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Achieves One Hundred Percent Customer Renewal Rate; Undergoes Successful Executive Transition
Santa Clara, Calif., July 24, 2006 – Ketera Inc., the leading provider of On Demand Spend Management solutions, today announced it maintained strong growth momentum in the second quarter of 2006. While undergoing a successful executive transition and welcoming Burton M. Goldfield as new chief executive officer during the quarter, Ketera also remained consistent across the board with a one hundred percent customer renewal rate and the addition of several new mid–market and enterprise customers.
The key to achieving strong results again this quarter was the number of deals re–enforcing Ketera′s leading position as a trusted source for on demand spend management solutions. During the second quarter, Ketera signed on 13 new mid–market companies including, SiegeNetworks, The Claro Group, ComVerge and iPass, in addition to numerous enterprise wins in the Government, Healthcare, Education, Logistics and Telecom industries.
During the quarter, Ketera was also honored on the annual "Red Herring Top 100 Private Companies in North America" list for 2006. The company was recognized for its continued work in breaking the traditional boundaries that exist within the software industry by offering best–in–class spend management applications via the on demand model.
"Saas [Software as a Service] is revolutionizing the way companies control spend within their organizations," said Gartner Research Director, Debbie Wilson. "The inherently lower–risk, lower–cost nature of the delivery model provides an attractive option for companies wanting to rapidly implement effective spend management programs in their organizations."
"This is an exciting time to come on board at Ketera and I′m thrilled the company has continued to gain traction with customers and win industry accolades while undergoing an executive transition during the quarter," said Burton M. Goldfield, CEO, Ketera. "These achievements speak well to the dedication of the entire Ketera team and our ability to offer customers proven spend solutions that can be deployed fast and deliver rapid savings within the first year. This means our customers can realize impressive results very quickly, which bodes well for Ketera since our success is based upon our customer′s success."
About Ketera
Ketera is the leading provider of on demand, spend management solutions, providing companies with the applications and services needed to control and reduce corporate spending at a low cost of ownership.
Ketera Spend Management includes applications for spend analysis, sourcing, procurement, contract management, supplier performance and payment and reconciliation. The Ketera difference is our on demand delivery model, which combines hosted spend management applications with the "heavy lifting" services required for success, including supplier enablement, hardware infrastructure, project resources, system administration and solution upgrades.
For more information about Ketera and the Ketera Spend Management suite of services, please visit www.ketera.com.
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