CarParts Technologies Acquires OpenWebs Trading Network Technology
EL SEGUNDO, Calif.--May 13, 2002--CarParts Technologies Inc., the leading provider of open, e-commerce software solutions for the automotive aftermarket, today announced its acquisition of the technology and other intellectual property assets of Pittsburgh-based OpenWebs(TM) Corp., a provider of enterprise solutions utilizing peer-to-peer (P2P) trading technology.
The acquisition provides CarParts Technologies with the opportunity to revolutionize supply-chain management for the $20 billion tire segment of the automotive aftermarket through OpenWebs(TM)' P2P Intelligent Trading Network(TM) software. Through this acquisition, CarParts Technologies has entered a technology supplier relationship with Michelin North America, Inc., a leading tire manufacturer in the U.S. CarParts Technologies will deliver the Intelligent Trading Network(TM) software as part of Michelin's larger e-commerce strategy in North America.
"CarParts Technologies was founded with a vision of revolutionizing the automotive aftermarket extended supply chain," said CarParts Technologies' Executive Chairman, Alan Bennett. "The addition of OpenWebs(TM)' Intelligent Trading Network(TM) software to our solutions portfolio underscores our belief that P2P-based e-business solutions are a tremendous area of growth in the aftermarket industry."
The OpenWebs(TM) Intelligent Trading Network(TM) is a software platform that provides a complete, integrated Internet-ready application suite used to build P2P trading networks of retailers, distributors and manufacturers to let them locate, buy and sell products with each other. These "trading communities" will dramatically increase profitability and bring real business benefits to both Michelin and CarParts Technologies' customers, respectively. The Open Webs(TM) Intelligent Trading Network(TM) software also integrates and complements CarParts Technologies' existing portfolio of e-commerce solutions.
The majority of OpenWebs Corp.'s former staff consisting of 20 employees with specific expertise in the tire industry, have joined the team at CarParts Technologies and will continue to operate from the Pittsburgh-based R&D Center. Their focus will be to maintain development of the Intelligent Trading Network(TM) software and to support CarParts Technologies' initiatives to help businesses in the automotive aftermarket reap the benefits of ecommerce technology. CarParts Technologies' will also supplement the new R&D facility with four support centers and a large national sales network.
"We are excited about the potential these combined companies will now offer our customers," said Pete Selleck, Chief Operating Officer of Michelin Americas Small Tires. "We recognize the added value of this technology to our Distribution Channel customers and look forward to working with CarParts Technologies to continue our leadership in this segment."
Built on Microsoft's .NET platform, Intelligent Trading Network(TM) software creates a virtual inventory across the entire distribution channel, enabling product requests to be fulfilled in minutes, while reducing the need to maintain excess inventory. The Intelligent Trading Network(TM) software works directly with existing ERP and POS systems, integrating back office functions to provide immediate transaction updates. This technology offers all the efficiency of e-commerce with the flexibility and autonomy of traditional business interactions.
The OpenWebs Corp. transaction marks the third acquisition in just 24 months for CarParts Technologies. With over 3,000 installations, CarParts Technologies has developed expertise in the areas of B2C and B2B through deployment of its ecommerce servers specifically designed for the automotive aftermarket.
"OpenWebs(TM) has developed a unique capability with the Intelligent Trading Network(TM) software which will advance our ability to provide industry-leading technologies to the automotive aftermarket," said Bennett.
Founded in 2000, OpenWebs Corp. brought together expertise in large-scale computer-based trading, artificial intelligence, POS/ERP application software and the automotive aftermarket.
About CarParts Technologies, Inc.
Founded in 1997, CarParts Technologies is a leading provider of open, end-to-end supply chain software solutions for the automotive aftermarket. CarParts Technologies provides a wide range of e-commerce software solutions that allow automotive products to move efficiently from suppliers to customers throughout the aftermarket.
Using CarParts Technologies' solutions, companies with over 3000 locations, now generate new sales, operate more cost efficiently, accelerate inventory turns and maintain stronger relationships with suppliers and customers. CarParts Technologies' integrated software solutions allow manufacturers, distributors and service chains to manage internal operations more efficiently and build strong e-commerce links with their customers. CarParts Technologies' complete suite of business solutions has delivered compelling returns on investment to customers across the aftermarket supply chain.
Headquartered in El Segundo, California, CarParts Technologies has received venture capital funding from, BEV Capital, Rho Management, @Ventures, the affiliated venture capital arm of CMGI, St. Paul Venture Capital, Investor AB Group, and Ravenswood Capital Corp.
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