ATLANTA, Sept. 27, 2018 (GLOBE NEWSWIRE) — PRGX Global, Inc. (NASDAQ: PRGX), a global leader in Recovery Audit and Spend Analytics services, today announced the signing of three advisory and analytics agreements expected to generate several million dollars in Adjacent Services revenue.
“We are extremely pleased to see continued momentum in our Adjacent Services offerings and are honored by the confidence placed in PRGX by these clients to deliver important and meaningful business results,” said Ron Stewart, President and CEO of PRGX.
The new services agreements are with companies operating in different industries and geographies. Two of the agreements are for our Data-Driven Sourcing service offering, which uses advanced SaaS-based global spend data aggregation, category intelligence and AI-based sourcing technology toolsets to identify and realize savings in various spend categories. The two clients being served through these engagements are significant companies in their respective industries of pharmacy retailing and natural resources.
The third agreement is a multi-year SaaS subscription for the PRGX OPTIX® platform for a significant U.S. grocery retailer with multiple banners. This company is a long-time PRGX Recovery Audit client and is expanding beyond Recovery Audit services to use the PRGX Product OPTIX SaaS platform to analyze item true net cost and margin contribution to guide merchandising decisions down to the SKU level. This client’s merchandising and finance teams will now be positioned to make better fact-based decisions, boost margins, and inform category and assortment strategies, line reviews, and promotion planning, as well as drive best practices in supplier management and negotiations.
“The PRGX OPTIX platform and our Data-Driven Sourcing service offering provide our clients with access to unequaled insights to help them quickly make smarter business decisions,” Stewart continued. “Our data-led and value-driven approach to solving the source-to-pay leakage gap can be applied to any industry around the world with significant positive impact on earnings and working capital.”
PRGX Global, Inc. is a global leader in Recovery Audit and Spend Analytics services. With over 1,500 employees, the Company serves clients in more than 30 countries and provides its services to 75% of the top 20 global retailers and over 25% of the top 50 companies in the Fortune 500. PRGX delivers more than $1 billion in cash flow improvement for its clients each year. The creator of the recovery audit industry more than 40 years ago, PRGX continues to innovate through technology and expanded service offerings. In addition to Recovery Audit, the Company provides Contract Compliance, Spend Analytics and Supplier Information Management services to improve clients’ financial performance and manage risk.
For additional information on PRGX, please 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 Company’s execution of its business strategy, and the revenue expected from new Adjacent Services agreements. 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 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. The Company disclaims any obligation or duty to update or modify these forward-looking statements.