FlexTecs Company History
The FlexTecs story truly begins with the founding of Profit Recovery Group International Inc. (Now PRGX Global) in 1991. John Cook, the founder and former CEO, guided PRG from a small enterprise with less than $5 million in annual revenue into an international, publicly held corporation with 2006 revenues of nearly $400 million, with operations in over 40 countries and approximately 2,800 employees at the time of his retirement. At the time of Mr. Cook’s retirement from PRGX, two senior executives also left the firm to form FlexTecs in 2006. Ed May and Joe Massanelli, founded FlexTecs and concentrated on providing leading-edge proprietary audit tools to internal and external audit organizations. In 2011, John Cook purchased FlexTecs LLC with the goal of providing retail and consumer businesses with powerful technology tools and services to finally take back end to end control of their payables and recovery audit cash cycle. As of 2018, FlexTecs and our nearly 300 employees serve industry leaders in nearly 20 countries,
A Message From Our Chairman:
As a former retail CFO of two Divisions of May Department Stores, I founded The Profit Recovery Group, an AP Accounts Payable Audit Recovery Firm, in 1991 because I saw a clear opportunity to help retailers recover lost income. I fully understand the demands of your day-to-day operations within a retail environment, and I have sat in your chair evaluating how best to allocate time and energy. I hope that you will take the time now to hear about my newest venture, FLEXTECS, and our innovative model within the audit recovery space. It is all about helping our clients recover more dollars internally, recover dollars closer to the transaction and develop leakage control solutions that improve the entire procure-to-pay process.
Over the last twenty years, since I formed PRG, the audit recovery model used by AP Accounts Payable Audit Recovery Firms has remained basically unchanged. However, my new venture with Flexible Technology Solutions (FLEXTECS) allows me the opportunity to re-enter the marketplace with a new recovery model focused on delivering recovery solutions. FlexTecs is redefining the traditional post-audit marketplace by offering solutions that combine our audit expertise and technology, into a collaborative recovery model focused not just on the money, but on root cause identification, recommendations and solutions that reduce the reliance on post-audit recovery firms. FlexTecs is changing the recovery audit industry by introducing this new set of solutions to retailers, accelerating their efforts to capture errors internally and immediately and help our Clients help themselves.
While the traditional recovery audit model continues to bring value in terms of cash, it fails to provide “insights” to the retail client. The existing business model is so dependent on recoveries for its income stream it is nearly impossible for a traditional audit firm to seek to find true closure of profit leakages. We seek to significantly change the old paradigm. FlexTecs focuses on “solutions” in the audit recovery space, by engaging in root cause analysis and providing leakage control solutions. FlexTecs gains the insight in to possible areas of leakage by conducting an audit in one of two ways. FlexTecs can augment internal recovery functions of our clients, through the use of our proprietary audit tools and services, to improve audit capabilities within the client’s four walls, auditing closer to the transaction and reducing the volume of claims written by external firms. Alternatively, FlexTecs can provide traditional recovery services as a 3rd party firm, but with the stated goal of moving the client to “Real Time” auditing. Regardless of which audit path is taken, the insights gained through the audit process lead directly to real leakage control solutions. This unique offering in the recovery audit space arises from the combination of the following over-arching business objectives.
Our company name Flexible Technology Solutions exemplifies who we are and what we do. We offer our clients many ways to develop the internal controls needed to reduce errors and lost profits. I am convinced that our audit recovery “solutions” model will provide immediate benefits to your bottom line. I have included in this letter additional information on our recovery model for your review. I would be pleased to talk with you at any time about our unique model, and I would be happy to have one of our retail executives contact you or someone appointed by you to discuss further. I look forward to speaking with you soon.
Chairman, FlexTecs (Flexible Technology Solutions)