LONDON--(BUSINESS WIRE)--Trade Extensions (www.tradeextensions.com), the leading software provider for the most complex and large scale strategic sourcing and optimisation projects, has recorded a 9% growth in revenue in the first half of 2016 and predicts year end growth to be 15%.
The rate of growth in the Americas is even greater - 20% over the last year - and now over 40% of Trade Extensions revenue comes from US based corporations. Business from European based companies contributes 58% of revenue with the remainder generated outside the Americas and Europe.
Trade Extensions continues to attract major new customers* and it is also increasing sales among its existing users with five of its 20 largest customers showing greater than 50% growth in the last year.
Consistent with its strategy to focus on subscription licence sales, as opposed to consultancy fees, Trade Extensions now generates 80% of its revenue from repeatable subscription licences.
Trade Extensions, CEO, Garry Mansell said, “The key to selling repeatable licences is enabling users to be self-sufficient and initiatives such as our TESS Academy has lead the market in teaching users how to run complex strategic sourcing projects and this is being reflected in our strong profitable growth.”
The strongest growth has been in sales of licences to the industrial and retail sectors - up 14% - with significant growth also being seen in the sales to consulting partners who use Trade Extensions software when running sourcing projects for their own clients – up 7%.
In early 2017, Trade Extensions is rolling out its most comprehensive update to TESS, its sourcing and optimisation platform, which will further support its strategy to make users more self-sufficient by making the platform more intuitive and enabling users to carry out complex sourcing and optimisation projects with minimal, if any, Trade Extensions input.
Mansell said, “Recording 9% growth and securing new blue chip clients reflects the strength of the business in terms of the technology and levels of service we provide. Our order book predicts year end growth of 15% and alongside the major improvements we are making to the platform, the future is very bright.”
*Industry analysts ‘Spend Matters’ describe Trade Extensions customer list as follows:
“…a client list that probably includes more of the world's top 50 firms than perhaps any other procurement software vendor except SAP or Oracle – even that might be a close run thing! Think of the world's largest consumer goods, retail and pharma firms, and you won't be far wrong.”
About Trade Extensions
Trade Extensions (www.tradeextensions.com) is the leading software provider for the most complex and large scale strategic sourcing and optimisation projects. Over $1 billion worth of spend is allocated through its platform TESS™ each week.
The Trade Extensions logo is registered trademark of Trade Extensions TradeExt AB.
TESS™ and TESS Academy™ are trademarks of Trade Extensions TradeExt AB.