FreeMarkets and Arthur Andersen to Offer Comprehensive eBusiness
And Online Marketplace Solutions to Global 1000 and Mid-Sized Customers
PITTSBURGH, and CHICAGO, April 19 /PRNewswire/ --
FreeMarkets, Inc., (Nasdaq: FMKT), the world's leading B2B eMarketplace, and
Arthur Andersen today announced that they have formed a strategic alliance to
deliver Web-based sourcing solutions to Global 1000 and mid-sized customers.
Under the terms of the agreement, FreeMarkets and Arthur Andersen will
jointly serve customers with a combination of the FreeMarkets(R) B2B
eMarketplace (which includes industry-leading online auction technology,
technical operations, market making services and a global database of
suppliers) and Arthur Andersen's broad range of eBusiness and supply chain
solutions. The combined solutions will allow customers to consolidate and
strategically analyze purchasing options as well as deliver significant cost
savings through implementing online markets.
"Arthur Andersen is dedicated to delivering leading B2B eBusiness
solutions that enable organizations to benefit from the efficiencies of online
marketplaces," said Chuck Ketteman, worldwide managing partner for Arthur
Andersen's business consulting practice. "The FreeMarkets B2B eMarketplace is
complimentary to our overall eBusiness offerings, and will enable our Global
1000 and mid-sized customers to make high stakes decisions while creating
savings and efficiencies. Together, Arthur Andersen and FreeMarkets will
assist customers worldwide with reducing operating costs and improving supply
chain performance."
"Arthur Andersen is a world-class provider of supply chain and eBusiness
solutions," said Glen Meakem, chairman and CEO of FreeMarkets. "This is our
first strategic alliance with a consulting firm and we are extremely pleased
to combine our efforts to deliver real, measurable savings on strategic
purchasing to professional buyers worldwide."
To date, FreeMarkets' auction technology and market making services have
driven more than $5 billion in commerce through the FreeMarkets B2B
eMarketplace. The FreeMarkets B2B eMarketplace includes industry-leading
online auction technology, technical operations, market making services,
access to the world's deepest global database of suppliers and supplier
research, call center support to buyers and suppliers in over 30 languages,
and marketplace rules.
About Arthur Andersen
Arthur Andersen's vision is to be the partner for success in the new
economy. The firm helps clients find new ways to create, manage and measure
value in the rapidly changing global economy. With world-class skills in
assurance, tax, consulting and corporate finance, Arthur Andersen has more
than 77,000 people in 84 countries who are united by a single worldwide
operating structure that fosters inventiveness, knowledge sharing and a focus
on client success. Since its beginning in 1913, Arthur Andersen has realized
86 years of uninterrupted growth, with 1999 revenues of more than $7 billion.
Arthur Andersen is a business unit of Andersen Worldwide.
About FreeMarkets
FreeMarkets is the original and world's leading B2B eMarketplace, with
online markets for industrial parts, raw materials, commodities and services.
The Company has executed online auctions for over $5.4 billion of purchase
orders to date, and created potential estimated savings of more than
$1 billion for its customers. Since 1995, FreeMarkets has created online
auctions for products in more than 100 supply verticals, including injection
molded plastic parts, commercial machinings, metal fabrications, chemicals,
printed circuit boards, corrugated packaging and coal. More than
4,000 suppliers from over 50 countries have participated in the FreeMarkets
B2B eMarketplace. FreeMarkets is the only B2B eMarketplace that 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 customers include Visteon
Corporation, 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'
B2B eMarketplace, the competitive nature of the market for business-to-
business online auction services, FreeMarkets' ability to retain and increase
revenue from existing customers and to attract new customers, FreeMarkets'
ability to attract and retain qualified personnel, the size of the market for
used equipment and surplus inventory, the demand for online auction and other
asset recovery services by buyers and suppliers, and FreeMarkets' ability to
integrate acquisitions. Risk factors are described in more detail in
FreeMarkets' filings 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, or Mary Hall of Arthur Andersen,
972-443-2795, or mary.n.hall@us.arthurandersen.com
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