SOURCE: ICG Commerce

ICG Commerce

February 23, 2009 10:00 ET

ICG Commerce Selected by Teva Pharmaceuticals to Provide Procurement Outsourcing Services

Global Generic Pharmaceuticals Leader Targets Indirect Spend as Key Opportunity to Drive Aggressive Savings

PHILADELPHIA, PA--(Marketwire - February 23, 2009) - Expanding its presence in the pharmaceutical sector, ICG Commerce has just signed an agreement with Teva Pharmaceuticals, the US-based division of Teva Pharmaceutical Industries Ltd., to manage part of their indirect spend. The multi-million dollar, five-year contract engages ICG Commerce to drive aggressive and ongoing cost reductions in areas including Logistics, Travel, Lab Supplies and Equipment, Packaging, IT/Telecom, MRO and Marketing. To support Teva's objectives, ICG Commerce will provide sourcing, category management and transaction processing for Teva's indirect procurement operations.

Teva, the largest generic pharmaceutical company in the world, recognized that gaining greater insight and control over its indirect spend provides an opportunity to achieve significant savings and contribute to financial performance. To drive these savings, the company sought deep indirect category expertise, market insight and a comprehensive purchasing infrastructure and selected ICG Commerce as a partner to access these capabilities while staying focused on core competencies.

"As we continue to focus on creating long-term competitive advantage in challenging industry conditions, we believe it is critical to tightly and proactively manage our cost structure," said Ron Shultz, Senior Vice President of Technical Operations. "This decision to partner with ICG Commerce, a leader in its space, will allow us to do so while directing our efforts toward achieving our strategic business objectives."

This announcement comes on the heels of several new customer signings and customer expansions for ICG Commerce. The company's continued track record of double-digit growth reflects its commitment to helping companies drive significant cost reductions, which are increasingly important in this economy, and is a testament to its ability to deliver upon savings and performance objectives.

"We continue to see forward-thinking leaders outsourcing procurement to support company performance and key imperatives," said Carl Guarino, Chief Executive Officer, ICG Commerce. "We look forward to helping Teva achieve its savings objectives while maintaining its focus on anticipating and responding to economic and industry dynamics."

About Teva Pharmaceuticals

Teva Pharmaceutical Industries Ltd., headquartered in Israel, is among the top 20 pharmaceutical companies in the world and is the world's leading generic pharmaceutical company. The Company develops, manufactures and markets generic and innovative human pharmaceuticals and active pharmaceutical ingredients, as well as animal health pharmaceutical products. Over 80 percent of Teva's sales are in North America and Europe.

About ICG Commerce

ICG Commerce is the leading procurement outsourcing specialist delivering comprehensive source-to-pay 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. For more information: www.icgcommerce.com

Contact Information