World's Leading Online Auction Marketplace Releases Latest Version Of
BidWare(R) Technology, Which Has Driven Over $4 Billion in Commerce to Date
PITTSBURGH, Feb. 14 /PRNewswire/ -- FreeMarkets, Inc. (Nasdaq: FMKT), the
world's leading online auction marketplace, today announced the launch of its
BidWare 3.0 technology, the industry's most advanced technology for Web-based,
real-time industrial auction markets.
FreeMarkets' BidWare technology, the power behind the FreeMarkets(R)
online auction marketplace, is the only Web-based auction technology designed
for high-value online bidding involving complex market conditions. Patent-
pending BidWare technology supports global, real-time auctions and has driven
more than $4 billion in global business-to-business commerce. FreeMarkets'
BidWare technology supports 29 auction formats, enabling global suppliers to
bid in multiple currencies, across multiple countries, for multi-year
contracts - all on the World Wide Web.
"At FreeMarkets, we understand the complexity of applying online auction
market technology to high-stakes industrial purchases," said Glen Meakem,
Chairman and CEO of FreeMarkets. "We know that auctions for near commodities
like coal are different than auctions for custom components like plastic
molded parts. As a result, our BidWare technology is loaded with advanced
features required to support a range of market conditions and global
participation, while providing the real-time feedback needed to reach true
market pricing."
"Using the FreeMarkets online auction marketplace and the latest version
of BidWare technology, we created a competitive market for nearly $400,000
dollars worth of control panels, a complex, custom product," said Chuck Dana,
Vice President of Global Sourcing, Owens Corning. "With BidWare technology,
we received and evaluated 40 bids from seven suppliers in about an hour,
rather than the weeks typical in a manual process."
Since 1995, more than 3,000 suppliers from over 45 countries have
participated in auctions driven by BidWare technology. "FreeMarkets' BidWare
technology gives us the immediate feedback needed to make competitive bid
decisions," said George Blass, Owner of Compucision, LLC, a participant in a
recent FreeMarkets online auction market. "It's also reliable and
easy-to-use, which is critical when you're bidding on business that can mean
millions of dollars."
BidWare technology includes real-time price feedback which allows bidders
to see market dynamics at work, an overtime feature which extends the market
bid time in highly competitive situations, continuous remote connections with
bidders worldwide and advanced security features to protect the
confidentiality of online bids. Patent-pending auction formats of
FreeMarkets' BidWare technology include:
-- BidWare(R) Transformation Auction for direct price comparisons of
similar products with unique attributes (such as coal from different
mines)
-- BidWare(R) Multi-Currency Auction, enabling global suppliers to bid in
their currency of choice
-- BidWare(R) Index Auction for pricing volatile commodities against known
indices (such as agricultural commodities)
-- BidWare(R) Net Present Value Auction for evaluating proposals that have
varying prices over time (such as suppliers bidding decreasing costs
over time to reflect anticipated productivity improvements)
Pricing and Availability
FreeMarkets BidWare technology is available now and is an integral part of
the FreeMarkets online auction marketplace. The cost of using BidWare
technology is included in the fees buyers pay to access the FreeMarkets
marketplace. Suppliers access the FreeMarkets marketplace and use BidWare
technology at no cost. BidWare technology is not licensed separately from the
FreeMarkets online auction marketplace.
About FreeMarkets
FreeMarkets is the world's leading online auction marketplace for
industrial parts, raw materials, commodities and services. The Company
created online auctions for over $2.7 billion worth of purchase orders in 1999
and nearly $1.0 billion worth of purchase orders in 1998. Since 1995,
FreeMarkets has created online auctions for products in more than 70 supply
verticals, including injection molded plastic parts, commercial machinings,
metal fabrications, chemicals, printed circuit boards, corrugated packaging
and coal. More than 3,000 suppliers from over 45 countries have participated
in FreeMarkets auctions. FreeMarkets provides access to its online auction
marketplace to industrial buyers and suppliers. The FreeMarkets marketplace
includes proprietary online auction technology, technical operations,
industrial market making services, access to a global database of suppliers
and supplier research, call center support to buyers and suppliers in over
30 languages, and marketplace rules. The Company's current clients include
United Technologies Corporation, The Quaker Oats Company, Eaton Corporation,
Emerson Electric Company, Owens Corning, FirstEnergy Corp., SmithKline Beecham
plc, Navistar International and Delphi Automotive Systems Corporation.
FreeMarkets can be found on the Web at http://www.freemarkets.com. FreeMarkets and
BidWare are registered trademarks of FreeMarkets, Inc.
Forward looking statements
Statements in this press release that are not historical facts, including
those statements that refer to FreeMarkets' plans, prospects, expectations,
strategies, intentions, hopes and beliefs, are forward-looking statements.
These forward-looking statements are based on information available to
FreeMarkets today, and FreeMarkets assumes no obligation to update these
statements as circumstances change. There are risks and uncertainties that
could cause actual results to differ materially from the forward-looking
statements, including, without limitation, market acceptance of our online
auction marketplace, the competitive nature of the market for business-to-
business online auction services, FreeMarkets' ability to retain and increase
revenue from existing clients and to execute agreements with new clients, and
FreeMarkets' ability to attract and retain qualified personnel. These and
other risk factors are described in detail in FreeMarkets' prospectus dated
December 9, 1999, which is included as part of its Registration Statement on
Form S-1, filed with the Securities and Exchange Commission.
CONTACT: Karen Kovatch of FreeMarkets, 412-297-8767, or
kkovatch@freemarkets.com.
SOURCE FreeMarkets, Inc.
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Related links:
http://www.freemarkets.com
CONTACT:
Karen Kovatch of FreeMarkets, 412-297-8767,
or kkovatch@freemarkets.com
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