eWork and ProSavvy Announce Merger and Financing

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Merger and financing creates the industry leader in work related services procurement.

eWork and ProSavvy, Inc. today announced the official conclusion of their merger and financing. The combination creates the leader in consulting projects and contracted workforce services procurement, management and payments, with annual revenues of $42 million dollars.

eWork offers an industry leading, integrated web-based solution for consultant and project work services sourcing, contract labor management and outsourced back-office payment operations. The company will continue to focus on a collaborative platform that addresses the market’s clear need for integrated contracted services-related solutions. The move creates an offering in the space that is unmatched in its ability to provide complete services procurement solutions.

“ProSavvy’s sourcing solution and extensive consultant network combined with eWork’s contractor procurement, management and payment solutions will enable us to help customers solve a broader range of business problems related to the management of contract labor and project outsourcing,” said David Proestos, President of ProSavvy. “Together we will have the most complete, robust and proven technology combined with outsourced services on the market today”.

Hans Bukow, President and CEO of eWork, describes the merger as a natural, customer-driven business progression. “Businesses are spending more than half of each procurement dollar on services, and procurement savings is quickly becoming a top priority for CEO’s. Companies need innovative solutions that don’t consist of complex integration of multiple point solutions and service offerings. As the leading provider of world-class, web-based products and outsourced services that optimize the supply chain for performing projects and contractor based work; eWork is well-positioned to grow its share of the multi billion dollar eProcurement and Management market for contracted services.”

eWork’s stand-alone or integrated corporate solutions provide for web-based consultant sourcing, contract labor management and back office operations that are integration-ready, innovative, flexible and powerful.

Different from its competitors, and innovative from eWork is its integrated capability to provide outsourced business services, “back-office” operations that help manage the sourcing of consultant services, process 1099 contractors, aggregate billing from smaller staffing providers in complement to the main suppliers - all on the same enterprise platform. The collaborative approach provides for a much more streamlined solution to handle the often difficult, costly, distributed, out-of-compliance disorganized processes associated with procuring, managing and paying consultant projects and contractors.

“In addition to bringing together two great organizations, the strong endorsement from our customers and joint shareholders, as well as further investor financing has resulted in the creation of an unparalleled sourcing, management and payment solution company, which now becomes the market leader in work related services procurement,” said Bukow. “eWork now possesses a leading customer-driven, cost-saving strategy providing best-in-class offerings and capabilities with the best technology, feature-set and consultant network on the market. eWork also now has the distinction of being the largest and most profitable company in this space!”

About eWork

eWork, the leading provider of world-class Web based products and outsourced services that optimize the supply chain for performing projects and contractor based work, is made up of three integrated divisions: eWork Enterprise, eWork Markets, and eWork Services.

eWork Enterprise (formerly eWork ProSource) uniquely delivers business automation for all corporate contracted work related services whether it be consultants working on projects, temporary labor, 1099s or staffing company provided professionals. Specifically eWork Enterprise performs all aspects of the hiring process, speeds candidate or services companies sourcing and engagement, tracks milestones, timecards, related expenses, consolidates ALL billing, streamlines ALL vendor activity, provides comprehensive business intelligence and reports, enforces contract compliance and maintains clear audit trails. eWork Enterprise architecture scales to the Global 2000 because it’s highly configurable, utilizes flexible workflow, is multi-lingual-currency-time-zone, ERP and eProcurement integration ready and fully HR-XML certified.

eWork Markets (formerly ProSavvy) provides businesses with procurement services and Web technology for managing bidding and selection processes, RFXs, milestone tracking, and supplier performance reviews for performing contracted project based work. The solution also enables specification of per project requirements so as to identify, evaluate, and competitively select the best service provider - often found in eWork Markets’ integrated network of affiliated consultant services companies. eWork Markets network of pre-qualified Affiliated Suppliers provides a wide range of expertise across vertical markets and geographic regions. Unlike companies offering only software, just services or small size projects or freelancers, eWork Markets provides a complete solution targeted at corporations and professional services companies comprised of a mature and robust system, complete with deep expertise and services in strategic sourcing and business process management. Such a solution clearly helps businesses and suppliers reduce costs by improving process efficiencies, and optimizing the management and competitive bidding across all categories of services. eWork Markets’ solution complements and integrates seamlessly into a corporation's legacy procurement processes, eWork’s other contractor-based offerings, or can be utilized as a "stand alone" sourcing methodology. For more information visit http://www.prosavvy.com or http://www.eworkmarkets.com or call 1-800-983-9737.

eWork Services provides outsourced business process services to inexpensively payroll, test compliance of 1099 workers, consolidate billings from small suppliers, provide comprehensive reporting and auditing (Sarbanes Oxley) so as to remain legally compliant with contract workforce regulations - efficiently. eWork Services uses Web based time cards and expense tracking technology that are part of eWork Enterprise therefore making it a fully integrated extension of the Corporation’s platform for comprehensively managing ALL of its contracted workforce and services. Or like other eWork offerings it can be used stand-alone as a way to reduce costs relative to back-office services related to payables processing and 3rd party payrolling. eWork Services also performs all the laborious services associated with paying or providing benefits to your critical contracted employees guaranteeing outsourced cost savings while also maintaining high degree of employee and management satisfaction. For more information visit http://www.ework.com/html/services or call 1-888-475-4140.

eWork is located on the Internet at http://www.ework.com and has offices in San Francisco, Denver, Chicago and Europe. For more information or to set up an interview appointment please call Simone Brixel at 1-415-546-4829.


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