FreeMarkets Extends and Expands Strategic Sourcing Relationship with SPX Corporation
PITTSBURGH--June 17, 2002--FreeMarkets, Inc. , the leading global provider of sourcing software and service solutions, today announced that it has extended and expanded its strategic sourcing relationship with SPX Corporation , a global provider of technical products and systems, industrial products and services, flow technology and service solutions.
Under the terms of an early renewal, SPX has extended its use of FreeMarkets FullSource as its platform for strategic sourcing. The company has also broadened its use of FreeMarkets QuickSource, deploying the application across all global locations, and adding a full range of supporting services to enhance the results of sourcing projects managed using the software. SPX has been using FreeMarkets as part of its strategic sourcing initiatives since 2000.
"We are very pleased to globalize our relationship with FreeMarkets," said John B. Blystone, Chairman, President and CEO of SPX Corporation. "FreeMarkets provides us with a flexible, set of sourcing software and service solutions which we are successfully leveraging to manage our sourcing organization and generate fast, measurable results on a global, corporate-wide basis."
As part of its strategic sourcing initiatives, SPX uses both FreeMarkets FullSource solution and its QuickSource application to source a wide range of goods and services.
Designed by sourcing professionals for sourcing professionals, FreeMarkets FullSource is a comprehensive solution that combines expert sourcing services in hundreds of spend categories; industry-specific program management; around-the-clock global market operations services; information and knowledge about specific commodities and supply market dynamics; and the most advanced sourcing technology available.
A comprehensive, full-featured sourcing platform, FreeMarkets QuickSource provides buyers with all of the tools they need to create successful, high-performance markets of their own right from their desktops. The industry's leading sourcing application, QuickSource is ideal for automating, streamlining, and providing visibility into the sourcing project processes.
To enhance its use of QuickSource and ensure that the sourcing projects it executes using the application generate optimal results, SPX has also added FreeMarkets(R) E-Sourcing Empowerment Package to its portfolio of sourcing solutions. A comprehensive package of supporting service offerings, the E-Sourcing Empowerment Package provides QuickSource users with access to:
| -- | FreeMarkets' E-Sourcing Support Desk, which gives buyers access to e-sourcing best practices and general information on how to structure online markets to ensure that they deliver maximum results. |
| -- | QuickSource Supplier Training, which is designed to ensure the proficiency of suppliers using the application and ensure maximum participation in QuickSource events. |
| -- | FreeMarkets Market Operations Services, which supplements a company's internal resources with application and administrative support to ensure that QuickSource events are effectively supported and managed and deliver optimal results. |
"SPX was an early adopter of software and services that could help it generate cost savings and enhance the efficiency of its sourcing process," said Glen Meakem, Chairman and Chief Executive Officer of FreeMarkets. "By continuing to leverage our FullSource solution, and rolling out QuickSource with services across its global organization, SPX will remain at the forefront of e-sourcing and generate measurable results that allow it to maintain its competitive advantage among global, multi-industry firms. We look forward to continuing to provide SPX with innovative sourcing solutions that meet their needs and help them reach their strategic business goals."
About SPX
SPX Corporation is a global provider of technical products and systems, industrial products and services, flow technology and service solutions. The Internet address for SPX Corporation's home page is http://www.spx.com.
About FreeMarkets
FreeMarkets is the leading global provider of sourcing software and service solutions. Through its unique combination of industry-leading sourcing software, expert sourcing services, global commodity expertise, and operations support, FreeMarkets has helped customers around the world source $35 billion in goods and services and identify savings of over $7 billion through its FullSource offering. 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), QuickSource(TM), and ES(TM) are pending trademarks 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, financial projections, 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' products and services, the competitive nature of the market for e-commerce products and services, FreeMarkets' ability to predict its revenues and earnings, FreeMarkets' ability to develop competitive new products and services on a timely basis, introduction of new products and services by competitors, declining or uncertain economic and industry conditions, FreeMarkets' ability to attract and retain personnel and other risk factors that are described in more detail in FreeMarkets' most recent Annual Report on Form 10-K, and its other filings with the Securities and Exchange Commission.