13 February 2003 | Robin Parker
Strategic sourcing software vendor Procuri is expanding its European reach after more than doubling its customer base in the past year.
The firm, which has six US offices and one in London, is to set up sites in Belgium, France, Germany and the Netherlands this year, and is also looking into long-term partnership opportunities in the Asia-Pacific region.
It is also to launch a series of enhancements to its web-based decision analysis tool Procuri 4.0 and a raft of new modules over the course of 2003.
Procuri says it has won 30 new customers in the past year, including 12 in the last quarter, and all 25 existing clients renewed their subscriptions.
Mark Morel, chief executive, said that most of these have moved from annual to multi-year contracts, which has helped Procuri to secure in advance half of this year's revenues in contract commitments.
He said the firm, founded three years ago, had doubled profits in the past year by maintaining close links with its customer base, which includes Procter & Gamble and Kraft.
"We've defined a clear roadmap based on what our customers need to use, through individual meetings and two user advisory councils in the US and Europe," he said.
"By delivering everything over the web, there's no barriers to delivery for our customers, or for their suppliers, to use it - it's about empowering users."
Product launches expected this year include a demand aggregation module that will allow companies to collate spend across their global operations, and a supplier performance measurement tool to assess suppliers before, during and after online events.
Procuri also plans a move into contract management, by partnering or acquiring specialists in this field.
In the first quarter of this year, the company will launch a redesigned supplier access portal with features making it easier for companies to bring suppliers online, as well as redesigned contract templates tailored to specific industries.