LogicSource Recognized as a Major Contender and a Star Performer in Everest Group's Procurement Outsourcing (PO) Services PEAK Matrix® Assessment 2023

News provided by

Oct 25, 2023, 09:00 ET

Procurement Services and Technology Provider Included for Second Consecutive Year, Earns Highest Year Over Year Revenue Growth Rate

WESTPORT, Conn., Oct. 25, 2023 /PRNewswire/ -- LogicSource, the leading provider of procurement services and technology, announced today that it has been named a Major Contender and a Star Performer in Everest Group's prestigious Procurement Outsourcing (PO) Services PEAK Matrix Assessment 2023.

The assessment confirms that LogicSource strengthened its Major Contender positioning from 2022. The company improved its PEAK Matrix valuation by capitalizing on expanded PO and Source-to-Contract (S2C) capabilities. In addition, the firm was recognized as one of four Star Performers, a designation earned by organizations that ranked in the top quartile for improvement and showed measurable increases across Everest Group's key evaluation metrics. Notably, LogicSource showed the highest year-over-year revenue growth rate of all companies featured, fueled by new partnerships with larger and midsize buyers across North America.

"We're thrilled to be named a Major Contender and a Star Performer by Everest Group in their Procurement Outsourcing PEAK Matrix Assessment. It marks a continuation of momentum that we've been building since FTV Capital's $180MM growth investment in April 2022," said LogicSource CEO David Pennino. "While we've always viewed ourselves as industry pioneers, earning the recognition of Everest's peerless analysts gives us added confidence that 2024 will be a year of even more aggressive growth."

In a recap of strengths compiled by the report, what LogicSource does best is also what makes them different. An enhanced client lifecycle that supports downstream procurement operations helps clients ensure sustained success. Its Center of Excellence (CoE) has been lauded by clients as a key strength, noting that LogicSource's 150+ category-focused experts add unique value for strategic sourcing, category management, analytics, benchmarking, and contacting support.

Other strengths identified in the report represent an increasingly diversified approach at LogicSource. Significant investment in the company's OneMarket technology earned their 5-module suite a "best-in-class" distinction among clients. And its expansion into a wider variety of industries like retail, financial services, and consumer packaged goods reached a new height in 2023 with penetration into the healthcare sector. By curating an approach that serves the needs of healthcare's unique non-clinical category requirements, they are addressing a historically underserved function that bodes well for future growth.

"LogicSource's contextualized offerings in high-value upstream procurement services such as category management and strategic sourcing across indirect spend categories with flexible engagement constructs helped it to strengthen its position as a Major Contender in Everest Group's 2023 Procurement Outsourcing (PO) Services PEAK Matrix^® Assessment," said Vignesh Kannan, Vice President, Everest Group. "Its category-specific CoE model to offer Source-to-Contract services, significant enhancement of its OneMarket platform comprising of various modules for sourcing, contracting, performance management, analytics-based insights, and downstream procurement operations, and high client satisfaction ratings are key factors that contributed to its recognition as a Star Performer."

The report examines 23 PO service providers and 21 S2C service providers, evaluating their Market Impact and Vision & Capability using the proprietary framework of the Everest Group PEAK Matrix. Everest Group's full assessment can be accessed here.

About LogicSource
The innovative leader in procurement services and technology, LogicSource is purpose-built to drive profit improvement, mitigate risk, and ensure supply chain continuity through better buying. LogicSource focuses exclusively on the sourcing and procurement of indirect goods and services, which typically represent 20% of an organization's revenue and the area of greatest spending inefficiency. These include complex categories like marketing, packaging, corporate services, facilities, information technology, distribution and logistics and more, for which organizations often lack the capacity, focus and scale to achieve best-in-class buying. Unlike traditional advice-based consultants, LogicSource is a purpose-built buying utility with assets that are configurable to their clients' needs and ready to deploy. By combining decades of sourcing and procurement expertise, superior market intelligence, cross-portfolio spending leverage, and their OneMarket^® Source-to-Pay technology, LogicSource executes customized solutions that deliver immediate savings and sustainable value. For more information visit www.logicsource.com.

Media Contact:
ICR for LogicSource
[email protected]

SOURCE LogicSource