SOURCE: ICG Commerce

September 10, 2007 10:00 ET

ICG Commerce Announces Contract Renewals With Greif and Global Technology Giant

Renewals Confirm Procurement Outsourcing as a Source of Significant Value and Exemplify ICG Commerce's Commitment to Helping Companies Deliver Results

PHILADELPHIA, PA--(Marketwire - September 10, 2007) - Leading procurement outsourcing specialist ICG Commerce today announced that it has renewed contracts with Greif (NYSE: GEF) (NYSE: GEF.B), a world leader in industrial packaging products and services. Additionally, the company also announced it had renewed its contract with one of the world's largest global software companies. These renewals confirm the continuing growth of the procurement outsourcing industry, its growing acceptance by leading companies as a proven strategy for achieving business results, and reflects ICG Commerce's track record for delivering value.

Greif's new contract extends and expands the scope of ICG Commerce's current program, which began in 2004. Under the new multi-year contract, ICG Commerce's expanded scope of work provides sourcing and category management for all of Greif's major areas of indirect spend across North America including capital expenditures.

"ICG Commerce has worked hand-in-hand with the Greif team to deliver unquestionable results," said Ron Brown, Greif's Senior VP Global Sourcing and Supply Chain. "They have brought powerful spend and savings benchmark data, accumulated through their work with numerous companies in our industry, to help us identify additional savings opportunities and take our program and performance to the next level. We look forward to continuing our successful partnership as our program expands."

Similarly, ICG Commerce's contract renewal with the global technology company is a result of the success the company has achieved through their partnership established in 2004. Under the multi-million dollar contract, ICG Commerce will continue to provide support for select indirect purchases for the company's locations in North America and India. In addition, the company engaged ICG Commerce to provide strategic sourcing for three additional business units.

"The contract renewals are significant achievements for ICG Commerce," said Carl Guarino, CEO of ICG Commerce. "They provide concrete evidence that leading companies are driving results and increased value through procurement outsourcing. In addition, the renewals also confirm our commitment to deliver on our customers' objectives and exceed their expectations."

About Greif

Greif is a world leader in industrial packaging products and services. The Company produces steel, plastic, fibre, corrugated and multiwall containers, protective packaging and containerboard, and provides blending and packaging services for a wide range of industries. Greif also manages timber properties in North America. The Company is strategically positioned in 45 countries to serve global as well as regional customers. Additional information is on the Company's website at www.greif.com.

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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