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4-Traders Homepage  >  Equities  >  Nasdaq  >  ICG Group Inc.    ICGE

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ICG Group Inc. : CoreLogic Signs Five-Year, Multi-Million Dollar Contract Selecting Procurian to Optimize Spending Across the Organization

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04/26/2012 | 09:49pm CEST

Information, Analytics and Business Services Leader Taps Procurian's Specialized Procurement Infrastructure to Improve Effectiveness and Efficiency


PHILADELPHIA, PA - April 26th, 2012 - Leading comprehensive procurement solution provider Procurian, formerly ICG Commerce, today announced that it has been selected to deliver a comprehensive procurement solution to CoreLogic, a leading provider of information, analytics and business services.  Procurian will help CoreLogic continuously optimize spending in areas including consulting, benefits, temporary labor, postage and marketing. The five-year contract to manage annual spending will support CoreLogic's Project 30 cost reduction objectives.

"CoreLogic is focused on delivering strong revenue and earnings growth in 2012.  To help achieve this objective, we have established aggressive cost reduction and workflow productivity targets," said Frank Martell, Chief Financial Officer of CoreLogic.  "Because they possess deep category expertise across some of our largest areas of spending, we believe that Procurian is the right partner to help us meet our cost savings commitments."

CoreLogic will leverage Procurian's Specialized Procurement InfrastructureTM to enable its procurement strategy of establishing high performance capability to improve control, reduce its cost structure, and support business growth through more effective procurement.  Procurian is solely focused on helping clients transform Procurement into a strategic function that fuels growth through measurable savings as well as supply market insights that optimize spending. Procurian's unique offering provides its clients access to all the components necessary to optimize indirect spend and achieve the highest levels of procurement excellence, including dedicated teams of specialists with deep category expertise, real-time market intelligence, comprehensive processes and a sophisticated set of proprietary tools and technology. 

"The CoreLogic team has a very progressive view of the role of procurement and we're excited to help this forward-thinking market leader take procurement to the next level to meet their cost savings goals by harnessing the power of their spending," said Carl Guarino, CEO of Procurian.  "This new engagement showcases the opportunity for many companies to significantly lower their spending in categories such as consulting, benefits, marketing and temporary labor."

About Procurian, Inc.
Procurian is the leading specialist in comprehensive procurement solutions. Forward-thinking business leaders partner with Procurian to transform procurement and drive sustainable changes to their cost structures. Global industry leaders, including Kimberly-Clark, Hertz, Symantec, Timken and Whirlpool, have chosen Procurian to accelerate this transformation. Procurian's built-out Specialized Procurement Infrastructure™ integrates with businesses to optimize spending and deliver real savings that equal a margin point or more. Procurian is an ICG (NASDAQ: ICGE) company. For more information, visit www.procurian.com.

About CoreLogic
CoreLogic (NYSE: CLGX) is a leading provider of consumer, financial and property information, analytics and services to business and government. The Company combines public, contributory and proprietary data to develop predictive decision analytics and provide business services that bring dynamic insight and transparency to the markets it serves. CoreLogic has built one of the largest and most comprehensive U.S. real estate, mortgage application, fraud, and loan performance databases and is a recognized leading provider of mortgage and automotive credit reporting, property tax, valuation, flood determination, and geospatial analytics and services. More than one million users rely on CoreLogic to assess risk, support underwriting, investment and marketing decisions, prevent fraud, and improve business performance in their daily operations. The Company, headquartered in Santa Ana, Calif., has approximately 5,000 employees globally. For more information visit www.corelogic.com.

CoreLogic Statement Concerning Forward Looking Statements
Certain statements made in this news release are forward-looking statements within the meaning of the federal securities laws, including but not limited to those statements related to future revenue and earnings growth, and amount and timing of cost reduction strategies,  Factors that could cause the anticipated results to differ from those described in the forward-looking statements are set forth in Part I, Item 1A of CoreLogic's most recent Annual Report on Form 10-K for the year ended December 31, 2011, including but not limited to: limitations on access to data from external sources, including government and public record sources; changes in applicable government legislation, regulations and the level of regulatory scrutiny affecting our customers or us, including with respect to consumer financial services and the use of public records and consumer data which may, among other things, limit the manner in which we conduct business with our customers; compromises in the security of our data transmissions, including the transmission of confidential information or systems interruptions; difficult conditions in the mortgage and consumer credit industry, including the continued decline in mortgage applications, declines in the level of loans seriously delinquent and continued delays in the default cycle, the state of the securitization market, increased unemployment, and conditions in the economy generally; our cost reduction initiatives and our ability to significantly decrease future allocated costs and other amounts in connection therewith; risks related to our international operations and the outsourcing of various business process and information technology services to third parties, including potential disruptions to services and customers and inability to achieve cost savings; and impairments in our goodwill or other intangible assets. The forward-looking statements speak only as of the date they are made. CoreLogic does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

Media Contact:
Shannon Parish
+1 484-690-5446
sparish@procurian.com

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Financials ($)
Sales 2016 157 M
EBIT 2016 -13,9 M
Net income 2016 -53,8 M
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Walter W. Buckley Chairman & Chief Executive Officer
Doug A. Alexander President
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