TraceGains Begins 2024 with Strong Growth and Strategic Milestones

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Apr 23, 2024, 09:00 ET

With Record Pipeline and Customer Wins, TraceGains Emerges as Leading Product Development and Lifecycle Solution Provider for Food and Beverage Brands

WESTMINSTER, Colo., April 23, 2024 /PRNewswire/ -- TraceGains, a pioneering force in integrated compliance, nutritional calculation and labeling, and new product development software for the food and beverage industry, today announced results from a remarkable first quarter of 2024, with record new contract wins, exciting customer growth, significant international expansion, new product innovations, and momentum from its recent strategic acquisition.

In the midst of significant shifts within the global food sector, TraceGains' recent study unveils a noteworthy trend: 76% of brands are gearing up to boost their investment in new product development (NPD) in 2024, up 12% from 2023. While legacy solutions exist for many of the new and evolving challenges facing brands across the industry (such as unanticipated supply chain disruptions, changing regulations, and evolving consumer demands), what TraceGains research shows is that new solutions are better. With its Q1 achievements, TraceGains has positioned itself as the emerging provider of choice for the global food and beverage industry.

During its annual Together conference in January, TraceGains announced the acquisition of NutriCalc, Europe's premier nutritional calculation and labeling software provider. This move has sparked widespread interest in TraceGains' integrated NPD solutions, tailored specifically for the dynamic needs of today's food and beverage brands.

TraceGains' NPD, a modern product lifecycle management (PLM) alternative designed for food and beverage, has rapidly gained traction with its end-to-end data and process integration from sourcing through labeling. TraceGains' emergence as the modern, more configurable alternative is changing the face of food product development and lifecycle management solutions.

"I can't recall seeing such explosive growth in contract velocity and new customer additions from a mature company like TraceGains during my career," said Michael Hubbard, Senior Vice President of Revenue at TraceGains. "Year-over-year for Q1, we significantly expanded the number of contracts signed within our core enterprise solutions and continued the growth of new customer logos across the TraceGains and NutriCalc businesses. We now offer affordable integrated compliance and PLM solutions for companies of all sizes and the market is reacting favorably."

Gary Iles, Senior Vice President of Marketing and Business Development, added, "The announcement of our integrated NPD and NutriCalc solution had an immediate impact on our NPD pipeline, which tripled year-over-year. With that increase and many new customer additions, we've entered this year extending our market leadership in the industry with rapid growth in our PLM / NPD solutions."

"We inked a record number of contracts in Q1, attracting and solving problems for lower and mid-market customers like Cibo Vita, Kelley Bean, and Harris Baking, while also seeing continued growth from large players like a global multi-billion dollar ingredients company and one of the world's largest diversified chocolate companies," continued Hubbard.

Leveraging best-in-class technology and seamless integrations, TraceGains propels companies to market at unprecedented speeds using artificial intelligence, automated workflows, supply chain visualization, and sophisticated data analytics. Operating within a highly advanced network ecosystem, TraceGains proves it is unmatched in adapting to supply chain challenges. In a landscape marked by constant change, this capability is vital for continuous growth.

"Our global go-to-market strategy leverages the world's largest and only integrated networked ecosystem for the food and beverage industry, ensuring our position as the definitive choice for companies looking to innovate and excel in this competitive landscape," said Iles.

For more information about TraceGains and its transformative solutions for the food and beverage industry, please visit https://www.tracegains.com/.

About TraceGains
TraceGains is revolutionizing the food and beverage industry with advanced and integrated digital solutions for compliance, nutritional calculation and labeling, and new product development. Trusted by over 1,200 global clients, including half of the global top 100 food and beverage manufacturers, the TraceGains network connects brands via a vast ecosystem of 73,000 supplier locations, along with a comprehensive database of half a million ingredients and products. Enriched with global horizon scanning and ESG information, TraceGains offers streamlined processes and automated insights to navigate the complexities of the global food and beverage markets.

SOURCE TraceGains