ICG Commerce Continues Strong Growth Path as Procurement Comes ‘Front and Center For Delivering Bottom-line Impact’
Drive to Deliver Shareholder Value and Flexible Model Help Procurement Services Provider Add Seven New Customers During Second Quarter, Expand Relationships with Several Others
PHILADELPHIA - Wednesday, August 27, 2003 - ICG Commerce, a leading procurement services provider, today
announced key business results for the second quarter. ICG Commerce entered into relationships with seven new
customers during the past quarter, including Black & Decker and T-Mobile. In addition to attracting new customers, the
company's strong track record of delivering major procurement-related cost reductions helped expand relationships with
multiple existing customers, including Borg Warner, AMETEK and The Timken Company.
What separates ICG Commerce from other providers of procurement-related solutions is the comprehensiveness and
quality of its infrastructure that provides fully hosted and managed technology and extensive process and category
expertise across the entire procurement lifecycle. The flexibility of this infrastructure allows ICG Commerce to deliver
services that specifically address each company's needs. Whether looking to achieve cost savings, implement process
efficiencies or achieve spend visibility and control, ICG Commerce brings together a combination of people and
technology to drive results. The new contracts signed and services delivered during the second quarter entailed strategic
sourcing; eSourcing on a full service or self-service basis; eProcurement automation, to include content development
and electronic integration and training of buyers and suppliers; purchase-to-pay transaction management services and
complete procurement outsourcing.
In addition to growing its customer base, expanding existing relationships and growing purchase-to-pay transaction
volume, ICG Commerce also made moves to further strengthen its infrastructure and transaction management
capability. Specifically, the company appointed Chris Vavricka as chief operating officer, a 30-year veteran of such
companies as Visa, Citibank, Diner's Club and First Data Corporation. Mr. Vavricka has brought extensive operational
experience to ICG Commerce, as well as expertise building large-scale transaction processing and payment systems.
In late June, the company also received recognition from leading trade publication iSource Business in its annual listing
of the leading supply and demand chain enabling organizations. The "iSource 100," in which ICG Commerce was
featured, serves as an indicator for evaluating enabling organizations and consulting firms with the most viable end-to-
end supply and demand chain solutions and services from among the many hundreds of providers in the market today.
"Market forces are continuing to drive companies to examine ways in which to trim costs and add to the bottom line,
and strategic procurement initiatives are gaining more and more recognition as the vehicle in which to deliver the
greatest and most immediate impact," said Edward H. West, ICG Commerce chairman and chief executive officer.
"ICG Commerce is at the forefront of this trend, and we continue to make investments in our infrastructure and our
offering to ensure that we maintain the flexibility needed to meet our customers' unique needs and deliver the greatest
amount of benefit in the shortest amount of time."
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About ICG Commerce, Inc.
ICG Commerce (www.icgcommerce.com) is the leading Procurement Services Provider delivering total procurement
cost savings through an unmatched combination of deep expertise and hosted technology. ICG Commerce provides a
comprehensive range of solutions to help companies identify savings through sourcing, realize savings through
implementation and transaction management and drive continuous improvements through category management. ICG
Commerce Inc., a privately held company founded in 1992, is a member of Internet Capital Group's (Nasdaq: ICGE)
network of partner companies and has been honored as a Forbes' Best of the Web: B2B and UPSIDE Magazine Hot
100 company as well as had its executives recognized among iSource Business "Pros to Know".
Contacts:
Genevieve Brill
ICG Commerce
215-649-1494
Brittany Morris
Ruder-Finn
312-329-3983
morrisb@ruderfinn.com
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