GEP Achieves Another Consecutive Year of Record Growth in 2018, With Big Gains Delivered in Europe and Cloud Software Business; To Sustain Strong Growth, GEP Organizes Business to Better Deliver More Specialized Vertical Industry Solutions
- Order bookings double for cloud-native SMART by GEP® unified procurement platform, help boost revenue more than 66 percent
- Overall revenues up by nearly a third globally, with Europe revenues doubling
- Building on early successes, Board to invest heavily in verticalization of solutions and building deeper functionality in Direct Materials
- Six key verticals are initially in focus, with Oil & Gas and Automotive & Industrial Manufacturing out in front
Clark, N.J. – February 18, 2019 – GEP, a leading provider of procurement and supply chain solutions to Fortune 500 and Global 2000 enterprises worldwide, announced today another record year of revenue growth and business expansion across the globe.
GEP, headquartered in Clark, New Jersey, saw its business expand in every market in which it operates, but particularly in Europe, where revenues more than doubled in 2018. The year was also a watershed for GEP’s cloud-based, unified source-to-pay procurement platform, SMART by GEP, which saw its revenues increase more than 66 percent.
GEP will be accelerating the verticalization of its solutions and delivery organizations to provide deeper, more industry-specific solutions, designed to address the distinct issues and harness the opportunities native to particular industries and segments.
Initially, GEP has rolled out six priority areas of industry focus, including Life Sciences & Pharma, Banking & Financial Services, Telecom & Technology, and Consumer Products & Retail; but Oil & Gas and Automotive & Industrial are first in focus and have already seen significant investment in the initial phases of a sustained development and business plan.
GEP customers in the Oil & Gas sector include ExxonMobil, Chevron and Petronas, among other industry leaders. In the Automotive sector, customers include Honda, John Deere and Johnson Controls, among others. GEP is in discussions with more than 25 additional companies in various parts of the auto manufacturing ecosystem.
GEP’s Board of Directors recently approved a plan to make large continued investments in the verticalization strategy.
“GEP is customer-centric to its core,” said GEP CEO Subhash Makhija. “And increasingly our customers are looking for gains in speed-to-value, ready feature sets and functionality, best practices, and pre-configured tools specifically engineered to the unique requirements and use cases of particular businesses and industries.
“This is something that we’ve always understood and delivered,” Makhija continued, “but now we are organizing our operations around this principle to focus and target our investments, our energies and our creativity more deeply and with renewed passion.”
GEP helps global enterprises operate more efficiently and effectively, gain competitive advantage, boost profitability, and maximize business and shareholder value.
Fresh thinking, innovative products, unrivaled domain and subject expertise, and smart, passionate people — this is how GEP creates and delivers unified supply chain solutions of unprecedented scale, power and effectiveness.
Named a Leader in the Gartner Magic Quadrant and Best Provider at the World Procurement Awards and EPIC Procurement Excellence Awards, GEP is frequently honored as an innovator and leader in source-to-pay direct and indirect procurement software by Gartner, Forrester, IDC, Procurement Leaders, Spend Matters, PayStream and Ardent Partners.
GEP is also ranked leader in managed procurement services (procurement outsourcing) by Everest Group, NelsonHall, IDC, ISG, HfS and IAOP. In addition, the primary research firm in the management consulting sector, ALM Intelligence, ranks GEP leader in procurement strategy and supply chain consulting.
With 14 offices and operations centers in Europe, Asia and the Americas, Clark, New Jersey-based GEP helps enterprises worldwide realize their strategic, operational and financial objectives. To learn more about our comprehensive range of strategic and managed services, please visit www.gep.com. For more about SMART by GEP, our cloud-native, unified source-to-pay platform, please visit www.smartbygep.com.
Vice President, Marketing & Analyst Relations
Phone: +1 732-382-6565
Email: al.girardi [at] gep.com