January 19, 2010 – SpendMap, a leading provider of cost effective software solutions for companies that need to streamline their procurement processes and better control their spending, today announced continued growth and profitability for 2009.
“Despite a challenging economy, we were once again profitable, maintaining our perfect record over the last 20 years”, said Darin Portnoff, VP Sales and Marketing of SpendMap. “Unlike many newcomers to the e-procurement arena, SpendMap has a long history of performance and stability, a key criterion for organizations looking to invest in e-Procurement.”
During the year, over 50 companies of all types and sizes purchased SpendMap solutions to drive their spend management strategies, including Asurion Insurance Services, Community Health Center, GWL Realty Advisors, International BioResources, Mirara Construction, One Bal Harbour Hotel & Spa, Orange County Department of Education, and Valley Fine Foods Company.
“We further strengthened our competitive position in 2009 by introducing a host of new features and products, including a category-leading Rich Web Application and the launch of SpendMap On Demand software as a service (SaaS)“, says Mr. Portnoff.
These new capabilities contributed to SpendMap’s impressive bottom line results in 2009 and will increase recurring revenue for 2010 and beyond.
The momentum will continue in 2010, which will bring another round of new features including an enhanced invoice approval module to further streamline Accounts Payable processes, a new vendor portal to simplify interaction with vendors, major reporting enhancements and a new executive dashboard.
“We are excited about maintaining our leadership position in 2010”, added Mr. Portnoff. “In tough times like these, we are thrilled to be able to help our customers better manage their spending and cut costs”.
SpendMap is a leading supplier of cost-effective software solutions for midsize and smaller companies that need to streamline their procurement processes and better control their spending. For 20 years, SpendMap has been helping customers improve their purchasing, payables and materials management processes to slash paperwork, control spending and cut costs. For more information, please visit www.SpendMap.com or call 1-800-506-3366.