SOURCE: CVM Solutions

CVM Solutions

October 13, 2010 08:00 ET

CVM Solutions Achieves Record Revenue as Corporations Seek Supplier Management and Data Enrichment Solutions

Company Reports Strong Customer Demand in 2010 and 30 Percent Growth in Third Quarter Revenue

CHICAGO, IL--(Marketwire - October 13, 2010) - CVM Solutions, a premier provider of supplier management solutions, today announced that the rising interest in supplier management solutions, demand for supplier data enrichment services, and the need for corporations to diversify their supplier base have resulted in the company achieving record revenue in the third quarter of 2010. Throughout the year, CVM has seen significant expansion of its customer base and achieved organic growth of 30 percent in the third quarter, compared to the same period in 2009. In addition, the company experienced double-digit growth in its employee base over the last 12 months.

Driving the growth at CVM in 2010 are a number of industry trends, including a growing awareness of supplier management benefits such as cost efficiencies, continued merger and acquisition (M&A) activity across industries, and the need to diversify the supplier base to match ever-changing ethnicity and demographics. Industry analysts at Gartner, who are expanding awareness of supplier management solutions through increased research on the topic noted, "As organizations bring more spending under management, and as they choose more suppliers strategically, procurement has a natural obligation to identify risks, mitigate those risks and ensure that suppliers perform to expectation." 1

In 2010, increased M&A activity resulted in Fortune 1000 companies looking for ways to identify and track ownership changes in their supplier base in order to leverage spend and mitigate any potential negative impact that these changes may have. Fortune 1000 companies also are increasingly seeking ways to better align the supplier base to the evolving ethnicity and demographics of their employee and customer base in order to achieve goals.

These trends also positively impacted the company's growth, as CVM tallied many customer wins for Supplier Central 10. Available on Force.com, salesforce.com's leading enterprise cloud computing platform, CVM Supplier Central 10 offers companies a simple and cost-effective solution to deploy, configure, and integrate supplier management solutions to achieve operational efficiencies while lowering costs and mitigating supplier risk.

Results
CVM reported that to date in 2010 it has experienced strong customer expansion and growth:

  • 28 new customers added, including many Fortune 500 companies. New customers include Altria Group, Berry Plastics Corp, Booz Allen Hamilton, Cooper Power Systems, Dean Foods, General Mills, National Grid and Wyndham Worldwide.
  • 28 customers have expanded on the solutions they purchase from CVM. These customers include Alliant Energy, CSX Corporation, Hilton Worldwide, and Tyco International.
  • 40 customers renewed their contracts for CVM's supplier management solutions including CDW, Credit Suisse Holdings, and Fluor.

Supporting Quote

  • Greg Silich, CEO, CVM Solutions: "The economy is emerging from the recession and the business landscape has changed dramatically. In this new environment, it is vitally important for companies to address supplier management issues to successfully navigate through this business cycle. This means they are looking for solutions that can help them reach the next level of cost savings while mitigating risks and managing compliance programs. With the continued adoption of our Supplier Central 10 product, as well as our supplier data enrichment and supplier diversity solutions, we have become a trusted partner to a growing number of companies and are delivering more cost efficiencies faster than ever before. Our results this year are clear evidence of the value our solutions deliver to our customers."

Resources and Links

About CVM Solutions
CVM Solutions is the premier provider of supplier management solutions that enable clients to achieve operational excellence, drive cost savings and mitigate supplier risk. CVM's innovative technology and the industry's leading supplier database provide truly unique capabilities for supplier management. With vast supplier intelligence, deep experience and customer-focused results, CVM has helped more than half of the Fortune 100 realize tangible benefits. For more visit www.cvmsolutions.com.

1Gartner, Inc. August 27, 2010: "The Supply Base Management Application Market and Vendor Landscape." Gartner Identification Number G00205281

Contact Information

  • Media Contact:
    David Oro
    For CVM Solutions
    707-558-8585
    Email Contact