Philadelphia, PA - Sep 10, 2007 - Leading procurement outsourcing specialist ICG Commerce today announced that it has renewed contracts with Greif (NYSE:GEF - News) (NYSE:GEF-B - News), a world leader in industrial packaging products and services. Additionally, the company also announced it had renewed its contract with one of the world's largest global software companies. These renewals confirm the continuing growth of the procurement outsourcing industry, its growing acceptance by leading companies as a proven strategy for achieving business results, and reflects ICG Commerce's track record for delivering value.

Greif's new contract extends and expands the scope of ICG Commerce's current program, which began in 2004. Under the new multi-year contract, ICG Commerce's expanded scope of work provides sourcing and category management for all of Greif's major areas of indirect spend across North America including capital expenditures.

"ICG Commerce has worked hand-in-hand with the Greif team to deliver unquestionable results," said Ron Brown, Greif's Senior VP Global Sourcing and Supply Chain. "They have brought powerful spend and savings benchmark data, accumulated through their work with numerous companies in our industry, to help us identify additional savings opportunities and take our program and performance to the next level. We look forward to continuing our successful partnership as our program expands."

Similarly, ICG Commerce's contract renewal with the global technology company is a result of the success the company has achieved through their partnership established in 2004. Under the multi-million dollar contract, ICG Commerce will continue to provide support for select indirect purchases for the company's locations in North America and India. In addition, the company engaged ICG Commerce to provide strategic sourcing for three additional business units.

"The contract renewals are significant achievements for ICG Commerce," said Carl Guarino, CEO of ICG Commerce. "They provide concrete evidence that leading companies are driving results and increased value through procurement outsourcing. In addition, the renewals also confirm our commitment to deliver on our customers' objectives and exceed their expectations."