gloPeX.com Secures First Round of Financing
28 April 2000
gloPeX.com Secures First Round of Financing
gloPeX.com Forms First B2B Exchange for Automotive Aftermarket
FREMONT, Calif., April 28 gloPeX.com, a commercially
neutral business-to-business exchange dedicated to the global automotive
aftermarket -- today announced the completion of its first-round financing.
Investors include U.S., Asian and European investors with strong ties to the
global automotive aftermarket as well as founders and/or executives of Exodus,
Brocade and certain select venture funds.
gloPeX.com, working in concert with executives within the automotive
aftermarket, has built a business-to-business exchange that enables all
participants in the automotive aftermarket to more efficiently conduct
business transactions. The global exchange is secure, open, neutral and is
built to enable real time information exchange.
gloPeX.com will offer a communication system over the Internet that is
more efficient and user-friendly than the EDI legacy system currently used by
suppliers and their distribution customers. "The current buying and selling
processes in our automotive aftermarket are too depend on phone, faxes and
paper or antiquated technology that contribute to tremendous inefficiencies.
GloPeX's proposed platform uses the state of art Internet technology to
provide unprecedented flexibility and real time information about pricing and
availability that eases the frustration experienced by today's buyers and
sellers," said Don Moore, an industry expert. According to
Dr. Srini Kankanahalli, CTO and Co-founder, "Using XML, EJB and other state of
the art technologies within our exchange will revolutionize this market place
by providing seamless aggregation of catalogs from numerous manufacturers,
parts availability and pricing."
"The vast and highly diffused distribution channel makes the aftermarket a
great opportunity for Internet based solutions. The opportunity lies in
enabling all channel players to conduct business on the Internet," said
Sanjeev Chandrashekhar, CEO and Co-Founder of gloPeX.com. "Our exchange will
make it easy and convenient to create more efficient transactions between
domestic and global participants."
Unlike the exchange recently established by the big-3, Oracle and
CommerceOne which primarily focuses on the automotive manufacturers' needs,
gloPeX.com is positioned to serve the $700 billion global automotive
aftermarket. In addition, the business-to-business aftermarket arena is
unique, complex and significantly larger than the business-to-consumer market
in which companies such as Wrenchhead.com and Carparts.com are participating.
"We are impressed by the founders' vision and unique approach to the
automotive aftermarket segment, that should create a win-win proposition for
both buyers and sellers," said Paul Gill, Managing Director of 7719 Ventures
(7719.com). "We are confident in the company's ability to help its partners
realize all the benefits of a neutral exchange that harnesses the unique
benefits of Internet technology."
About gloPeX.com
gloPeX.com ( http://www.gloPeX.com/ ) is the first full service
Internet-based business-to-business exchange for the global automotive
aftermarket. Its unique technology leverages the power and ease of the
Internet to bring buyers and sellers together more efficiently. gloPeX.com's
commercially neutral trading platform offers secure real time information
aggregation and a full range of value added benefits (VABs).
CONTACT: Fidel Gakuba, Director of Marketing of gloPeX.com,
510-249-6368, or fidel@gloPeX.com .