FreeMarkets and SPX Corporation Expand Relationship
PITTSBURGH--May 29, 2001--Global multi-industry company licenses FreeMarkets(R) QuickSource(TM)
solution to create own online markets for goods and services
FreeMarkets, Inc. , the leading B2B Global Marketplace and eSourcing solutions provider, today announced that SPX Corporation , a global multi-industry company, has licensed its QuickSource solution.
Under the terms of its agreement with FreeMarkets, SPX will use the ASP-based, private marketplace application to create its own online markets for goods and services. SPX will also continue to leverage FreeMarkets' FullSource(TM) solution, which it has been using as a platform for online sourcing since June 2000.
Through an intuitive, do-it-yourself interface, FreeMarkets' QuickSource solution allows buyers to create and post electronic Requests For Quote (RFQ), collaborate with and manage suppliers, create and run real-time, online markets and award contracts -- all from their own desktops. Using active server page technology, FreeMarkets' QuickSource offering is supported by FreeMarkets scalable, load balanced, high-availability ASP infrastructure.
By automating the sourcing process from end-to-end, FreeMarkets' QuickSource offering enables professional buyers to focus on purchasing decisions and significantly reduce their costs and sourcing process time.
"SPX is committed to aggressively adopting and implementing e-commerce solutions that enhance our business," said Pete Sattler, Chief eBusiness Officer of SPX Corporation. "In addition to creating our own marketplace, we have had tremendous success in working with FreeMarkets to create online markets that have allowed us to access strategic deals and identify significant cost savings and efficiencies. We look forward to continuing to leverage FreeMarkets' expertise to create successful eMarkets, and also to using their QuickSource solution to create online markets of our own as part of our overall e-commerce strategy."
"By licensing the FreeMarkets QuickSource solution, SPX is again forging new territory by empowering its sourcing professionals to create their own successful eMarkets right from their desktops," said Kent Parker, Vice President and General Manager at FreeMarkets. "We look forward to continuing to provide SPX with access to the e-sourcing technologies and services they need to meet their e-commerce objectives."
About SPX
SPX Corporation is a global provider of technical products and systems, industrial products and services, and service solutions. SPX is based in Muskegon, Michigan, and has offices worldwide, in locations including North America, South America, the Far East, and Europe. The company's reported 2000 annual revenues were $2.7 billion.
The Internet address for SPX Corporation is www.spx.com.
About FreeMarkets
FreeMarkets is the leading B2B Global Marketplace and eSourcing solutions provider. FreeMarkets combines its industry-leading technology platform with unparalleled sourcing information, commodity-specific domain knowledge, world-class services and purchasing scale to deliver fast, measurable savings to customers. FreeMarkets has created over 11,500 online markets for more than $16.6 billion worth of goods and services and created estimated savings of over $3.2 billion for its customers. More than 11,100 suppliers from over 64 countries have participated in the FreeMarkets B2B Global Marketplace. The Company also operates FreeMarkets Asset Exchange, the leading B2B Global Marketplace for surplus assets and inventory. FreeMarkets can be found on the Web at www.freemarkets.com. FreeMarkets(R) and BidWare(R) are registered trademarks of FreeMarkets, Inc., and FullSource(TM) and QuickSource(TM) are unregistered trademarks of FreeMarkets, Inc.
Forward-looking statements
Statements in this press release that are not historical facts, including the information under the headings "Recent Developments" and "Financial Guidance" and other statements that refer to FreeMarkets' plans, prospects, expectations, strategies, intentions, 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 Global Marketplace and new products and services that FreeMarkets introduces, the competitive nature of the market for business-to-business online auction and e-commerce services, FreeMarkets' ability to attract new customers, through its own efforts and through partnerships and alliances, 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, FreeMarkets' ability to integrate acquisitions and manage growth, the risks associated with the acquisition of Adexa and the timing of the acquisition, the risks that the visibility of our revenue model may be adversely affected by changes in our business, the acquisition of Adexa or other economic factors, and the outcome of FreeMarkets' discussions with the SEC staff. You should carefully review these and other risk factors that are described in more detail in FreeMarkets' filings with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2000 and the Form S-4 filed in connection with the acquisition of Adexa.