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Home \ Our Company \ News \ Press Release |
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COMMERCEHUB LANDS QVC'S CORE TV BUSINESS
AND CLOSES $4.65 MILLION INVESTMENT ROUND
CLIFTON PARK, NY - December 11, 2001 - CommerceHub, a provider of supply chain integration and order management applications for multi-channel retailers, announced today that it has significantly expanded its relationship with QVC, Inc., the world's largest electronic retailer.
As a result of the agreement, QVC's core TV business will now use the same CommerceHub technologies that have been successfully employed by its online division, QVC.com, to manage its drop-ship fulfillment program. In addition to a major new business contract with QVC, CommerceHub also announced that it has received a $4.65 million investment from Interactive Technology Holdings, LLC (ITH), a joint venture affiliate of Comcast Corporation and QVC, Inc.
"We are impressed by CommerceHub's ability to execute on its plan and to provide outstanding technologies and customer service. Despite difficult economic conditions, the company has managed to land impressive retail clients, attract additional financing, and has now positioned itself to become a dominant player within the retail supply chain," noted Jeffrey Branman, president of Interactive Technology Partners, the financial adviser to ITH.
"QVC's additional investment in our company and its expanded use of our technologies are testaments to the value we create for our clients," stated Frank Poore, CommerceHub's founder and CEO. "Known industry-wide for its operational excellence, QVC will now benefit from the additional cost savings of fully integrating with suppliers to better manage fulfillment and customer service."
About CommerceHub
CommerceHub (www.commercehub.com) is a leading provider of private supply chain networks for multi-channel retailers. The company has developed an advanced supplier integration platform along with complimentary applications that provide for the real-time management of supplier inventories and order fulfillment. CommerceHub's technology transforms the existing tangle of supply chain communications - marked by inefficient manual processes and limited electronic standards - into a single unified process, so businesses can centralize and optimize the management of their back-office operations. With CommerceHub, businesses can closely align supply with demand, minimize company-owned inventories, slash cycle times, continuously improve trading partner performance and rapidly react to change. Universal Connection Hub™ is CommerceHub's open and flexible integration platform for seamlessly exchanging data with trading partners regardless of system incompatibilities or technological sophistication. Drop-Ship Master™ is a suite of applications that optimizes the management of suppliers performing direct-to-customer fulfillment. Bulk-Ship Master™ is a suite of applications that optimizes the management of suppliers performing distribution center replenishment.
About QVC, Inc.
QVC, Inc., a $3.8 billion company, is an e-commerce leader, marketing a wide variety of brand name products in such categories as home furnishing, licensed products, fashion, beauty, electronics and fine jewelry. QVC reaches over 80 million homes in the United States. Other divisions/subsidiaries include QVC.com, Q Direct, QVC Publishing, Q Records and Video, QVC @, QVC Local, QVC ProductWorks and Pioneer Studios. The QVC Studio Tour is located at the company's world headquarters in West Chester, Pa.
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