IQNAVIGATOR TRIPLES REVENUES IN 2004 AND LEADS MARKET IN SERVICES PROCUREMENT
Record Growth Marked by Fortune 500 Customer Wins and Global Expansion
DENVER, Colorado, January 31, 2005 --
IQNavigator, Inc., the leading provider of services procurement and optimization solutions, today announced the company tripled revenue and attained a record number of new customers in 2004. Fueled by continued customer successes and IQNavigator's predictable recurring revenue from its software-as-a-service business model, IQNavigator has achieved 20 consecutive quarters of record revenues since 1999.
"IQNavigator entered 2004 with strong momentum from customer wins and revenue growth, and continued to execute on all fronts throughout the year," said John P. Raeder, Jr., president and CEO of IQNavigator. "We grew the company substantially last year, hiring the best talent in the industry to deliver award-winning solutions for our customers to manage their external services spending. Also, our mezzanine financing, which closed last year, creates a strong capital base for IQNavigator to aggressively execute on international expansion, and product and technology initiatives."
IQNavigator expanded its customer base substantially in 2004 with new customers in the global banking, insurance, energy, utility, publishing, retail, consumer packaged goods, and aerospace sectors, culminating in 16 major deals in 2004. With the new customers and multi-year contracts, IQNavigator's revenue backlog entering 2005 approaches $50 million. This platform creates a significant growth engine for the company to expand both organically and strategically through acquisitions.
More importantly, IQNavigator continued to build out its services procurement solutions. In 2004, as a result of the value the company delivered to its clients, IQNavigator received multiple product awards, all of which were based on proven customer benefits and case studies. In particular, IQNavigator won the 2004 Crossroads A-List award as one of only 10 "Can't miss opportunities for technology investment" by Open System Advisors.
The IQNavigator product suite automates the end-to-end sourcing, procurement, delivery, and payment processes for indirect services globally. By leveraging IQNavigator's services procurement and optimization solutions, organizations quickly achieve significant cost reductions, gain process efficiencies and ensure compliance with both internal policies and government regulations. The product suite includes a secure e-marketplace for services sourcing and procurement, tools for monitoring and controlling services spending, easy integration with existing enterprise systems, and end-to-end process automation for requisition definition and bidding, delivery of services, accurate invoicing and payment.
As a result, customers utilize IQNavigator to quickly and easily gain control over the complexities of outside services spending, allowing them to confidently take advantage of today's trends towards focusing on the enterprise's core competencies, utilizing best-of-breed services providers globally, and increasing cost flexibility.
About IQNavigator
Founded in 1999, IQNavigator provides services procurement and optimization solutions to Fortune 500 companies such as Shell, Northrop Grumman, Sony Electronics, Schlumberger and Alcatel. The company's award-winning suite of integrated applications, IQNavigator6.5, enables companies to increase profitability by reducing and controlling costs for all types of outside services spending worldwide. IQNavigator has a successful track record for delivering a compelling and fast return on investment, as well as adaptable process control, enterprise-wide financial analysis and enhanced performance. The company is recognized as an industry pioneer and offers deep domain expertise in key market segments such as financial services, energy, healthcare, manufacturing and aerospace/defense. IQNavigator is headquartered in Denver, Colorado, and is found on the Web at www.iqnavigator.com.
