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Ardian has completed the acquisition of PRGX Global, enhancing the latter's capacity to accelerate its technology roadmap and foster growth. This transaction, announced on March 4, 2021, follows shareholder approval on March 2, 2021. As part of the transition, Michael Lustig has taken over as CEO, succeeding Ron Stewart, who joins the board. PRGX, a leader in recovery audit and analytics, aims to leverage Ardian’s resources for market expansion and launching advanced analytics solutions, promising significant value extraction for clients.
PRGX Global, Inc. hosted its 13th annual PRGXchange™ conference in October, focusing on source-to-pay trends and lessons from 2020's challenges. The virtual event gathered finance and procurement leaders to discuss topics such as remote work, supply chain efficiency, diversity, crisis management, and ethical decision-making. CEO Ron Stewart emphasized the importance of actionable strategies for improving source-to-pay cycles. PRGX supports companies in enhancing their financial processes and claims to recover $1.2 billion in annual cash flow for clients in over 30 countries.
PRGX Global has released an e-book titled “Why Recovery Audit Remains Essential in 2020”, exploring the effects of COVID-19 on the source-to-pay cycle. The pandemic forced finance teams globally to shift to remote work, increasing the risk of invoice errors and missed credits, crucial for cash flow optimization. The e-book provides companies with strategies to enhance recovery audit processes, including securing upper management support and identifying errors exacerbated by the pandemic. PRGX aims to help clients recover $1.2 billion in annual cash flow.
PRGX Global, a leader in recovery audit and spend analytics, held a webinar on November 4, 2020, focusing on the role of enriched advanced analytics in solving complex source-to-pay challenges. The session, titled “Valuable Use Cases for Enriched Advanced Analytics In S2P,” highlighted how improving data visibility can enhance business results. With over 300 identified leakages in spend data, PRGX has aided clients in recovering $1.2 billion annually, showcasing the significance of integrating data enrichment with audit programs for maximizing profit recovery.
PRGX Global recently announced the availability of its webinar, “Managing Your Audit Program in a Crisis,” which addresses adaptations made during the COVID-19 pandemic. The session highlights lessons learned about vendor relations and audit management, emphasizing the need for consistent communication and collaboration. PRGX, a leader in recovery audit services, emphasizes the importance of risk awareness and flexibility in vendor interactions to prevent profit leakage. The company has a significant impact, recovering over $1.2 billion annually for clients across 30 countries.
PRGX Global, Inc. has entered into a definitive agreement with Ardian for an acquisition valued at approximately $195 million. Shareholders will receive $7.71 per share, a 32.7% premium based on the 90-day trading average. The transaction has unanimous board approval and is expected to close in Q1 2021, pending regulatory and shareholder approvals. As a privately held entity, PRGX aims to expedite the rollout of its Verigon™ Solution Suite and enhance its technology and analytics capabilities to better serve clients across various industries.
PRGX Global has announced a webinar titled “Evolution of Data Privacy & Security across Source-to-Pay”, now available for viewing. The webinar focuses on ensuring data security amidst the rise of remote work threats, outlining essential security measures and compliance with local and international laws. Senior Director Wes Markeles highlighted the importance of cybersecurity in the transition to real-time recovery audits. PRGX also achieved ISO 27001 certification to bolster its global security protocols, underscoring its commitment to protecting client data.
PRGX Global recently participated in ProcureCon Indirect and will present at the Procurement Leader’s World Procurement Congress. VP Jon Daniells emphasized the need for a preventative approach to supplier contract audits amidst the ongoing COVID-19 pandemic. His presentations will focus on identifying root causes of overpayments, enhancing contract audit programs in a digital economy, and transitioning from reactive to proactive auditing strategies. This initiative aims to bolster procurement leaders' efficiency in supplier relationships and maximize value in source-to-pay processes.
PRGX Global has released two new whitepapers to assist companies in enhancing their source-to-pay visibility and performance through technology and spend analytics. These resources aim to address the challenges of recovering profit leakage while managing decentralized spend data systems. The whitepapers focus on combining recovery audit data with advanced analytics and exploring the transformative impact of AI and machine learning on recovery audits. PRGX serves over 30 countries and has identified over 300 profit leakage points, aiding clients in reclaiming $1.2 billion annually.
PRGX Global, Inc. (Nasdaq: PRGX) reported its Q3 2020 financial results, achieving revenue of $41.5 million, a 1.8% decline year-over-year. The company posted a net income of $3.0 million, recovering from a loss of $1.5 million in Q3 2019. Adjusted EBITDA reached $9.3 million, marking a 67.2% increase, the highest in seven years. PRGX raised its 2020 Adjusted EBITDA guidance to approximately $32 million, driven by a resilient client base. Despite a slight revenue decrease, improved operational efficiency and strategic initiatives support a positive outlook for the remainder of the year.
