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Noosh Triples Volume for the Year, Exceeds $100 Million in Transactions

Press release from the issuing company

Palo Alto, CA., — August 29th, 2001 — Noosh, Inc., (www.noosh.com) a leading provider of collaborative e-Business software solutions, today announced that customer transaction volume in the first half of fiscal 2001 grew to $38M, over three times the volume transacted in the first half of 2000. During 2001, over 600 companies used Noosh to manage multi-enterprise collaboration and procurement projects. The transaction volume increase came from new customers who joined Noosh this year and from expanded use among existing customers. Since its launch in late 1999, Aetna, Bank of America, CIGNA, General Electric, Wells Fargo and other large corporations have used Noosh to collaborate and manage procurement projects with a total commercial value of more than $100M. "While we were able to implement Noosh in our Print Management group in less than 45 days, we are continuously introducing Noosh to others in the company who can benefit by it," said Glen Nemeroff, Director of Print Management, CIGNA HealthCare. "Noosh helps everyone involved to complete projects faster and more efficiently." "Even though market conditions have changed dramatically over the last year, we're pleased to see that our customers are gaining real financial benefits that further accelerates the adoption of Noosh in their organizations. We're committed to bringing documented savings in very short times to our customers," commented Ofer Ben-Shachar, President and CEO of Noosh.