ATLANTA, Nov. 18, 2008 (GLOBE NEWSWIRE) -- MFG.com, the world's largest global online marketplace for the manufacturing community, today announced that a continued focus on the company's core business has attributed to record growth in revenue, buyer activity, RFQ volume, supplier subscriptions and other key performance benchmarks for the Company.
Key year-over-year highlights (Q4 2007 - Q3 2008) include:
-- A record 52,000 sourcing events for direct materials with an
annualized value of over $7 billion was sourced on the
platform -- resulting in a 65% increase in the value of awards
to MFG.com supplier members.
-- On average, buyers using MFG.com reduced their spend on direct
materials by an estimated 18% equating to savings of $1.2 billion
annually.
-- MFG.com's supplier member base has increased by 28%. Supplier
members now represent 43 countries, giving buyers the ability to
do business with even more qualified suppliers around the globe.
-- Supplier members continue to reaffirm the value of the MFG.com
marketplace as evidenced by membership renewals increasing 36%
for the period.
Additionally, the recently introduced MFG.com Textiles marketplace (www.mfgtextiles.com) has experienced significant growth since its initial launch in February 2008. More than 15,000 textile buyers and factories covering home, apparel, commercial and industrial textiles are currently registered members of the MFG.com marketplace. To date well over $1 billion worth of textile opportunity has been sourced via the MFG.com marketplace.
"Our laser focus on our core business of operating a global marketplace for the manufacturing industry is paying huge dividends as we continue to garner the important herd effect that every two-sided marketplace needs, said Mitch Free, Founder & CEO, MFG.com. "We are continuing to see increased growth due to the market downturn as other sources of business are drying up. It is now more important than ever before for buyers and engineers to get better pricing and for suppliers to find alternative channels for acquiring new customers. With MFG.com, sourcing complex engineered parts and textiles is as easy as buying a book on Amazon."
MFG.com is headquartered in Atlanta, Georgia and was recently named by Deloitte as one of the fastest 500 growing technology companies in North America.
About MFG.com
MFG.com is the Internet-based platform upon which the global manufacturing industry conducts business. MFG.com's open platform enables companies of all sizes from around the globe to intelligently connect, source, collaborate and perform due diligence with transparency and intellectual property protection. The MFG.com platform supports virtually all manufacturing process and industrial components, is in 10 languages, 12 currencies and has over 100,000 users on five continents. MFG.com has offices in North America, Europe and Asia. For more information about MFG.com, please visit, www.MFG.com.
MFG.com is a trademark of MFG.com, Inc. All other brand and product names are trademarks or registered trademarks of their respective owners.
The MFG.com, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5174
Link to press release: http://marketing.mfg.com/random/MFGcom-Focuses-On-Core-Business_FINAL-v3.pdf