PRGX Acquires Global EDGE’s
Supplier Information Management (SIM) Business
Strengthens PRGX’s Ability to Serve Clients Challenged
by Growing Complexities in Supplier Management
ATLANTA, January 11, 2016 (GLOBAL NEWSWIRE) — PRGX Global, Inc. (Nasdaq:PRGX), the world’s leading provider of accounts payable recovery audit services, today announced the acquisition of Global EDGE’s Supplier Information Management (SIM) business to accelerate PRGX’s Vendor Services strategy.
The Global EDGE SIM platform includes vendor master file cleanse, regulatory and sanction checks, supplier onboarding, vendor authentication and risk management services. By leveraging the Global EDGE platform, PRGX will provide greater value to companies who are increasingly challenged to manage supplier information and compliance risks.
“As supply chain complexities increase, companies have more difficulty maintaining the integrity of their supplier data. Accurate and timely supplier information is imperative to successful procurement, operational efficiency and financial performance,” said Ron Stewart, PRGX president and chief executive officer. “Our clients rely on us to validate key supplier transactions, which requires us to interact with hundreds of thousands of suppliers each year. SIM is a natural extension of PRGX’s core capabilities and this acquisition will enhance our clients’ ability to manage even the most complex, global vendor ecosystems. “
PRGX SIM is a managed service providing clients with access to numerous data collection and verification services which they can customize to specific supplier compliance requirements. Details, such as financial information, regulatory and sanction checks, disclosures and contact information can be reviewed seamlessly. And, features like duplicate supplier checks, supplier data enrichment and inactivity alerts help maintain data accuracy and integrity.
It’s easy to get mired in data but PRGX thrives in it – and as a result, we recover more than $1 billion in overpayments for our clients each year. Creators of the recovery audit industry more than 40 years ago, we continue to innovate, also providing Contract Compliance, Spend Analytics, and Vendor Services that improve clients’ financial performance and help clients manage risk. Our global team serves clients in more than 30 countries, including over 75 percent of the world’s top 20 retailers. For more information, visit www.prgx.com.
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 overall condition and growth prospects, the strength of the Company’s core recovery audit business, and the Company’s investments in, and opportunities associated with, Supplier Information Management and its growth platforms, generally. 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 revenue that does not meet expectations or justify costs incurred, the Company’s ability to develop material sources of new revenue in addition to revenue from its core recovery audit services, changes in the market for the Company’s services, the Company’s ability to retain and attract qualified personnel, the Company’s ability to provide Supplier Information Management services and risks associated with Supplier Information Management services, 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 13, 2015. The Company disclaims any obligation or duty to update or modify these forward-looking statements.