StarCite Reports Record Results For Q1 2004
Meetings Marketplace Grows 153%
Online Registrations Jump 134%
Projected To Deliver $1.5B In Rev Opportunities In 2004
PHILADELPHIA – May 17, 2004 - StarCite, Inc., a provider of innovative Web-based technologies and services for the $300 billion global meetings and events industry, today announced that it provided hotels with more than $274 million in group meeting RFP opportunities in the first quarter of 2004. Again reporting significant growth in all business categories, StarCite said commerce flowing through its Online Marketplace rose 153 percent compared to the same period in 2003. At the current pace, the company expects its growing user base to deliver $1.5 billion in revenue opportunities to hotels by year-end.
As the world’s largest online marketplace for meetings and events, StarCite delivered a record 7,690 unique RFPs in the first quarter, 143 percent more than the same quarter last year.
The number of gross RFPs sent through the StarCite Online Marketplace rose by 162 percent from the first quarter 2003 to 63,997. These RFPs provided over 1 million room night leads to hotels with an average of 131 rooms nights per unique RFP. The leads represent over $166 million in room night revenue potential and nearly $108 million from food and beverage and ancillary revenues.
On a daily basis, StarCite provides nearly $4.4 million worth of lead opportunities to hotels in its database. These figures exclude private-label sites for suppliers (StarCite powers the group RFP functionality of the Web sites of Starwood Hotels & Resorts Worldwide, Fairmont Hotels & Resorts, Omni Hotels and numerous properties.)
Deploys Largest Customers
In the first quarter, StarCite began implementing some of its largest Fortune 1000 customers to date on its enterprise meetings platform. The company reported both new sales and expanded agreements with existing customers in its core segments of financial services, pharmaceutical and high technology. Among them are Motorola, Inc., and MFS Investment Management. More than 400 corporations, associations and management companies now rely on StarCite technology and services.
On the supplier side, StarCite also reported record sales of technology, marketing and services to individual hotels, chains and convention and visitor bureaus. The company extended its sales activities in the CVB segment; selling advertising, lead management or housing/registration solutions to the Bermuda Department of Tourism and Dallas Convention & Visitors Bureau in the first quarter.
Online Registrations Grow 134%
StarCite processed more than 283,000 online registration transactions in the first three months of 2004, 134 percent more than the same period in 2003. Now with two attendee management applications – RegWeb and b-there – StarCite is the largest provider of attendee management transactions, processing more than 1 million annually.
“Following the significant gains in 2003, we are delighted to see meeting volumes grow so rapidly in early 2004,” said John Pino, founder and CEO of StarCite, Inc. “Spurred by procurement and strategic sourcing initiatives, Sarbanes-Oxley or just sound business management, companies are looking for solutions to transform their meetings management. Suppliers too want more efficient ways to manage leads and their business. We look forward to helping all embrace the efficiencies that technology has to offer in 2004.”
About StarCite, Inc.
StarCite, Inc. provides the most comprehensive suite of applications and services to the $300 billion meeting and events industry. StarCite helps drive efficiencies and cost savings to both corporate buyers and suppliers. More than 400 corporate, association and thirdparty meeting buyers rely on StarCite’s Enterprise Meeting Solutions for workflow, procurement, supply chain management, spend analysis and attendee management. Thousands of industry suppliers rely on the StarCite Online Marketplace, Supplier Marketing Programs and Enabling Technologies to increase meeting revenues. StarCite’s international division represents destination management companies and other premier international travel suppliers using both technology and traditional means. StarCite is based in Philadelphia. Investors in StarCite include American Express; Internet Capital Group; Maritz Travel Company; Seaport Capital; Starwood Hotels & Resorts Worldwide, Inc.; and TL Ventures. For more information about StarCite, or its technologies and services, please visit www.StarCite.com.
Contacts:
Mary Ann McNulty
StarCite, Inc.
(630) 519-4510
mmcnulty@starcite.com |
