Operation in New Delhi to Enhance Scalability of the FreeMarkets(R)
Online Auction Marketplace Solution
PITTSBURGH, Feb. 29 /PRNewswire/ -- FreeMarkets, Inc. (Nasdaq: FMKT), the
world's leading business-to-business online auction marketplace, today
announced its continued global expansion with the establishment of an office
in New Delhi, India.
Through this new office, FreeMarkets will focus on enhancing its
relationships with both India-based and other global suppliers, leveraging
India's talent pool for continued development of its industry-leading auction
technology, and expanding the FreeMarkets knowledge management function. The
Company will also provide access to its online auction marketplace to
industrial buyers based in India.
"The establishment of our Indian operations is further evidence of our
continued investment in a global infrastructure to support the ever-growing
number of clients we serve and suppliers who participate in our online auction
marketplace," said Glen Meakem, chairman and CEO of FreeMarkets, Inc. "A
great deal of research is required to manage a high-quality database of
suppliers. Providing these services at a low cost from India will enable us
to significantly scale our business."
FreeMarkets' move into India is the latest in a series of global
expansions the Company has made this year. In January, FreeMarkets moved its
European operations to a larger facility in Brussels, Belgium, and announced
the launch of operations in Asia with offices in both Singapore and Hong Kong.
About FreeMarkets
FreeMarkets is the world's leading business-to-business online auction
marketplace, with active markets 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, Owens Corning, Eaton Corporation, Emerson Electric Company,
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 is a registered trademark 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 FreeMarkets'
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: Kimberly Booth, Corporate Communications Manager of FreeMarkets,
412-297-8430, or kbooth@freemarkets.com.
SOURCE FreeMarkets, Inc.
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Related links:
http://www.freemarkets.com
CONTACT:
Kimberly Booth, Corporate Communications
Manager of FreeMarkets, 412-297-8430, or kbooth@freemarkets.com
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