Fieldglass Posts Dramatic Customer Growth Despite Bleak Economic Environment
Company Expands Internally and Widens International Customer Footprint in Successful 2008
Chicago—February 2, 2009—Fieldglass, Inc., provider of the leading unified platform for acquiring contingent workers, services and direct hires, today announced it nearly doubled its customer base in the 2008 fiscal year, by far the biggest new business increase in company history. The company now reports more than $5 billion in annual spend under management, a significant portion of which is attributed to services, including Statements of Work (SOWs) and projects.
Fieldglass now has the broadest international footprint of all Vendor Management System (VMS) providers as its customers actively manage workers and services through its InSite product suite in more than 55 countries. The new accounts have also further established Fieldglass in the healthcare, financial services and manufacturing industries.
Fieldglass experienced internal growth and success as well in 2008. Cash flow and net income positive for the third consecutive year, the company increased headcount by 25 percent in 2008. Additionally, in October Fieldglass was honored for its excellence in technology with a Chicago Innovation Award, earning the company recognition in BusinessWeek.
Since adding InSite Recruiter in February 2008 for direct sourcing and management of specialized talent pools, Fieldglass InSite was significantly enhanced this past year to improve the system usability and increase self-service administration capabilities. Additionally in September Fieldglass was recognized for successfully completing its fifth consecutive Type 2 SAS 70 audit for maintaining superior internal control while supporting InSite.
ΓA lot of hard work came to fruition this year, from customer acquisition to new products developed, said Jai Shekhawat, CEO, Fieldglass. ԓOver the next couple years, we expect to see continued acceleration in our business, especially as more companies look to VMS solutions to help them track and save money when sourcing services in these tight economic times.
According to the 2008 Staffing Buyer Survey from Staffing Industry Analysts, Fieldglass should continue to see growth in 2009. The report cites that a little more than half of large companies surveyed used a VMS in 2008, while 73 percent expect to deploy a VMS solution by 2010.
The company’s growth plans for 2009 includes maintaining strong customer acquisition momentum, continuing innovative product development and implementing enhanced customer service strategies to best support the program office.
ABOUT FIELDGLASS, INC.
Fieldglass, Inc. provides the leading unified technology platform for acquiring all human capital, including contingent workers, services and direct hires. The award-winning, on-demand InSite product suite helps companies determine the right worker composition across all labor types and tap into known talent resources, such as alumni, retirees and interns. Using InSite, global companies can reduce hiring cycles, enforce compliance and control spend to remain competitive.
Fieldglass customers representing Global 2000 firms, including Allstate, GlaxoSmithKline, Johnson & Johnson, Metavante and Wyeth, use InSite to manage contingent workers in a variety of categories, including light industrial, IT and administrative, and the procurement of projects, offshore and deliverables-based work. For more information, visit http://www.fieldglass.com.
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