Leading Supply Chain Solutions Provider Surges Ahead Despite the Challenging Global Economy
WESTMINSTER, Colo., Aug. 17, 2023 /PRNewswire/ -- TraceGains, the world's only networked ingredients marketplace, today announced an impressive 24% YoY increase in revenue bookings for Q2. The increase represents a 7% quarterly growth over the company's record-breaking Q1 performance, fueled by customer demand for the TraceGains Gather solution and value it delivers during all economic conditions.
"With support of strong lead generation and pipeline building, our Sales team has delivered exceptional 2023 results, inspiring the company and growing both revenue and participation within our networked ingredients marketplace," said Gary Iles, Senior Vice President of Marketing & Business Development. "We're pleased to welcome over 40 customers this quarter, including Double Good, Dr. Praeger's Sensible Foods, John Soules Foods, and Wild Alaskan."
The company's global expansion into Canada and European markets, coupled with the launch of new products, opened TraceGains' addressable market to small and medium sized businesses. With a 16-year history of solving challenges for mid-market and the world's largest supply chain buyers and suppliers, TraceGains has helped buyers and suppliers during weak and strong economies.
Now, TraceGains has introduced new cost effective delivery options for the SMB market. The TraceGains Gather Supplier Management Pro solution offers enterprise-grade solutions at price points smaller food and CPG companies can afford. Available to any sized business, TraceGains has created a new free entry into their marketplace network, permitting access to an extensive database comprising more than 64,000 supplier locations and more than 466,000 items and ingredients.
John Thorpe, Principal Product Manager leading TraceGains Gather, emphasized the importance of inclusivity: "We believe that smaller companies deserve the same speed, market reach, and digital efficiency as larger enterprises, but at pricing that accommodates their lower operating volumes. Our game-changing solution allows any sized company to begin with a free option and gradually expand into value added services as they grow and require advanced capabilities."
At no cost to users, TraceGains Gather presents a revolutionary networked ingredient marketplace, seamlessly connecting buyers, suppliers, and co-manufacturers along with their detailed ingredient data on an unprecedented scale. This platform drives collaboration and efficiency across the food and beverage industry, opening new avenues for growth and innovation while significantly mitigating inherent supply chain risks around compliance, formulation, and responsible sourcing.
Gary Iles, Senior Vice President of Marketing and Business Development at TraceGains, expressed his excitement for the future: "With our current product line and the upcoming Q3 launches, I'm delighted with our unique global market positioning. TraceGains remains committed to revolutionizing the food and beverage industry by consulting with customers to design go-to products that solve their problems. Markets have responded favorably, our monthly pipeline has tripled, and Sales is accessing new markets and achieving record quarterly performance."
TraceGains' outstanding Q2 performance validates its position as a category pioneer and leading networked ingredients marketplace for companies that want to successfully navigate supply chain and global economic challenges.
About TraceGains
TraceGains, the world's only networked ingredients marketplace, connects the global consumer goods supply chain through its innovative TraceGains Gather platform. Enterprises and suppliers can easily collaborate to exchange critical information, data, and documents and work together to solve today's unprecedented supply chain challenges. Information about ingredients and supply chain partners applies to a company's unique supply chains using artificial intelligence and automation. Our patented PostOnce technology allows authorized stakeholders to share and receive vital information, precisely when, where, and how they need to operate efficiently and remain competitive. Through the power of a global network, supply chain agility is achievable. To learn more, visit www.tracegains.com.
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