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Global eProcure

Company: Global eProcure, Clark, NJ
Company Description: Global eProcure is a supply chain technology and consulting firm specializing in cost reduction through spend management, strategic sourcing, procurement, and outsourcing. Global eProcure’s consulting and outsourcing capabilities are backed by web-based technology solutions addressing spend analysis, eSourcing, eProcurement, supplier performance, contract management and project management.
Nomination Category: Individual Awards Categories
Nomination Sub Category: Best Finance Executive

Nomination Title: Sam Gadodia, CFO, Global eProcure

   1. Tell the story about what this nominee achieved in the past year (up to 500 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:

Sam Gadodia helped to build Global eProcure into a fast growing, successful company after going through some of the toughest times facing the US economy after the market crash in 2000.   The company was not immune to the tough business conditions and faced many difficult situations.  

One of the choices that Sam made was not to raise private equity money or incur debt.  He wanted to avoid the high cost of capital and the resulting dilution of ownership and control.   In order to keep the company running when many companies were shutting their doors, Sam instituted strict fiscal discipline throughout the company.   Sam, along with the rest of the senior management team, took a 50% reduction in pay and managed to avoid laying off even a single employee.  Additionally, every senior manager spent significant time cold calling and making sales a top priority.

As a result of Sam’s financial acumen, Global eProcure not only survived the dot com bubble burst, but came out of that experience a better and more fiscally sound company. Over the last four years the company has generated a CAGR of 60% and achieved four straight years of profitability.  Global eProcure was also named to the Inc. 500 list in 2005 and received recognition for being one of the 50 Fastest Growing Technology Companies in New Jersey by Deloitte and Touche. 

The company has major operations in Asia and is now building a presence in Europe.  All of this was possible without raising any equity or incurring any debt. The expansion came solely from cash flow generated from operations and Sam’s tight financial controls.  Global eProcure’s strong desire to grow and run the business on their terms has paid off.  Global eProcure places high value on maintaining a particular company culture that stresses teamwork and collaboration and they were not willing to alter that simply to achieve more growth.  Contrary to the practices following by many technology companies, Sam is highly focused on making sure that profitability is not sacrificed for the sake of growth. 

In describing Global eProcure’s success, Sam attributes the company’s best asset to be the people. Recruiting the right people, mentoring and developing them so that they can take bigger role is a key to success of fast growing company.   This is something that he strongly believes in and his specific role as a mentor was featured in an article in Entrepreneur Magazine.  Sam’s willingness to work with people and help groom them for future leadership positions directly impacts the company’s ability to continue growing and meeting the demands of the firm. Sam says, “My hope is that we sustain the same culture as we grow and expand geographically.  It is important for every new team member to think and behave like a business owner. Growth is a double edge sword and we have to ensure that the growth which we strive for is profitable growth.”

   2. List hyperlinks to any online news stories, press releases, or other documents that support the claims made in the section above. IMPORTANT: Begin each link with http://, and enclose each link in square brackets; for example, [http://www.youraddress.com]:

http://www.globaleprocure.com/www/press_release.htm

http://thestevies.com/ABA06Attachments/EntrepreneurMagonS
amGadodia.pdf

   3. Provide a brief (up to 100 words) biography about the nominee:

As Global eProcure's CFO and Executive Vice President, Sam directs all of the company's financial and investment activities. In addition, Sam leads Global eProcure's Asia operation. Prior to joining Global eProcure, Sam was the Director of Product Management for Ticketmaster Online-CitySearch Inc., where he implemented the strategy for CityGuide's customer Internet and advertising business and developed the strategy for distribution of content and transactions over wireless devices. Before that, Sam was an investment banker at Oppenheimer & Company where he led mergers and acquisitions activity in the technology and consumer products industries.

Previously, Sam held various management positions at Avery Dennison, including leading the company's software division and establishing the company's office products operation in India. He also served as an executive in Johnson & Johnson's consumer products division.

Sam received his MBA with Honors from Harvard Business School and a M.S. from the University of Missouri. He also received his undergraduate degree from the University of Bombay.