ATLANTA, Dec. 12, 2011 (GLOBE NEWSWIRE) -- PRGX Global, Inc. (Nasdaq:PRGX), the world's leading provider of recovery audit services and the pioneer in Profit DiscoveryTM, announced today the addition of significant new talent across its new services areas.
PRGX is seeing strong market demand for its Profit Discovery services, which includes the company's Profit Recovery and Profit Optimization value propositions. While Profit Recovery is a data mining enabled service targeting past transactions, i.e. a retrospective Profit Discovery service, Profit Optimization services are prospective and drive future cost savings and profits for PRGX's clients.
Profit Recovery as applied across the procure-to-pay value chain is a relatively mature business in which PRGX is the undisputed global leader, but the company is also growing its newer Profit Recovery service targeted at healthcare claims, where it has added new leadership recently. PRGX has also added talent to its Profit Optimization services, which are designed to enable finance and procurement executives to optimize purchasing decisions, optimize the source-to-settle process, improve the efficiency and effectiveness of financial operations, and detect and prevent fraud.
"Our Profit Optimization value propositions form a natural complement to our Profit Recovery value propositions," said Romil Bahl, PRGX president and CEO. "No other professional services firm can combine big data analytics with deep functional expertise in source-to-settle like PRGX can. By leveraging the data gathered for profit recovery or recovery audit services and our understanding of our clients' operations, we are helping clients identify further actionable insights to address fraud, improve working capital, improve financial operations and reduce both direct and indirect procurement costs."
PRGX's Business Analytics & Advisory Services group, which delivers the company's Profit Optimization services, continues to build world-class capabilities. PRGX has grown its leadership talent in this space to seven managing directors, most recently with the additions of managing directors Nancy McDermott, David Paul and Mathias Herzog.
Nancy McDermott will be a leader in the company's procurement and spend optimization services. Nancy brings to PRGX her broad experience across a range of industries including CPG and retail and progressive functional experience in operations, business development, process improvement, procurement, change management and strategic sourcing and planning.
David Paul joins PRGX from Wipro Consulting Services where he was a Partner in the Business Transformation Practice. David has over 20 years of experience in business development, operating model definition and improvement, technology commercialization, performance improvement and P&L management as both a consultant and an operator. Prior to Wipro, David held several leadership positions at well-respected companies such as Coca-Cola, Ernst & Young and The Hackett Group.
Mathias Herzog joins PRGX from Infosys Consulting, where he played a key role in building the business from the ground up while serving in various leadership roles over the last eight years. Prior to his tenure at Infosys, Mathias was manager of Operating Initiatives at Fortune 500 retailer Ross Stores. While in his role at Ross, Mathias oversaw strategic initiatives such as: supply chain optimization, pricing and markdown optimization, finance process re-engineering, core merchandising transformation, micro-merchandising and advanced retail analytics.
In the healthcare claims recovery audit space, Karl Huff joined the PRGX team on November 1, 2011. Karl is a Fellow in the Society of Actuaries, and has spent the last 15 years in various financial, strategic and operational roles across the healthcare industry. Most recently, Karl was the Senior Vice President and Actuary, Healthcare Economics at Viant, Inc. where he led all aspects of the healthcare economics team.
"We are excited to be adding such talent to the PRGX team," added Bahl. "Talent is the key to our company's continued growth and success, and these new leaders have taken on important roles that we believe will lead to the creation of substantial, incremental value for our current and future clients by leveraging our unique assets and capabilities."
About PRGX Global, Inc.
Headquartered in Atlanta, Georgia, PRGX Global, Inc. is the world's leading provider of recovery audit services. With approximately 1,500 employees, the Company operates and serves clients in more than 30 countries and provides its services to over 75% of the top 30 global retailers. PRGX is also pioneering Profit Discovery, a unique combination of audit, analytics and advisory services that improves client financial performance. For additional information, please visit PRGX at www.prgx.com.
Forward-Looking Statements
In addition to historical information, this press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include both implied and express statements regarding the Company's financial condition, growth strategy, business development efforts, service offerings, service delivery models and the expected benefits to the company from new personnel. Such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from the historical results or from any results expressed or implied by such forward-looking statements. Risks that could affect the Company's future performance include revenues that do not meet expectations or justify costs incurred, the Company's ability to develop material sources of new revenue in addition to revenues from its core accounts payable recovery audit services, changes in the market for the Company's services, the Company's ability to retain and attract qualified personnel, changes to Medicare and Medicaid recovery audit contractor programs, the Company's ability to integrate recent and future acquisitions, uncertainty in the credit markets, the Company's ability to maintain compliance with its financial covenants, client bankruptcies, loss of major clients, and other risks generally applicable to the Company's business. For a discussion of other risk factors that may impact the Company's business, please see the Company's filings with the Securities and Exchange Commission, including its Form 10-K filed on March 16, 2011. The Company disclaims any obligation or duty to update or modify these forward-looking statements.