StarCite Reports Q3 2004 Results; Meetings Marketplace Grows 50.7%; Online Registration Up 21%
PHILADELPHIA--(BUSINESS WIRE)----StarCite, Inc., leading provider of innovative Web-based technologies and services for the $300 billion global meetings and events industry, today announced that it provided hotels with nearly $328 million in meeting RFP opportunities in the third quarter of 2004. Commerce flowing through the StarCite Online Marketplace rose 50.7 percent compared to the same period in 2003. At the current pace, the company expects its growing user base to deliver $1.3 billion in revenue opportunities to hotels by year-end.
"The traditionally slower summer season is reflected in our Q3 figures. But we are encouraged by dramatic surges in registrations and RFPs that set new daily or weekly records during September," said John Pino, founder and CEO of StarCite, Inc.
As the world's largest online marketplace for meetings and events, StarCite delivered 7,676 unique RFPs in the third quarter, 41 percent more than the same quarter last year. These RFPs provided 1.2 million room night leads to hotels with an average of 157 room nights per unique RFP.
In the first nine months of 2004, StarCite delivered 23,023 unique RFPs and more than $927 million in revenue opportunities to hotels. Each RFP - defined as "unique" - is typically sent to multiple properties or chains for rate and availability and then defined as "gross" RFPs. The number of gross RFPs sent through the StarCite Online Marketplace rose 41 percent from the third quarter 2003 to 61,764.
On a daily basis, StarCite provides $5.2 million worth of lead opportunities to hotels in its database. These figures exclude private-label sites, which StarCite supplies to Starwood Hotels & Resorts Worldwide, Fairmont Hotels & Resorts, Omni Hotels and a number of individual hotels.
Online Registrations Grow 21%
StarCite processed over 250,000 online registration transactions in the third quarter of 2004, 21 percent more than the same period in 2003. With two attendee management applications - RegWeb(R) and ARM(TM)- StarCite is the largest provider of attendee management transactions, processing more than 1 million annually. In September, StarCite reported its second highest transaction month in history.
During the quarter, StarCite signed several new contracts that reflect growing interest in attendee management and integration technology by suppliers. Two hotel chains, Hyatt and Carlson, signed agreements to license StarCite's RegWeb(R) Attendee Management application. On the integration front, StarCite signed an agreement with MGM Mirage to integrate group leads through the hotel and gaming company's deployment of Daylight Software. A provider of advanced sales and catering solutions, Daylight and StarCite announced the industry's first two-way exchange of data earlier this year. Two other chains also have signed up for the integration.
In the quarter, StarCite also made significant strides on its international growth strategy, deploying a new RapidRFP(TM) for destination management companies; launching a new destination marketing campaign for Guatemala; and implementing new technology for both the Hong Kong and Switzerland tourism boards.
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 third-party 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 Internet Capital Group (Nasdaq:ICGE); 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.
StarCite, Inc., Philadelphia Mary Ann McNulty, 630-519-4510 mmcnulty@starcite.com
11/3/2004 14:34 ET |
