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Home > Company Index > Diversified Services > Miscellaneous Business Services > ProcureNet, Inc.

ProcureNet, Inc.
 NEWS FROM THE STANDARD
Learning the Web the Hard Way
Mar 19 2001 12:00 AM PST

 PROFILE
ProcureNet helps the government get its goods. Through its Web site the company provides a one-step, automated procurement process of goods such as military and commercial vehicle parts; plumbing, electrical, and hardware supplies; and other repair and maintenance supplies. US government agencies (primarily the Department of Defense) account for three-quarters of sales; other customers include state and local agencies and small to medium-sized companies. ProcureNet is a 1999 spinoff of Fisher Scientific International, which is a major investor in the company. Other investors include the Thomas H. Lee Equity Fund and CEO Reuven Battat.

 COMPETITION
FreeMarkets, Inc. (FMKT)
National Information Consortium, Inc. (EGOV)
VerticalNet, Inc. (VERT)

 TRACKERS
Feb. 16, 2001 - LAYOFF TRACKER
40 laid off
Description: Reducing redundancies in an effort to reach profitability by 2001. Layoffs represent approximately 20% of headcount.

More LAYOFF NEWS

 FINANCIAL OVERVIEW
Fiscal Year-End: December
1999 Sales (mil.): 69.70
1-Yr. Sales Growth: 18.2%
Employees: 243
Revenue per employee: $286,831.28

 KEY PEOPLE
• Reuven Battat
    CEO
• John D. Sanford
    CFO

 CONTACT INFO
Long Island Technology Center
Great River, NY 11739
US
Phone: 631-859-6000
Fax: -
Online: Web Site

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