January 21, 2003 ITRADENETWORK REACHES MILESTONE OF OVER 2,000 SUPPLIERS USING ITN E-COMMERCE SOLUTION
Produce, Floral, Deli and Meat Procurement Drives over $3B in Transactions & Projects $12B in 2003
Livermore, Ca January 21, 2003. iTradeNetwork (ITN) today announced that supplier adoption has grown to over 2,000 and that the ITN solution enhancements have seen increasing utilization in the food industry.
"During the last year, ITN worked hard to continue to provide enhancements and features to our solution. Last year the bulk of our deployments were in the produce and floral area with meat beginning to rollout in Q4. We expanded our solutions with the introduction of EDI - Internet Connectivity, Vendor Managed Inventory (VMI), RFQ Analyzer, as well as even more features on our Logistics solution. Our EDI-Int customers enjoy instant access to over 2,000 suppliers, thereby accelerating their move to a paperless environment. Our customers can now take advantage of a single point of integration for both workflow collaboration and EDI. Our Vendor Managed Inventory (VMI) has been well received and is now being rolled into production. The RFQ Analyzer is delivering value to buyers and suppliers with automating price discovery and negotiation. We now have over 300 carriers that are using the ITN Logistics solution with the enhanced features of appointment scheduling, load tendering and load tracking. In the past several months we have continued to make significant investment in R&D and in upgrading our data centers to accommodate the forecasted volume this year. We are excited about 2003 and project that volume will increase by four-fold to over $12B," said Robert Bonavito, CEO of iTradeNetwork.
About iTradeNetwork:
iTradeNetwork, is a privately held company that provides collaborative workflow solutions (Procurement, Logistics, Promotion, EDI-Int, RFQ Analyzer, VMI, Financial Services and Content) for the food industry and low cost integration to customers legacy systems. iTradeNetwork's e-business solutions are being utilized by 38% of the U.S. Retail Grocery and Foodservice Industries with over 2,000 customers. In 2002, iTradeNetwork e-commerce solutions were used to facilitate more than $3B in commerce.
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