TraceGains announced record revenue for 2019.
WESTMINSTER, COLORADO, UNITED STATES, January 14, 2020 /EINPresswire.com/ — TraceGains, the leader in supplier compliance, quality management, and new product development software for food, beverage, and CPG industries, today announced record revenue for its full fiscal year ended Dec. 31, 2019.
"We had another year of record-breaking revenue growth," CEO Gary Nowacki said. "A third of the top 100 food and beverage companies now run TraceGains, and our decisions to expand into the dietary supplement and CBD markets, and to invest in R&D departments with our Networked NPD offering, are all paying dividends. I’ve never been more excited about the opportunity ahead for TraceGains.”
The company finished the year with 75 new customers, and 37 percent revenue growth over 2018.
“Another area of growth for TraceGains is retail,” SVP of Revenue Mike Hubbard added. “One of the five largest U.S. retailers is implementing TraceGains Specification Management to enhance and protect its store brands. This will allow them to author, maintain, and publish specifications to meet requirements and accelerate new product development.”
Market Hub, the company’s powerful sourcing directory, has emerged as yet another driving force for growth. This accelerated more after the company announced in December that it’s now including Market Hub with its Supplier Management solution at no additional cost. Advanced search criteria such as country of origin, organic, non-GMO, kosher, and more deliver precise sourcing fast. When items and ingredients are identified, customers can instantly collect all supporting quality and regulatory documentation from a rapidly growing library. The result is faster time-to-market in an industry where every minute counts.
“Within the first 30 days we identified new sources through Market Hub for a very critical project,” Nature’s Way Supply Quality Manager Sarah Hazaert explained. “We are now able to complete a qualification activity, that in some cases would have taken up to six months, in a day or two. We’re seeing quick wins from sourcing using Market Hub.” See Nature’s Way TraceGains success story and others here: https://www.tracegains.com/customer-successes
TraceGains is a cloud-based platform that helps food and consumer-packaged goods companies deliver on brand promise. People in Quality, Regulatory Compliance, Procurement, and R&D rely on TraceGains to bring quality products to market faster. TraceGains turns static documents into digital records, tracks information exchange, and automates workflows. On average, companies find that 75 percent of their suppliers are already on TraceGains Network, allowing them to immediately connect and collaborate. With instant information sharing and visibility throughout the supply chain, companies can manage risk, grow the business, and go faster. TraceGains Network also powers Market Hub, our robust sourcing directory for items, packaging, and service providers. Finally, with TraceGains Smart Alerts, the industry’s best source for food and CPG regulatory, safety, incident, and fraud information, companies can research by commodity, country of origin, threat type, supplier, date of event, and more.
Source: EIN Presswire