The Hearst Corporation Signs Four-Year Agreement With Procuri

Business Wire, June 23, 2004

ATLANTA -- Procuri Inc., a leading provider of strategic sourcing solutions, today announced that The Hearst Corporation, one of the nation's largest diversified communications companies, signed a four-year agreement to use Procuri's strategic sourcing solutions across all of its business units.

Procuri will enable the automation of Hearst's sourcing procedures. Before using Procuri, each media and communication division contained its own purchasing professional or team who sourced materials and services specified for that division. Procuri's solutions will allow the company to aggregate materials and services it sources, rationalize its suppliers across the entire enterprise, and streamline its sourcing processes throughout the organization.

"Because of our company's six, individual media divisions, we searched for a sourcing provider that could help us combine the materials we source across all divisions, streamline our processes, and institutionalize best practices," said Steve McNally, procurement manager for The Hearst Corporation. "Procuri's focus on 'best value' sourcing was a clear differentiator. After evaluating several providers and using Procuri's functionality, we were confident Procuri offered the best solutions and resources to help us achieve our sourcing goals."

Hearst will initially deploy the solution to its various newspaper units. Over the next few months, the company plans to roll out the technology to its other media divisions in the corporation and eventually achieve adoption across its numerous business units spanning Hearst's six media divisions. Hearst is confident in the value that Procuri's solutions provide businesses and plans to achieve the success that so many other Procuri customers have realized.

"Companies are increasingly realizing the power behind strategic sourcing solutions and the functionally rich, easy-to-use, and cost effective strategic sourcing solutions Procuri provides. We continue to offer the greatest value when it comes to helping companies leverage and elevate the expertise of their staff without the dependence on outside consultants," said Mark F. Morel, Procuri's president and chief executive officer.

About Hearst

The Hearst Corporation (www.hearst.com) is one of the nation's largest diversified communications companies. Its major interests include magazine, newspaper and business publishing, cable networks, television and radio broadcasting, Internet businesses, television production, newspaper features distribution, and real estate.

About Procuri Inc.

Procuri's strategic sourcing solutions empower its more than 100 customers to create a competitive advantage. By accelerating business velocity, Procuri's solutions help companies achieve rapid ROI, reduce cycle times and improve buyer efficiencies. Procuri's ability to leverage industry best practices while enabling its customers to predict and control their success in the sourcing process has led to the company's unequaled 100 percent customer retention rate. Customers include Procter & Gamble, Eastman Kodak, ITT Industries, KLM Royal Dutch Airlines, Rio Tinto and U.S. Steel, among others. For more information, call 1-877-360-1600 or visit www.procuri.com.

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