TradeCard Has Best Performance in Company`s History in 2003
Volume Processed on Global Trade Platform Up 200% from Previous Year;
Major New Clients Join
New York, February 17, 2004. TradeCard, the financial supply chain services provider, today announced that it surpassed growth on all fronts in 2003, with both revenue and transactions processed up by more than 200%. The company signed seven major new clients in the fourth quarter alone in a spate of high-profile customer wins.
New customers that are taking advantage of TradeCard`s system – a paper-free, hosted platform that automates the financial processes in global trade – include Warnaco, Burton Snowboards and Wolverine Leathers. Other growth came from existing customers, including a major new program with Linens `n Things.
TradeCard is helping Warnaco create a single global cross-divisional system that provides a comprehensive presentation of the financial status of every transaction in the company. This will help to close their month-end and quarter-end books faster and minimize or eliminate manual data entry that may be currently required to produce the key reports.
Burton Snowboards` plans for using TradeCard`s services involve automating the transaction and settlement processes of its expanding overseas procurement program, enabling enhanced working capital management, and providing a secure and less costly alternative for document collection, financing, credit protection and other trade-related activities.
Linens `n Things is expanding its use of the service from its initial international procurement start in 2002 to now encompass 100% of the company`s domestic and international suppliers, as well as non-merchandise expense and construction purchases. Linens `n Things will also utilize TradeCard`s Automated Supply Chain Financing Programs in partnership with GE Trade Payable Services (GE TPS), a business unit of GE Commercial Finance.
Wolverine Leathers, a subsidiary of longtime TradeCard client Wolverine World Wide, maker of Hush Puppies, is using TradeCard to automate its accounts receivable function, extending TradeCard`s penetration of the footwear industry downstream to raw material suppliers.
Another driver of TradeCard`s record results for 2003 has been the "network effect," in which one company uses TradeCard to make its financial supply chain electronic, then that company`s clients adopt the Web-based service. From the seven major companies to sign in Q4 alone, it is anticipated that an additional three hundred Asian suppliers will soon join TradeCard, representing more than $3.5 billion in additional annual procurement.
"As TradeCard`s majority shareholder, we are extremely pleased with TradeCard`s results in 2003, which continue to prove that TradeCard`s business model and strategy work," said Warburg Pincus Managing Director Cary Davis. "We have no doubt that this fantastic growth trend is set to continue and will further entrench TradeCard`s existing market leadership position."
"TradeCard`s focus on specific industries over the past eighteen months has paid off handsomely. In some verticals, for example the footwear and apparel industries, we are serving customers in the entire supply chain, from raw materials to finished product," commented Kurt Cavano, Chairman and CEO, TradeCard Inc. "Our business – which we used to count in the hundreds of millions of dollars processed, and now count in the billions - continues to accelerate as we get to critical mass in our target vertical markets."
Overall in 2003, TradeCard`s continued rapid growth was evident in its achievements, which include:
-- Both revenue and transaction volume processed through the TradeCard platform increased by over 200% compared to 2002.
-- Both revenue and shipment volumes grew by an average of 10+% per month throughout 2003.
-- The customer base continues to expand and now includes such well-known companies as Staples, JC Penney, Linens n` Things, Wolverine Worldwide, Warnaco,
Hurley International, TAL Apparel, Phillips Van Heusen and Vans, among many others.
-- Crain`s New York Business selected TradeCard as one of New York`s five most promising Venture-capital backed companies.
-- Global Finance magazine selected TradeCard as the "Best Online Trade Finance and Logistics Services Provider" for the fourth year in a row.
About TradeCard
TradeCard, the leading Financial Supply Chain services provider, is revolutionizing global trade with a web-based platform that automates the financial processes in supply chains that have been plagued with decades-old paper-based solutions. By using TradeCard, buyers and sellers can manage their transactions with complete visibility to initial orders through final settlement. TradeCard`s global network of partners provides additional automated services on the platform including supply chain financing, credit protection, money movement and inspection. In addition to process improvements, customers realize immediate cost savings, optimized cash flow, reduced reliance on credit lines and improved supply chain relationships. Headquartered in New York City, TradeCard, Inc. has offices in San Francisco, Hong Kong, Brussels, Taipei, Seoul, Tokyo and Shenzhen. TradeCard is a registered trademark in the United States and elsewhere throughout the world. TradeCard is located online at www.tradecard.com.
Contacts:
Marion Faerber
TradeCard, Inc.
+1-212.402-3261
mfaerber@tradecard.com
Rurik Bradbury
Fitzgerald Communications (for TradeCard)
+1-212-771-3687
rbradbury@fitzgerald.com
Back...
