WESTMINSTER, Colo., March 9, 2023 /PRNewswire/ -- TraceGains, the world's only networked ingredients marketplace, continued to post strong revenue and customer growth in 2022 despite economic headwinds battering the tech sector and the global supply chain. As a result, TraceGains today announced record performance on the fiscal year ending Dec. 31, 2022, including onboarding 82 new enterprise customers, increasing annual SaaS bookings by 25%, and growing new supplier locations to TraceGains Network by 23%.
"Our growth in 2022 had everything to do with bringing the industry together," TraceGains CEO Gary Nowacki said. "Our solutions break down walls between our customers and their partners as well as within organizations. As a result, connection and collaboration remain growth drivers for TraceGains and our customers."
Anchoring growth in 2022 was the launch of TraceGains Gather,™ which provides food, beverage, and dietary supplement brands access to a growing global network of ingredients, raw materials, and supporting documentation. In addition, TraceGains Gather brings brands and manufacturers together with more than 55,000 supplier locations worldwide, making it the supply chain's go-to marketplace.
Other 2022 highlights include:
- TraceGains pushed ahead with expansion into the UK and EU in the face of challenging local market conditions. While companies struggled with rising costs and a lingering labor shortage, TraceGains added new customers and doubled its workforce in the UK and EU regions.
- And as layoffs plagued the tech industry in 2022, with job cuts totaling more than 130,000, TraceGains grew its headcount by 48% since the start of 2021.
- TraceGains also launched Horizon Scanning Global, an AI-enabled solution that automatically maps global risk and incident data to customers' ingredient supply chains with proactive alerting and watchlists, and Regulatory Global, a regulatory data solution covering more than 200,000 regulations across 163 countries worldwide.
In spite of a global tech market that saw investors lose more than $7.4 trillion in 2022 – based on NASDAQ data – TraceGains' revenue growth and network engagement persist at a time when other tech companies struggle to sustain their pandemic-driven momentum. And its rapidly growing network empowers brands worldwide by saving time on sourcing and supplier approvals, speeding up time to market by 75%, and reducing sourcing backlogs by 85%.
For more information on TraceGains, visit tracegains.com.
About TraceGains
TraceGains is revolutionizing supply chain agility for global consumer goods companies through an innovative Networked Ingredients Marketplace. The ability for businesses to seamlessly connect with partners through a networked marketplace is essential for collaborating to solve today's unprecedented supply chain challenges. Information about ingredients and supply chain partners flows instantly using 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.
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