StarCite Reports Results For Q2 2005; On Pace To Deliver $2B In Rev Opportunities In 2005; Meetings Marketplace Grows 40%; Average Room Rate Increases To $188
8/2/2005 12:47:01 PM
PHILADELPHIA, Aug 02, 2005 (BUSINESS WIRE) -- StarCite, Inc., the provider of On Demand Global Meeting Solutions(TM) for the $300 billion global meetings and events industry, today announced that it provided hotels with nearly $455 million in meeting RFP opportunities in the second quarter of 2005. Commerce flowing through its Online Marketplace rose 40 percent compared to the same period in 2004. At the current pace, the company expects its growing user base to deliver $2 billion in revenue opportunities to hotels by year-end.
"Analyzing the $918 million in Marketplace activity in the first half of 2005, we found that average room rates rose to $188, up from $165 last year," said John Pino, Founder and CEO of StarCite, Inc., Philadelphia. "Planners sourced to slightly more properties in the second quarter of 2005 - 8.43 per RFP - compared to 8.05 in the same period in 2004. Increased demand in key markets is likely prompting this trend," Pino said. Room nights per RFP were down slightly to 150 in the second quarter. This compares to 156 room nights per RFP in the second quarter of 2004 and 168 in the first quarter of 2005.
"As we're deploying StarCite's technology and processes deeper into global corporations, we're gaining new insight into monthly and quarterly booking trends, as well as helping each corporation gain the necessary visibility, savings and control of meetings. We're just scratching the surface of what we expect will be a goldmine of data for our customers to use, analyze and leverage," Pino added.
The world's largest online marketplace for meetings and events, StarCite Marketplace delivered 9,797 unique RFPs in the second quarter, 28 percent more than the same quarter last year. In the first half of 2005, StarCite delivered nearly 20,000 unique RFPs worth $918 million in revenue opportunities to hotels. Each RFP - defined as "unique" - is typically sent to multiple properties or chains for rate and availability, which results in a much larger gross RFP count through StarCite's marketplace.
StarCite Marketplace RFP Growth
The number of gross RFPs sent through the StarCite Online Marketplace rose 34 percent from the second quarter 2004 to 82,605. These RFPs provided nearly 1.5 million room night leads to hotels.
On a daily basis, StarCite provides $7.2 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, Hyatt Hotels and Resorts, and a number of individual hotels.
Sales Rise Across All Segments
During the quarter, StarCite closed 300 contracts with new or existing clients. New corporate customers include Harley-Davidson, Avnet and Momentum Event Network. StarCite also enhanced relationships with several existing clients by adding group air booking, attendee management, adoption management or other products to implementations. During the quarter, TQ3Navigant announced its selection of StarCite as its online meeting management technology provider. In Europe, Maritz Europa and StarCite announced a new strategic partnership designed to help both companies grow their share of the corporate strategic meetings management business in the European market. The relationship, combined with StarCite's growing global customer deployments, will make StarCite the largest electronic lead generator in Europe.
On the supplier side, StarCite sold its new marketing solutions for destinations/Convention and Visitor Bureaus to three destinations, including Jamaica. It also extended a relationship with Omni Hotels that includes both enabling technologies and marketing.
About StarCite, Inc.
StarCite, Inc. is the provider of On Demand Global Meeting Solutions(TM). StarCite optimizes global investments in corporate meetings and events delivering visibility, savings and control. StarCite provides process efficiency, enabling technology and proven adoption management support to drive significant cost reduction to buyers and enhanced revenues to suppliers. StarCite is based in Philadelphia. Investors in StarCite include Internet Capital Group (ICGE); Maritz Travel Company; Seaport Capital; and TL Ventures. For more information about StarCite, or its technologies and services, please visit www.StarCite.com.
Products and services include:
-- StarCite GMS(TM) - the integrated platform that powers StarCite's Global Meeting Solutions approach and five steps to guaranteed success - Plan, Budget, Buy, Attend and Measure.
-- StarCite Marketplace - the world's largest online meetings marketplace with $2 billion in revenue opportunities and 50,000 eRFPs.
-- StarCite Adoption Management - proven implementation, training, benchmarking, customer support, account management and outsourced services that help you target achievable savings and improve overall results.
SOURCE: StarCite, Inc.
StarCite, Inc.
Media Contact:
Mary Ann McNulty, 267-330-0510
mmcnulty@starcite.com |
