StarCite Kicks Off 2006 with Strong Momentum
Tuesday April 25, 9:00 am ET
Launch of Innovative Services, New Hires and Continued Global Expansion Close Out Excellent First Quarter
PHILADELPHIA--(BUSINESS WIRE)--April 25, 2006--StarCite, Inc., the leading provider of On Demand Global Meeting Solutions(TM), today announced that the firm closed out the first quarter of 2006 with record-breaking growth for the StarCite Marketplace, driving 47% more commerce through the Marketplace as compared to the same quarter in 2005. In addition, during the quarter the firm launched its new Supplier Response Center and Meeting Estimator(TM) tool and announced two new executive appointments in support of its continued growth.
"2006 has started off with a bang," said Michael Boult, president and CEO of StarCite. "In addition to a 47% increase in commerce through our Online Marketplace this quarter compared to 2005, we have experienced tremendous growth in sales and registration activity, which has paved the way for a year of continued success. We are thrilled with our momentum as our growing client base looks to us for help managing their meeting spend with innovative technology tools, strong customer service and the most comprehensive online marketplace available."
New Product Launches
In the first quarter of 2006, StarCite officially launched its Supplier Response Center, which is the first module of its GMS platform. The Supplier Response Center helps suppliers manage and respond to electronic RFPs with more efficiency. The firm also launched Meeting Estimator(TM), a tool that lets meeting planners make more informed decisions by quickly comparing the potential costs of holding a meeting in different locations. In a simple three-step process, meeting planners can enter the basic departure and destination information for attendees and get estimates for holding a meeting in various locations before having to make a financial commitment.
New Hires
StarCite recently named Michael Malinchok as vice president of Partner Development and Jason Atlas as vice president of Product Development. Mr. Malinchok has joined StarCite to lead the firm's Strategic Partners Program. With 22 years of experience in the meetings industry, he is responsible for forging industry alliances, identifying new areas of opportunity and driving increased value for both StarCite and its strategic partners. Previously, Mr. Malinchok was vice president for WTMI's meetings technology operations in which he spearheaded the development of a strategic partnership with StarCite.
As vice president of product development, Mr. Atlas brings 15 years of leadership experience in Internet and core server software product design as well as enterprise service management. He is responsible for all phases of StarCite's technology development including product specification, engineering, quality assurance and documentation as well as leading the firm's offshore initiatives. Prior to joining StarCite, Mr. Atlas was director of Media Technologies at Bloomberg LP and held positions at Microsoft where he pioneered several product developments.
Relationship Building
During the first quarter, StarCite added new marquee clients for its technology platform including two large financial and investment services companies, a major food and beverage manufacturer, and a leading incentive and event planning company. StarCite acquired significant new business with several other major corporations through collaborative business wins with its strategic partners. The firm closed a new strategic partnership with WorldTravel Meetings & Incentives and renewed its 5-year contract with HelmsBriscoe.
StarCite's global solutions continue to expand within its existing client base. In the first quarter, StarCite began providing Cisco Systems with strategic sourcing in Asia-Pacific and expanded its deployment with Motorola to the EMEA region (Europe, Middle East and Africa). StarCite also expanded its relationships with HP, Virtual Meeting Strategies and the American Cancer Society.
Supplier and Destination Marketing
The marketing consortiums in Peru and Austria were expanded in the first quarter to include agreements with both nations' tourism offices and new local destination partners. StarCite also signed new marketing partnerships with Barcelo Hotels, Hilton Garden Inn, LXR Luxury Resorts, Palace Resorts and Leading Hotels of the World. Crowne Plaza, Embassy Suites, NH Hotels and the Remington Hotel Management Company expanded their existing marketing partnerships.
Marketplace Growth
StarCite showed exceptional growth within its Online Marketplace, as commerce flowing through the Marketplace grew a total of 47% in the first quarter of 2006 compared to the same quarter in 2005, reaching new company highs. StarCite delivered more than 150,000 gross RFPs in the quarter to hotels, providing $681 million in meeting RFP opportunities. These RFPs supplied more than 2 million room night leads to hotels, an average of 144 nights per lead. On a daily basis, the Marketplace provided more than $10 million worth of lead opportunities to hotels.
About StarCite, Inc.
StarCite, Inc. is the leading 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 (NASDAQ: ICGE - News); 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.
* StarCite Adoption Management - proven implementation, training, benchmarking, customer support, account management and outsourced services that help you target achievable
savings and improve overall results. |
