Web-Based Suite Will Enable Buyers to Conduct Strategic Purchasing From
Desktops; Will Enhance Scalability of Freemarkets(R) B2b eMarketplace
PITTSBURGH, March 6 /PRNewswire/ -- FreeMarkets, Inc., (Nasdaq: FMKT) the
world's most successful eMarketplace since 1995, today announced
FreeMarketPlace, the B2B web-based desktop for professional buyers. Built
around the FreeMarkets B2B eMarketplace, FreeMarketPlace will provide buyers
with a complete solution for conducting strategic purchasing through the World
Wide Web.
"Professional buyers need access to comprehensive information, sourcing
tools and dynamic price markets that can help them make better purchasing
decisions," said Glen Meakem, chairman and CEO of FreeMarkets. "Through
FreeMarketPlace, they will have access to the world's deepest global database
of suppliers, best-of-breed Request for Quotation (RFQ) development tools, and
a fully-managed marketplace that includes industry-leading auction technology
and other market mechanisms, at their fingertips."
Designed to increase the pervasiveness and value to clients of the
FreeMarkets B2B eMarketplace, FreeMarketPlace will provide professional buyers
with access to the following tools:
* Superior supplier information and evaluation.
Decisions about from whom to buy and on what terms begin
with superior supplier information and research.
FreeMarketPlace will combine FreeMarkets' supplier data
and analysis, including its comprehensive global database
of suppliers, with tools for buying organizations to
compile their own evaluations in their own formats.
* Expert RFQ development tools. Competitive eMarkets that
actually work are based on precise RFQs that give
suppliers all of the specification information they need
to develop total cost bids. FreeMarketPlace will provide
buyers with RFQ development tools that are tailored for
each supply industry and linked to attributes in the
FreeMarkets supplier database.
* Design-phase workflow, collaboration, and expert content.
Factors such as fast time-to-market, collaboration with
suppliers, and expertise are critical to successful
product launches. Through FreeMarketPlace, buyers will be
able to push supplier information and expertise to the
desktops of design engineers, allowing them to make design
and supplier selection decisions based on competitive
market information.
* Catalog contract management for indirect purchases.
Requisition workflow and catalog systems have put
purchasing decision-making authority for indirect material
purchases back in the hands of professional buyers. As
the marketplace where buyers dynamically negotiate the
prices and terms loaded into catalogs, FreeMarkets is
completely complementary to such systems. FreeMarketPlace
will provide buyers with web-based tools to manage and
load their catalogs.
* Integrated purchasing performance measurement. Better
purchasing decisions are made on the basis of excellent
insights into the results of past decisions.
FreeMarketPlace will integrate into a purchasing
organization's transaction databases and enable timely
analysis of the performance of the organization, its
suppliers, and user community. For direct material, this
integration will occur with ERP systems. For indirect
material, integration will occur with catalog requisition
management systems or exchanges. FreeMarketPlace will
also provide the framework for integrating partner tools
and offerings that serve to enhance the value of the
FreeMarkets B2B eMarketplace for buyers.
FreeMarketPlace will also provide industrial suppliers with a web-based
desktop through which they can:
* Identify new business opportunities
* Provide detailed information to professional buyers using
expert self-assessment tools
* Post product and service information
* Compete for business in auctions conducted through the
FreeMarkets B2B eMarketplace
FreeMarkets will continue to provide its full range of market making
services to industrial buyers and suppliers, including extensive training and
support in the use of both FreeMarketPlace and the FreeMarkets B2B
eMarketplace.
Pricing and Availability
The core functionality of FreeMarketPlace will be available in beta form
during the second quarter of 2000, and generally available to professional
buyers and suppliers in the third quarter. At a base level, the cost of using
FreeMarketPlace will be included in the fees buyers pay to access the
FreeMarkets B2B eMarketplace. Premium level services will be accessible for
additional fees. Under current plans, suppliers will be able to access
FreeMarketPlace via the Web at no cost. All FreeMarkets information and
technology will be provided on a hosted basis to buyers and suppliers through
the World Wide Web.
About FreeMarkets
FreeMarkets is the world's most successful B2B eMarketplace since 1995,
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 the FreeMarkets B2B eMarketplace. FreeMarkets
provides access to its eMarketplace to industrial buyers and suppliers. The
FreeMarkets eMarketplace includes industry-leading 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 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.
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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