IQNavigator Achieves Record Growth in 2008
Services Procurement Provider Takes Leadership Position, Growing Revenue 52%
Denver, Colorado; Feb. 23, 2009 – IQNavigator, the leading provider of global services procurement solutions and managed service programs, today announced record results in 2008, including a 52 percent increase in revenue over 2007. The record results were fueled by a combination of new client wins in 2008, and an average growth of more than 90 percent in spend under management at existing clients using IQNavigator’s Managed Service Provider (MSP) solution. Many of these new client wins were driven by replacements of first generation solutions which the clients had outgrown. IQNavigator currently manages more than $5.7 billion in annual services spending, with 32 percent of the spend across a wide range of non-time & material based service categories such as consulting, outsourcing and Statement of Work based deliverables. With 36 percent of spend occurring outside of the U.S., IQNavigator now supports 1.2 million users in more than 90 countries.
Backed by the June 2008 capital investment of GTCR Golder Rauner, LLC, one of the nation’s leading private equity firms, IQNavigator has become established as the safest and most viable choice in the industry. The company’s plan to invest in a market consolidation strategy along with its strong cash reserves, zero debt, operating profitability and positive cash flow together creates the most stable, long term choice for customers.
“Organizations turn to IQNavigator because they know we have a proven track record of producing unprecedented business results and cost savings,” said John P. Raeder, Jr., President and CEO, IQNavigator. “Today’s competitive economy has further magnified the benefits that services procurement programs create on an enterprise-wide level. In addition to winning many new global clients, in 2008 it was our ability to expand our current client programs into new categories and geographies that fueled IQNavigator’s growth among organizations looking to achieve value, competitive advantage and continuous bottom-line improvement across the enterprise.”
Among other accolades in 2008, in Forrester Research’s September 2008 report titled “Holistic View: The ePurchasing Software Market,” IQNavigator was recognized as the fastest-growing ePurchasing vendor reviewed in the report and the largest services procurement software vendor. In addition, in the “Forrester Wave™: eProcurement Solutions, Q2 2007,” IQNavigator received the highest score of current product offerings for services purchases.
“IQNavigator’s proven track record of success, paired with its ability to serve customers as an unbiased and trusted advisor, made the company an obvious choice for Jeppesen as we sought to recession-proof our services spending,” said Jeb Evans, Director Supplier Management & Procurement, Jeppesen. “We have already realized a 25 percent cost savings in the first year of our full-service program. As more organizations begin to take a hard look at replacing dated MSP and VMS offerings, IQNavigator presents an extremely dynamic solution for improving and expanding managed service programs across the enterprise.”
About IQNavigator
IQNavigator is the leading provider of on-demand services procurement software and managed service programs. The company’s award-winning suite of integrated applications enable Global 2000 companies such as Charles Schwab, Entergy, Northrop Grumman, Schlumberger and Sony Electronics to gain control and visibility into their large and growing services procurement spending. With proven domain expertise and innovative technology solutions, IQNavigator can help clients quickly and easily turn complex services spend into a new source of value, competitive advantage, and continuous bottom-line improvement. For more information please visit www.IQNavigator.com.
