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Vendor management systems Fieldglass Inc. and IQNavigator announced spend under management.
Fieldglass reported $5.0 billion in annual spend, up 60% year-over-year. Fieldglass did not release a revenue number, but said it almost doubled its customer base in 2008. In addition, the company said it increased headcount by 25% in 2008 and posted a profit for the third consecutive year.
IQNavigator announced it manages more than $5.7 billion in spend. The company reported 2008 revenue rose 52% over the previous year. A private firm, IQNavigator did not release revenue, but said it is profitable. Revenue growth came through a combination of new client wins and growth in spend at existing clients, the company reported.