ATLANTA, April 17, 2017 /PRNewswire/ -- Purchasing Power®, the leading employee purchase program offering consumer products and services as a voluntary benefit at the workplace, today reported solid revenue growth for 2016, a 13.8 percent increase over 2015, while adjusted EBITDA in 2016 improved by 17.9 percent compared to the previous year.
Other highlights of 2016 for Purchasing Power included reaching a milestone of $2 billion in total earned revenue; a 21.3 percent increase in existing client usage of the company's employee purchase program; successful growth capital raise; and acquisition by Flexpoint Ford, LLC, a Chicago-based private equity firm.
"Continued double-digit growth and initiating our new partnership with Flexpoint Ford were certainly highpoints for 2016," said Richard Carrano, Purchasing Power CEO. "However, in many ways, perhaps the most exciting part of 2016 is the significant increase in current client usage of products and services. This not only proves that Purchasing Power is a popular employee/member benefit, but also clearly illustrates our mission of Powering People to a Better Life™ by providing them a more responsible way to buy."
Among its performance highlights, Purchasing Power's 2016 holiday season sales once again grew by double-digits. In some cases, Purchasing Power's performance even outpaced growth numbers from the overall e-commerce industry, according to a 2016 year-end comScore report on e-commerce holiday shopping.1
"Delivering a superior customer experience is one of our key goals," said Scott Rosenberg, Purchasing Power President and CFO. "As an example, our 2016 holiday season proved to be the best-ever as a record number of customers were served and mobile traffic numbers met or exceeded the holiday levels seen across the broader e-commerce industry. A major reason for that is that regardless of customers' preference, we are committed to being there for them wherever, whenever and however they want to engage," he explained. "The other key to Purchasing Power's continued successful performance is that we are driven by our mission to deliver innovative and helpful solutions to the financially 'fragile' employees of America."
Purchasing Power is the leading specialty e-retailer serving U.S. employers and membership associations with a financially-responsible buying method for consumer products and services available as a voluntary benefit. Automatic payroll deductions and 12-month payment terms empower customers to budget their purchases without any concerns about interest charges, fees and penalties associated with other payment alternatives, providing users a more responsible way to buy. Available to more than seven million employees to companies with 1,000+ employees, Purchasing Power is offered in over 20 different industry sectors and has a client list that includes Fortune 500 and public sector agencies.
About Purchasing Power, LLC
Purchasing Power, LLC, 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 employee financial wellness. Purchasing Power is available to millions of people through large companies including Fortune 500s, associations and government agencies. Headquartered in Atlanta, Purchasing Power is 'Powering People to a Better Life™' through its employee purchase program, financial literacy efforts and corporate social responsibility initiatives. Purchasing Power is a Flexpoint Ford, LLC company. For more information, visit www.PurchasingPower.com.
1 PRNewswire, January 5, 2017 comScore Press Release, "Final 2016 Desktop Online Holiday Sales Reach $63.1 Billion, Up 12 Percent vs. Year Ago"
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SOURCE Purchasing Power, LLC