ecFood, a pioneer in web-based sourcing solutions for the food and beverage industry, announced today that it completed $50 million in online transactions during the first quarter of 2001. In addition to reaching this significant revenue goal, ecFood also celebrated its one-year anniversary of providing paid online services to the food and beverage industry. During the past year, ecFood’s customer base has increased by 40 national and regional manufacturers.
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“We are excited with our bottom-line performance and are on target to become profitable by the end of this year. Our success confirms that ecFood is serving a market that has immense potential,” said Dave Laukat, CEO of ecFood. “We are a recognized expert in online procurement for the food industry and will continue to focus our core efforts in bringing beneficial procurement solutions to both buyer and sellers within that industry.”
The volume of customers using ecFood’s online services continues to increase. Many of these customers are specifically attracted to ecFood’s innovative demand aggregation, purchasing groups, sourcing solution. Demand aggregation enables several buyers to combine their purchasing power to buy specific items. Demand aggregation is also appealing to suppliers because they can expand their customer base while conducting a single transaction. Among the items that have been recently purchased online using ecFood’s demand aggregation procurement solution include diesel fuel, eggs, sugar, corn syrup, stretch and shrink-wrap. A recent demand aggregation for diesel fuel featured 60 different suppliers bidding in 53 local markets.
Another online solution attracting ecFood customers is the company’s specification management solution, ecSpec. This online tool was created specifically for the procurement needs of the food and beverage industry. At the core of ecSpec are several sophisticated data management features including specification templates, standardized industry terminology, keyword-based or parametric searches, multi-users capabilities and advanced security.
About ecFood
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By GlobalDataecFood is a pioneer in bringing web-enabled sourcing software tools and services to the industrial food sector. Founded in 1998 and headquartered in Santa Clara, California, ecFood combines substantial food and beverage industry knowledge with advanced e-commerce technology. We provide online methods that reflect real world purchasing practices. ecSourcing, our suite of sourcing and bidding solutions, takes the “best practices” of the industrial purchasing system and blends them with the inherent efficiencies and savings of the new economy. ecFood is a privately held company which has received funding from Redleaf Group (www.redleaf.com) and Swander Pace Capital (www.spcap.com). For more information, visit www.ecFood.com or call 408.566-6130.
