Caterpillar Signs EssentialMarkets to E-commerce Enable Suppliers
10 October 2000
Caterpillar Signs EssentialMarkets to E-commerce Enable Suppliers
TACOMA, Wash.---Oct. 10, 2000-- EssentialMarkets(TM) Inc. and Caterpillar Inc. have joined forces to enable Caterpillar's small- and medium-sized suppliers to integrate into the international manufacturer's e-procurement system.EssentialMarkets is initially working with Caterpillar's suppliers to upload their product catalogs to the Internet, allowing both Caterpillar and its suppliers to interact through Caterpillar's WECAP e-procurement system.
"We're pleased to be working with Caterpillar on this project," said Todd Ostrander, EssentialMarkets president and CEO. "Caterpillar recognized the importance of completely enabling its e-supply chain, and EssentialMarkets provides an affordable supply-side solution to integrate small- and medium-sized suppliers."
Ostrander said approximately 25 Global 2000 companies with more than 125,000 small- and mid-sized businesses in their supply chains are in discussions with EssentialMarkets about integrating these smaller companies into their e-procurement management systems by using EssentialMarkets' EM Transact(TM) solution. EM Transact quickly enables smaller suppliers to transact electronically, regardless of the e-procurement platform being used.
"Large companies like Caterpillar have pondered how to integrate their smaller suppliers into their e-supply chains for the last two years," Ostrander said. "One of the big questions has been how to bring these companies online without asking them to spend significant dollars and time to become Web enabled. We have the answer."
About EssentialMarkets
Founded in March 2000, EssentialMarkets, Inc., fills a large void in the current business-to-business e-commerce space by allowing smaller companies to do business with their larger customers via the Internet without burdensome financial or technical requirements.
EM Transact, a Web-based application, allows companies to enroll online, develop customer-specific business rules, create an e-commerce-ready Web site, upload product catalogs onto the Internet, and begin transacting immediately -- usually in less than 30 minutes. Enrolling suppliers pay a sliding scale subscription for the service, starting at less than $300 a month.
For more information about EssentialMarkets, go to www.essentialmarkets.com.
About Caterpillar Corp.
Headquartered in Peoria, Ill., Caterpillar Inc. is the world's largest manufacturer of construction and mining equipment, diesel and natural gas engines and industrial gas turbines. It is a Fortune 100 company, ranked No. 1 in its industry, with more than $26 billion in assets.
A global competitor, Caterpillar records half of its sales to overseas customers. Caterpillar has maintained its position as a leading U.S. exporter with exports of $5.2 billion in 1999.