactions occurring across
 borders.  With the new subscription model, the company is adapting to changing
 conditions and building a strong, viable marketplace with serious, high
 quality service providers.
     These new revenues further enable development of new products and services
 designed to broaden revenue streams and strengthen relationships with buyers
 and service providers.  The company recently introduced eLance Direct, which
 offers project management expertise for buyers of application development and
 web design projects.  Also in the pipeline are products like eLance Store and
 eLance Office that are geared to helping service providers manage and grow
 their businesses more effectively.
     "eLance has successfully leveraged the Internet to build a company that
 has created new ways for buyers and sellers of services to interact and grow
 their business," said V. Eric Roach, chairman and chief executive officer of
 eLance.  "The challenge now is to build a long term, stable and sustainable
 business that will benefit all stakeholders."
     Under the new subscription system, monthly fees start at $25 for the Basic
 level and range up to $150 for Select membership in certain categories.  In
 addition, service providers pay transaction fees ranging from seven to ten
 percent of the value of all awarded projects.  eLance has proven to be a great
 source of clients and a highly efficient marketing channel for service
 providers across the globe.
     "eLance has always been a very active market," said Susan Lawrence of
 Visual Communications, "I started using eLance to supplement my income and was
 so successful that I quit my day job.  Since then, eLance has helped me market
 myself to customers that pay more for high quality work.  In fact, I've
 recently had to turn down clients because I simply have more work than I can
 do.  eLance has given me the opportunity to work on my own terms, making it
 worth my while."
 
     About eLance
     eLance, Inc. (www.elance.com) is the leading professional services
 marketplace for Web-based outsourcing used by businesses worldwide.
 Businesses can tap into a highly qualified pool of professional talent to get
 a wide range of projects completed online -- including software development,
 Web design and development, creative services, graphic design, translation
 services, copywriting and more.  eLance provides a highly liquid marketplace
 with a broad selection of professional service providers, online collaboration
 tools, global billing and payment capabilities and a quality assurance system
 designed to maintain the high standards for which the company is known.
     As a global company with 40 percent of transactions occurring
 cross-borders, over 300,000 businesses and individuals from more than
 160 countries are registered to conduct work via the eLance network.  eLance
 has built alliances with industry leaders across a range of business sectors
 including:  eBay, Sun Microsystems, Oracle Technology Network, IBM,
 Handspring, CNET, Red Hat, Novell, NetObjects, Corel, Macromedia, Virgin and
 Lycos Asia.
     A privately held company, eLance has attracted over $65 million to date
 from investors including Kleiner Perkins Caufield & Byers, Pequot Capital
 Management, Citigroup, Integral Capital Partners, and Charter Venture Group.
 Outside directors include John Doerr and Joe Lacob from KPCB, Ram Shriram
 former VP of business development at amazon.com, and Lawrence D. Lenihan, Jr.
 from Pequot Capital Management.
 
     CONTACT:  Pushpita Prasad of Edelman PR Worldwide, 650-968-4033, or
 pushpita.prasad@edelman.com, for eLance, Inc.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X47334610
 
 SOURCE  eLance, Inc.