|By Business Wire||
|February 3, 2014 02:30 AM EST||
Online sourcing company Trade Extensions is continuing its impressive growth and increased revenue during 2013 by 53%.
The company has been experiencing strong growth over the last few years and it has doubled in size since 2008. USD$1 billion of spend is allocated through its TESS™ platform each week by some of the world’s leading companies and during 2013 Trade Extensions handled its largest project to date – a €7 billion project sourcing all the elements involved in a constructing a large European gas pipeline.
Trade Extensions’ platform TESS™ is used by Fortune 500 companies for large scale sourcing and optimisation projects and new customers acquired in 2013 accounted for 25% of the company’s revenue. Alongside new customers, Trade Extensions retained and developed existing clients with 40% of existing businesses increasing their spend by at least a half.
Trade Extensions continues to perform well in the U.S. but the increase in revenue is largely a result of growth in Europe with significant growth occurring in the Nordic region where Trade Extensions has a number of large global companies as customers.
Trade Extensions, CEO, Garry Mansell said, “Growing any business is a combination of attracting new customers while retaining and growing existing ones. As companies see the benefits of using the platform they identify additional areas where it can be used and TESS™ is becoming intrinsic to their day-to-day operations.”
A significant development during 2013 saw Trade Extensions embed consultants into its customers’ organisations accelerating the platform’s use by establishing internal centres of excellence. This aided direct sales to business customers and revenues from direct sales to end users grew by over 80% during 2013.
Trade Extensions continues to work in many areas but the majority of revenue generated during 2013 came from the manufacturing (50%) and retail (20%) sectors.
Mansell said, “We are experts at handling complexity and our optimisation capabilities are well suited to the manufacturing and retail sectors. The platform can be used for anything from the simplest tender to the most complex. Not only does it support buying on a global basis but it can also be used for streamlining manufacturing processes, risk analysis or optimising supply networks.”
Trade Extensions growth is set to continue during 2014 and the first quarter of this year is up 27% in terms of revenue compared with the same period in 2013.
About Trade Extensions
Trade Extensions (www.tradeextensions.com) is the leading software provider for the most complex and large scale sourcing and optimisation projects. Its platform is uniquely flexible and runs projects ranging from simple reverse auctions to complex sourcing events involving goods and services worth billions of dollars, millions of data items and multiple rounds of negotiation.
The Trade Extensions logo is a ® registered trademark of Trade Extensions and TESS™ is a trademark of Trade Extensions.