News & Press
Trade Extends Through €10 Billion
LONDON - 21 February, 2008 - On-line procurement specialists Trade Extensions announced today that its unique software has been used in the sourcing of over €10 billion of goods and services since the company was formed in 2000.
Breaking the €10 billion barrier is a landmark for the company but 2007 also saw a significant growth in revenue and Trade Extensions recorded growth of over 90%1.
Since 2000, Trade Extensions’ processes have been applied across numerous sectors; it has worked on thousands of projects; dramatically reduced procurement times and saved its customers millions of euros.
One key factor that contributed to the growth during 2007 was increased revenue from the transport and logistics sectors following the creation of Trade Extensions Europe – a Trade Extensions subsidiary in the UK staffed by the former management team of Freight Traders Limited, a company that specialised in designing and managing on-line tenders for the transport sector.
The creation of Trade Extensions Europe, in June 2007, also saw Garry Mansell appointed as President of Trade Extensions. Commenting on the financial performance figures, Mansell said,
“90% growth in revenue is a fantastic achievement and it is our intention to achieve the same in 2008. Companies across all sectors are starting to appreciate fully the benefits of on-line procurement and negotiation and see how it can be used to cut costs and improve service. On-line procurement is becoming the norm and it won’t take another seven years for us to source the next €10 billion worth of goods.”
To achieve the predicted growth targets, 2008 will see Trade Extensions recruit market managers in France and Germany and open an office in Houston, US.
Mansell said, “We are constantly in touch with our customers and our expansion programme reflects our customers’ requirements. Achieving 90% growth in 2008 will be a stern challenge and the only way we shall be able to achieve this is by listening to our customers and meeting their needs.”
1Year on year revenue growth – up to January 2008
About Trade Extensions
Trade Extensions produces unique procurement software to help organisations specify tenders, collect offers and, most significantly, optimise the results. It was set up in 2000 by computer scientists from Uppsala University, Sweden, and a founder and CEO - Arne Andersson - is one of the leaders in the field of algorithm design and sort theory. On-line procurement projects generate millions of variables and it is the algorithm design that underpins the success of Trade Extensions’ software.
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