TraceGains Soars with 65% Year-Over-Year Revenue Bookings Surge in Q3 2023

Four Consecutive Quarters of Record-Breaking Growth Cements Company Position at the Epicenter of the Food & Beverage Supply Chain

WESTMINSTER, Colo., Nov. 14, 2023 /PRNewswire/ -- TraceGains, the food and beverage industry's only networked ingredients marketplace, today announced another successful quarter, with a remarkable 65% year-over-year growth in new revenue bookings for Q3 2023.

Leveraging cutting-edge product innovations, strategic product launches, and an extensive international footprint, TraceGains not only achieved impressive revenue growth but also expanded its market-leading network, now comprising 24,000 suppliers representing over 69,000 supplier locations in 156 countries.

Mike Hubbard, Senior Vice President of Revenue at TraceGains, expressed his confidence in the company's global position, stating, "We are experiencing unparalleled market momentum, and our flywheel is in full motion to deliver organic revenue growth. Our network is thriving, and we are delighted to welcome international industry mavericks like Hovis and HIT Tomato in Europe, George Westin in Australia, and Monde Nissin in the Philippines to our ecosystem. Market interest in our Compliance Suite and Networked Product Development Suite (NPD) solutions rose, so I expect another record-breaking revenue bookings year."

Even the introduction of a freemium tier for TraceGains Gather®, a service supporting valuable buyers' and suppliers' needs, has not disrupted the impressive growth in bookings. Greg Heartman, Vice President of Product at TraceGains, said, "We had every confidence that offering buyers and suppliers a free entry point to experience the power of TraceGains would significantly benefit the market and further support our company's growth. Even though we've added more than 17,000 free users, businesses remain eager to harness the full potential of our platform, whether it's for sourcing new ingredients, connecting with our extensive network of suppliers, or responding to more than 100,000 buyer leads generated for suppliers annually. The value we provide to our customers is quickly realized and unmatched within the industry."

TraceGains' pioneering network-driven ecosystem seamlessly connects buyers, suppliers, and their vast data for rapid business digitization and transformation. The advantages of connectivity, user-friendliness, convenience, flexibility, and security multiply exponentially as players join and the network increases.

TraceGains remains committed to its mission of driving innovation, fostering growth, and providing value to its global community of buyers, suppliers, and global business partners.

About TraceGains
TraceGains, the food and beverage industry's only networked ingredients marketplace, connects the food and beverage supply chain through its innovative TraceGains Gather® platform. Enterprises and suppliers can easily collaborate to exchange critical information, data, and documents and work together to solve today's unprecedented supply chain challenges. Information about ingredients and supply chain partners applies to a company's unique supply chains using artificial intelligence and automation. Our patented PostOnce™ technology allows authorized stakeholders to share and receive vital information, precisely when, where, and how they need to operate efficiently and remain competitive. Through the power of a global network, supply chain agility is achievable. To learn more, visit www.tracegains.com.

SOURCE TraceGains