SOURCE: ICG Commerce

October 01, 2007 09:54 ET

ICG Commerce Renews and Expands Relationship With Cameron to Provide Support for All Indirect Procurement

Expansion Reflects Significant Savings Over Past Three Years and Confidence in ICG Commerce's Ability to Deliver

PHILADELPHIA, PA--(Marketwire - October 1, 2007) - Leading procurement outsourcing specialist, ICG Commerce, today announced a five year extension of its contract with Cameron (NYSE: CAM), a leading provider of flow equipment products, systems and services to worldwide oil, gas and process industries. Based on ICG Commerce's proven ability to help Cameron drive cost reductions and achieve high levels of compliance, Cameron has significantly expanded the scope of the relationship to include all indirect procurement and logistics expenditures.

The increased scope will enable Cameron to proactively address four times more spend and ultimately drive greater savings that will support Cameron's investment and growth initiatives. With access to ICG Commerce's processes, category-specific expertise, tools and market intelligence, Cameron will be able to quickly scale its capabilities to centrally manage all areas of non-core spend.

"We saw procurement outsourcing as the most cost effective solution to help us maximize our savings and deliver additional value," said Jill Efford, Cameron's head of indirect procurement and leader of the outsourcing initiative. "By leveraging ICG Commerce's existing infrastructure and category knowledge, we will be able to quickly and seamlessly implement our program and focus our attention on maximizing results."

The two companies began working together in 2004. Through their combined efforts, the team exceeded key milestones, delivered cost reductions and improved control and visibility across Cameron's MRO (maintenance, repair and operations) and services spend.

"ICG Commerce has truly become an extension of our organization," said Jill Efford. "The partnership has enabled us to drive significant cost and performance improvements, and we look forward to achieving even greater results as we expand our relationship across all of our indirect spend."

Having doubled revenue over the past three years, Cameron is leveraging procurement outsourcing to control spending and drive savings that will fuel further growth. The extended contract with ICG Commerce will continue to support Cameron's goal of providing world-class procurement capabilities to its business units.

The expanded relationship with Cameron follows recent renewals with ICG Commerce by Goodyear, Greif and a global software company and new relationships with Chiquita, a life sciences company and a post-secondary education provider.

"Cameron's extension of our relationship, in combination with other new and expanded relationships, is evidence that successful companies are leveraging procurement outsourcing as an ongoing solution to maximize their bottom lines and deliver significant value," said Carl Guarino, CEO, ICG Commerce.

About Cameron

Cameron (NYSE: CAM) is a leading provider of flow equipment products, systems and services to worldwide oil, gas and process industries.

About ICG Commerce, Inc.

ICG Commerce (www.icgcommerce.com) is the leading procurement outsourcing specialist delivering comprehensive source-to-pay as well as strategic sourcing services. Results-driven leaders access ICG Commerce's experienced resources and market intelligence to better manage procurement and logistics spend, gaining significant savings and enhanced visibility and control.

ICG Commerce is a privately held company founded in 1992 and a member of Internet Capital Group's (NASDAQ: ICGE) network of partner companies. The company has earned recognition from Forbes, Fortune, The International Association of Outsourcing Professionals (IAOP) and leading industry analysts for its leadership in procurement outsourcing.

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