Rearden Commerce Closes Banner Growth Year With More Than 4,000 Customers and Significant Strategic ExpansionsRearden Commerce’s 2008 Growth Includes Two Acquisitions, Significant New Distribution Channels and Product Innovations
Rearden Commerce, Inc., the leading on-demand platform that helps companies buy and manage services online, today announced that 2008 marked the company's most significant growth year. Rearden Commerce began the year with 1,241 customers and closed it with more than 4,000 customers and two million contracted users. In 2008, the company executed two acquisitions, broadened the solution footprint with innovative mobile offerings and on-demand expense reporting, added significant new distribution channels to accelerate growth, and expanded the leadership team.
"The tremendous growth has been driven by the continued demand for a singular platform that helps companies control travel, expenses, and unmanaged services spending, while providing end-users with a superior user experience," said Patrick Grady, founder and CEO of Rearden Commerce. "We have demonstrated our ability to help businesses of all sizes to realize significant cost savings, while providing their employees with superior assistance across a broad range of services. Looking to 2009, we will continue to expand our solutions, launch new offerings and increase our distribution channels."
Acquisitions, New Channels, and Strategic Expansion
In May 2008, Rearden Commerce announced that it was selected by JP Morgan Chase to power a new customer loyalty platform for Chase's millions of consumer credit cardholders. To underscore the strategic nature of this relationship, Chase's parent company, JPMorgan Chase & Co., took an equity stake in Rearden Commerce. In total, Rearden Commerce secured $100 million in funding led by strategic investors JPMorgan Chase & Co. (NYSE: JPM) and American Express (NYSE: AXP).
In the second-half of 2008, the company announced the acquisition of ExpenseWire, the leading on-demand expense management solution for the SMB and mid-markets, and Global Ground Automation (GGA), the leader in ground transportation reservation automation. Both ExpenseWire and GGA tightly integrate into the Rearden Commerce™ Platform or can be purchased as standalone solutions. Both companies continue to make independent partnerships to expand their respective distribution ecosystems. For example, Paychex, a leading provider of payroll and human resource services, expanded its software-as-a-service portfolio to include an ExpenseWire powered solution: the Paychex Expense Manager. In addition, both Orbitz for Business and TRX made ExpenseWire powered solutions available to their customers.
Product Innovation: Mobile Personal Assistant
In May 2008, Rearden Commerce launched the Mobile Personal Assistant™, the first mobile application that seamlessly integrates with the online Rearden Personal Assistant, finally giving customers access to critical travel information while on-the-go. This new application features restaurant search, ratings, reservations, and dining rewards, as well as click-to-call links, flight and weather updates, and more. By linking the mobile application to the Rearden Personal Assistant, employees have access to real-time updates, itinerary information, and can arrange additional services from their mobile device. The Mobile Personal Assistant syncs with the traveler's calendar, and is location-aware, showing on-the-go services that are relevant to the user's current location.
Leadership Team Additions: Ammiel Kamon, Vice President, Marketing and Dan Pritchett, Chief Platform Architect
Ammiel Kamon now leads worldwide marketing for all of Rearden Commerce's companies across all market segments. He brings over 18 years of experience in both the consumer and enterprise domains. Previously he served as Senior Vice President of Marketing and Products with Emptoris, and Vice President and business unit general manager with Netscape Communications.
Dan Pritchett joined Rearden Commerce as the Chief Platform Architect, following his work as a Technology Fellow at eBay, where he was a part of the architecture team for four years. In Pritchett's new role at Rearden Commerce, he is tasked with finding solutions to the unique set of challenges that go with scaling the platform to accommodate rapid growth.