SOURCE: CVM Solutions

CVM Solutions

February 01, 2011 08:30 ET

CVM Solutions Reports Record Revenue in 2010 and 30 Percent Growth in Fourth Quarter

Enterprise Customers Such as Duke Realty Benefit From CVM Supplier Central™ to Manage Supplier Programs

CHICAGO, IL--(Marketwire - February 1, 2011) - CVM Solutions, a premier provider of supplier management solutions, today announced record revenue in 2010 and 30 percent growth in fourth quarter revenue.

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 2010. Throughout the year, CVM also has seen significant expansion of its customer base and achieved organic growth of 30 percent in the fourth quarter, compared to the same period in 2009.

"Our success in 2010 is driven by the value our solutions bring to our clients," said Greg Silich, CEO, CVM Solutions. "Duke Realty and other customers select CVM because we help clients get results. This year, through the 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."

Enterprise customer Duke Realty, for example, has seen tangible business benefits from CVM's supplier management solutions over the past three years and, as a result, is expanding its relationship with CVM. An S&P 400 company headquartered in Indianapolis, Duke Realty is one of the largest commercial real estate companies in the US. It provides office, industrial and healthcare real estate solutions, including construction services, to both local and national clients. Duke Realty initially leveraged CVM's supplier diversity solution and quickly understood the value of expanding to manage all suppliers.

More recently, Duke Realty also launched a strategic initiative based on CVM Supplier Central  to manage its 5,400 suppliers by enabling supplier registration self-service, facilitating the identification and pre-qualification of suppliers, and automating its ongoing supplier information maintenance process. Businesses of all types can register with Duke Realty in CVM Supplier Central (http://dukerealty.cvmsolutions.com).

"Working with CVM, we are building a solid foundation for our supplier management program," said Mark Van Horn, vice president, Process Improvement and Profitability, Duke Realty: "Once our associates realize the value of CVM's supplier management solution, they typically fall in love with it. All of the information and functionality they need is maintained in the supplier profiles, allowing our associates to identify and pre-qualify new suppliers, manage and communicate with existing suppliers, and even to automatically send out supplier approval notifications."

Industry Trends Drive Record Growth

Driving the growth at CVM in 2010 are a number of industry trends, including a growing awareness of supplier management benefits such as the substantial cost efficiencies that result from better supplier sourcing and data management. In 2010, increased M&A activity also resulted in Fortune 1000 (F1000) 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. F1000 companies also are increasingly seeking ways to better align the supplier base to the evolving ethnicity and demographics of their employees and customer base in order to achieve diversity goals.

These trends resulted in many customer wins for CVM Supplier Central 10 in 2010. 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.

2010 Results

CVM reported that in Q4 2010 it experienced strong customer expansion and growth:

  • 10 new customers, including many F1000 companies. New customers include AstraZeneca, Federal Home Loan Bank of Dallas and New York, GATX, Intercontinental Hotels Group, and Terex Corporation.
  • 20 expanded customer relationships. Customers expanding their use of CVM supplier management solutions include Brocade Communications Systems Inc., Cigna Corporation, Smurfit-Stone Container Corporation, The Kroger Company, and McDonald's Corporation.
  • 28 CVM supplier management solutions contract renewals. Companies renewing their contracts with CVM in 2010 include Duke Realty Corporation, BNSF Railway Company, Lockheed Martin Corporation, UAL Corporation, and Volvo Trucks North America.

Resources and Links

  • Attend CVM's Executive Forum: Using Enterprise Social Networking to Crack the Code on Supplier Risk and Compliance, with guest speakers from Forrester Research Co. and The Walt Disney Company. Feb. 8th in Los Angeles and Feb. 10th in San Francisco. Click here for more information (http://cvmsolutions.com/landing/). 
  • Listen to a live broadcast of CVM's Executive Forum: Using Enterprise Social Networking to Crack the Code on Supplier Risk and Compliance, with guest speakers from Forrester Research Co. and The Walt Disney Company. Click here to register for Feb. 8th at 2PM EST or click here to for Feb 10th at 2PM EST.

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 to realize tangible benefits. For more information, visit www.cvmsolutions.com.

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