TVA selects Elance SPM 4 for services procurement and management

SUNNYVALE, Calif., Feb. 2, 2004 — Elance, Inc.® announced that Tennessee Valley Authority (TVA), the largest public power provider in the US, has selected the Elance SPM 4™ services procurement and management (SPM) application suite to streamline numerous aspects of buying and managing services including sourcing, procurement, supplier management, engagement management, invoicing and spend analysis.

TVA will initially deploy Elance SPM 4 to buy and manage a wide variety of currently outsourced services including IT, engineering, administrative, grounds keeping, facilities maintenance and construction. The system will be integrated with TVA’s existing systems, enabling TVA to more quickly and easily approve services purchases, track service delivery and pay external service providers.

“TVA and other large utilities spend a significant percentage of their overall purchasing budgets on outsourced services. By deploying Elance SPM 4, these companies can quickly realize efficiency improvements and cost savings associated with all types of services spend,” said Fabio Rosati, president and CEO of Elance. “We are pleased to be working with TVA to enable a systematic view of supplier performance across projects and across their network to help them deliver the highest levels of service to TVA customers.”

About TVA

TVA is the nation’s largest public power provider and is completely self- financed. It provides power to large industries and 158 power distributors that serve 8.3 million consumers in seven southeastern states.

About Elance, Inc.

Elance is the leading provider of software solutions for Services Procurement and Management (SPM) that improve the way organizations buy and manage services — one of the largest components of corporate spending. With the Elance SPM 4™ application suite, large organizations can gain visibility into services spend and performance, establish and control enterprise processes, and achieve 10-20% hard cost savings across a broad range of external service categories. Elance also provides the Elance Online™ services marketplace, the leading Web-based project marketplace that connects small- and medium-sized businesses with a global pool of high-quality service providers. For more information on Elance, please call 408-524-7500 or visit www.elance.com.