MFG.com's Continued Focus on Core Business Drives Online Manufacturing Marketplace Growth
Reported economic weakness is creating new opportunities for the global manufacturing ecosystem
ATLANTA, GA - November 17, 2008 -- 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 theirspend on direct materials by an estimated18% 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 beensourced 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.
About MFG.com
MFG.com is the largest global online marketplace for the manufacturing industry. MFG.com instantly and intelligently matches sourcing professionals and engineers with suppliers who have the right expertise and capacity to manufacture parts and tooling on demand in accordance with their engineering drawings and CAD files. MFG.com's on-demand service is consolidating the once- fragmented world of manufacturing into an efficient marketplace, enabling products to be sourced and built more easily, quickly, inexpensively, and at higher quality levels. For more information, please visit http://www.MFG.com.