CombineNet, an e-sourcing technology provider, has announced it ended 2011 with strong revenue growth, software usage, and customers.
The company said it had a 71 percent growth in customers in 2011 compared to 2010, which is the company’s best growth rate to date. CombineNet said it now has its largest-ever customer base.
CombineNet’s new Chief Executive Officer Rich Wilson said that “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.”
Wilson served as the company’s president and chief operating officer since 2009.
David Zynn, the company’s chief financial officer and newly named president, said that “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.”
Highlights from the company’s 2011 year-end news include:
- A 250 percent growth in e-sourcing events supported in CombineNet ASAP from 2010 to 2011.
- A customer retention rate of over 95 percent.
- Employment growth of 20 percent across product development, sales, and customer support departments.
- Steve Brooke, formerly of Procuri, has been appointed as the company’s chief technology officer.
- The formation of a formal customer advisory board.
