|By Business Wire||
|May 15, 2014 07:07 AM EDT||
Trade Extensions grew revenue by 50% in the first quarter of 2014 compared to 2013 and year-on-year growth up to the end of April is over 60%.
The growth means Trade Extensions is outperforming the global supply chain management and procurement software market which, according to Gartner’s recent report, grew by 7% with the top five vendors recording growth of between 0.1% and 25%. Trade Extensions also grew ahead of the smaller vendors which increased revenue by 18%.*
Trade Extensions’ growth continues to be driven by sales to end users within Fortune 500 companies although sales to large consultancies are still a significant part of Trade Extensions business.
Trade Extensions, CEO, Garry Mansell said, “Growth of the overall market shows companies realise how high quality software and vendors help improve procurement and the supply chain. The fact we are growing ahead of the market reinforces the quality of our sourcing and optimisation platform.”
The Gartner report concludes the growth experienced by smaller vendors indicates an “opportunity in the market created by acquisitions” and also a “strong demand for specialized offerings that are competitive, and often complementary, to the larger-suite providers' offerings.” These findings are consistent with Trade Extensions experiences and in recent months it has won customers from competitors and also secured customers wanting to use its optimisation expertise to complement existing software.
Mansell said, “We grew by over 50% during 2013 and predicted further growth during the first quarter of this year which is precisely what has happened. Companies are realising how optimisation improves decision making in sourcing projects and projects that go Beyond Sourcing and we expect our growth to continue.”
*Source: Gartner (May 2014) Market Share Analysis: Supply Chain Management and Procurement Software, Worldwide, 2013
About Trade Extensions
Trade Extensions is the leading software provider for the most complex and large scale sourcing and optimisation projects. Its platform, TESS™, is uniquely flexible and, in addition to sourcing projects, can be configured to model and optimise practically any resource allocation problem and has been used for applications as diverse as production planning and supply chain design. Over $1 billion worth of spend is allocated through TESS™ each week.
The Trade Extensions logo is registered trademark of Trade Extensions TradeExt AB.
TESS™ is a trademark of Trade Extensions TradeExt AB.
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