C2FO Announces Five-Year Global Partnership Extension with Tech Data Corporation
KANSAS CITY, Mo., June 20, 2017 /PRNewswire/ -- C2FO, the world's market for working capital®, today announced it has extended its contract with Tech Data Corporation (Nasdaq: TECD), enabling the Tech Data supply chain to control cash flow and improve financial metrics on demand by accelerating payment of their approved invoices at a rate that works for them.
The growing program, which has been available since December 2014, has been extended for five years based on broad supply chain adoption and collaborative success between the Tech Data Vendor Management, Finance, and A/P departments.
The program will now work towards extending to Tech Data's vendors in Europe, a market where more than 50 percent of small and medium-sized businesses (SMEs) view cash flow as one of their main business growth obstacles, according to the 2016 C2FO Working Capital Outlook Survey.
"We have extended our partnership with C2FO because of the value they provide to us and our supply chain, but also because of their team approach," said David Childers, Vice President, Assistant Treasurer at Tech Data Corporation. "We value the relationships that we have with our vendors and the C2FO collaborative approach represents another way for us to enable our supply chain success."
C2FO has grown to a marketplace volume of more than $88.3 billion in global working capital flows (total early payments requested) as a result of high vendor satisfaction as shown by the C2FO Net Promoter Score (NPS) of 72.
The ability for working capital to flow down to all levels of the technology supply chain is critical to growth and supply chain health. Tech Data and many other Fortune Global 500 technology leaders have adopted the C2FO marketplace solution with this benefit in mind.
"The Tech Data commitment to our long-term partnership is very gratifying," said Sanjay Gupta, COO of C2FO. "We help businesses improve supply chain health and the bottom line with our unique marketplace approach, but what makes us proud are the trusted relationships we have built with our customers."
About Tech Data
Tech Data Corporation is one of the world's largest wholesale distributors of technology products, services and solutions. Its advanced logistics capabilities and value added services enable 115,000 resellers to efficiently and cost effectively support the diverse technology needs of end users in more than 100 countries. Tech Data generated $26.2 billion in net sales for the fiscal year ended January 31, 2017. It is ranked No. 108 on the Fortune 500® and one of Fortune's "World's Most Admired Companies." To learn more, visit www.techdata.com.
About C2FO®
C2FO is the largest working capital marketplace in the world. Companies across the globe use C2FO to improve their financial position every day. C2FO is a leader in retail, industrial, manufacturing, energy, healthcare, technology, telecom, and transportation sectors. Learn more about Collaborative Cash Flow Optimization at www.C2FO.com.
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SOURCE C2FO
