MFG.com Marketplace Reports 35% Membership Growth in 2004
Shows Sustained Momentum in Industry Acceptance
ATLANTA – April 26, 2005 – MFG.com Inc. today announced its 2004 year end results with significant gains in MFG.com membership and online sourcing volume for engineered-to-order components. The MFG.com membership, consisting of buyers and suppliers of custom manufacturing services, grew 35% from 2003 to 2004. The company also reports a steady rise in sourcing volume with a increase of 23% in FY2004. The trend appears to be accelerating in 2005 as the first quarter is off to an impressive start achieving a landmark 44% in growth in sourcing volume. MFG.com is an online Sourcing Management System with automated supplier discovery and a global network of participating suppliers. This marketplace is a major indicator of commerce conducted for engineered-to-order parts and assemblies in the manufacturing sector. The company processes more manufacturing opportunities than all of the current competitors combined.
MFG.com also reports a solid 58% increase in size of contracts being sourced and awarded online. In 2004, MFG.com’s daily value of open RFQs averaged $32 million, and peaked at a milestone $100 million in the 4th quarter. The first quarter of 2005 is also on a record-breaking track, with daily value of open RFQs averaging $53 million.
"The importance of delivering the right supplier at the right time for the ready-to-buy customer can not be overstated, as it provides unparalleled efficiency to both buyers and suppliers,” states Mitch Free, president and CEO of MFG.com. “Our web-based sourcing system does this with ease. During our first year of business in 2000, MFG.com hosted $40 million in RFQ opportunities for the entire year. Today, the marketplace averages $53 million per day in RFQ opportunities. MFG.com is the status quo for locating suppliers and streamlining a company’s RFQ processes.”
MFG.com is the only industry marketplace that displays a real-time dynamic RFQ Value Chart on its home page. Members and prospects can view the value of current RFQ opportunities at any given moment. Over 36,000 purchasing professionals, engineers, and entrepreneurs post Requests for Quotes (RFQs) on the service at no charge. Qualified MFG.com Supplier members respond to the RFQs with private quotes for services such as precision CNC machining, sheet metal fabrication, rapid prototyping, and more.
About MFG.com
MFG.com is the largest global online marketplace for the manufacturing industry. MFG.com instantly and intelligently matches sourcing professionals and engineers with suppliers who have the right expertise and capacity to manufacture parts and tooling on demand in accordance with their engineering drawings and CAD files. MFG.com's on-demand service is consolidating the once- fragmented world of manufacturing into an efficient marketplace, enabling products to be sourced and built more easily, quickly, inexpensively, and at higher quality levels. For more information, please visit http://www.MFG.com.
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