Expensewatch.com added more than 6,500 new subscribers and 82 new customers from Q1 2006 through Q1 2007. Over the same period, more than 32 percent of existing customers expanded their use of the service by adding additional users or modules, while expensewatch.com customers renewed expiring licenses at a rate of more than 90 percent.
"Our continued growth, especially in our customer renewal rates, demonstrates there is significant demand by small and midsized companies for our innovative on-demand operating expense controls," said Bill Vergantino, president and CEO. "We will continue to succeed only if our customers are successful in controlling and reducing their operating expenses through the use of expensewatch.com."
"We chose expensewatch.com because we see real value in our ability to control and reduce all of our operating expenses within one solution," said Sandro Lanni, president and CEO of Charter School Management Corporation. "We can capture all company expenses with the modules for expense reports, purchasing and invoice management, apply company spending policies, and then report on that data in real time to see where actuals are against budgets. That's real control."
"Whether in education, banking, technology, health care services, financial services, hospitality, engineering, non-profit or other industries, small and midsized companies spend money," Vergantino said. "With expensewatch.com's web-based operating expense control service, they can automate and control a critical aspect of their business."
Further validating the market demand and expensewatch.com's ability to align to that demand, existing investor, Bezos Expeditions, the personal investment company of Jeff Bezos, completed a private equity buyout of expensewatch.com in March. The terms of the agreement were not disclosed.
"Expensewatch.com is a terrific, customer-focused company with a value proposition that makes sense for every small-to-midsize business. Until recently, integrated expense control across travel and entertainment, invoice management and purchasing was really only affordable for the largest companies. Expensewatch.com is changing the way we think about expense management-the online tools are easy to use and automate time consuming paper flow," said Stephen Campbell, chief investment officer for Bezos Expeditions. "We see significant opportunities for growth in this market as more and more businesses experience the benefits, great value, and ease-of-use of web-based applications and services."