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Fieldglass Closes Impressive 2007 with More Than 50 Percent Growth in New Business
(PRWEB) January 15, 2008 -- A record number of new companies awarded Fieldglass business this past year. The influx, along with continued expansion within its existing customer base, contributed to significant growth in 2007. As a result of its continued growth Fieldglass realized its second consecutive year of profitability and positive cash flow.
"Staffing Industry Analysts projects that the VMS market will continue to evolve over the next few years. Buyers of staffing services need to determine their exact needs and requirements to manage their contingent workforce,? said Dana Shaw, vice president of strategic solutions, Staffing Industry Analysts, Inc. ?As these buyers become increasingly savvy, they will be looking for vendors that can demonstrate strong, sustained financial performance along with continuous product innovation.?
In 2007 Fieldglass earned company, product and leadership accolades through a variety of certifications and awards. Fieldglass was successfully designated Ariba® Ready? based on its proven ability to effectively transact with and provide content to organizations using Ariba Buyer through Ariba® Supplier Network?. The company was also named to the 2007 Supply & Demand Chain Executive 100 list and won the International Stevie® Award for "Most Innovative Company in North America."
Fieldglass demonstrated its superior level of internal controls by successfully completing its fourth consecutive SAS 70 Level II audit for its InSite product. Additionally, CEO Jai Shekhawat was named a "Pro to Know" by Supply & Demand Chain Executive.
Fieldglass also garnered praise from the analyst community. In the second quarter of 2007, Forrester Research issued The Forrester Wave? report focused on eProcurement Solutions and identified Fieldglass as a provider of "one of the best services procurement products on the market".
?In addition to important industry recognition, we closed some of the largest deals this past year and recorded the strongest set of financials in our industry,? said Jai Shekhawat, CEO and co-founder, Fieldglass. ?Our successes in 2007 are demonstrative of the strength of the Fieldglass business model, and we will continue to build on this momentum in 2008.?
Fieldglass has outlined an aggressive growth strategy for 2008. The company will focus its expansion efforts on furthering the use of its InSite solution in Europe, as well as establishing a presence in the Asia-Pacific region. This quarter Fieldglass will also announce a significant product release, with major enhancements to existing functionality and new components in the sourcing of contingent workers and services.
ABOUT FIELDGLASS, INC.
Fieldglass is the leading, global provider of contingent workforce management and services procurement solutions. Based on its award-winning, on-demand InSite® product suite, Fieldglass solutions help companies efficiently acquire and manage contingent staff and outsourced service providers while enforcing compliance, improving service quality and gaining control of complex services spend.
InSite is used by Global 2000 companies including Allstate, GlaxoSmithKline, Johnson & Johnson, Metavante, Verizon Wireless and Wyeth and spans industries such as financial services, healthcare, pharmaceuticals and telecommunications. Customers report a reduction of total service spend up to 20 percent and a cut in procurement cycle times up to 70 percent, delivering immediate impact to the bottom line. For more information, visit www.fieldglass.com.
This press release was distributed through eMediaWire by Human Resources Marketer (HR Marketer: www.HRmarketer.com) on behalf of the company listed above.
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