FreeMarkets Announces Industry-Leading Auction Technology
World's Leading Online Auction Marketplace Releases Latest Version Of
BidWare(R) Technology, Which Has Driven Over $4 Billion in Commerce to Date
PITTSBURGH, Feb. 14 /PRNewswire/ -- FreeMarkets, Inc. (Nasdaq: FMKT), the world's leading online auction marketplace, today announced the launch of its BidWare 3.0 technology, the industry's most advanced technology for Web-based, real-time industrial auction markets. FreeMarkets' BidWare technology, the power behind the FreeMarkets(R) online auction marketplace, is the only Web-based auction technology designed for high-value online bidding involving complex market conditions. Patent- pending BidWare technology supports global, real-time auctions and has driven more than $4 billion in global business-to-business commerce. FreeMarkets' BidWare technology supports 29 auction formats, enabling global suppliers to bid in multiple currencies, across multiple countries, for multi-year contracts - all on the World Wide Web. "At FreeMarkets, we understand the complexity of applying online auction market technology to high-stakes industrial purchases," said Glen Meakem, Chairman and CEO of FreeMarkets. "We know that auctions for near commodities like coal are different than auctions for custom components like plastic molded parts. As a result, our BidWare technology is loaded with advanced features required to support a range of market conditions and global participation, while providing the real-time feedback needed to reach true market pricing." "Using the FreeMarkets online auction marketplace and the latest version of BidWare technology, we created a competitive market for nearly $400,000 dollars worth of control panels, a complex, custom product," said Chuck Dana, Vice President of Global Sourcing, Owens Corning. "With BidWare technology, we received and evaluated 40 bids from seven suppliers in about an hour, rather than the weeks typical in a manual process." Since 1995, more than 3,000 suppliers from over 45 countries have participated in auctions driven by BidWare technology. "FreeMarkets' BidWare technology gives us the immediate feedback needed to make competitive bid decisions," said George Blass, Owner of Compucision, LLC, a participant in a recent FreeMarkets online auction market. "It's also reliable and easy-to-use, which is critical when you're bidding on business that can mean millions of dollars." BidWare technology includes real-time price feedback which allows bidders to see market dynamics at work, an overtime feature which extends the market bid time in highly competitive situations, continuous remote connections with bidders worldwide and advanced security features to protect the confidentiality of online bids. Patent-pending auction formats of FreeMarkets' BidWare technology include: -- BidWare(R) Transformation Auction for direct price comparisons of similar products with unique attributes (such as coal from different mines) -- BidWare(R) Multi-Currency Auction, enabling global suppliers to bid in their currency of choice -- BidWare(R) Index Auction for pricing volatile commodities against known indices (such as agricultural commodities) -- BidWare(R) Net Present Value Auction for evaluating proposals that have varying prices over time (such as suppliers bidding decreasing costs over time to reflect anticipated productivity improvements) Pricing and Availability FreeMarkets BidWare technology is available now and is an integral part of the FreeMarkets online auction marketplace. The cost of using BidWare technology is included in the fees buyers pay to access the FreeMarkets marketplace. Suppliers access the FreeMarkets marketplace and use BidWare technology at no cost. BidWare technology is not licensed separately from the FreeMarkets online auction marketplace. About FreeMarkets FreeMarkets is the world's leading online auction marketplace for industrial parts, raw materials, commodities and services. The Company created online auctions for over $2.7 billion worth of purchase orders in 1999 and nearly $1.0 billion worth of purchase orders in 1998. Since 1995, FreeMarkets has created online auctions for products in more than 70 supply verticals, including injection molded plastic parts, commercial machinings, metal fabrications, chemicals, printed circuit boards, corrugated packaging and coal. More than 3,000 suppliers from over 45 countries have participated in FreeMarkets auctions. FreeMarkets provides access to its online auction marketplace to industrial buyers and suppliers. The FreeMarkets marketplace includes proprietary online auction technology, technical operations, industrial market making services, access to a global database of suppliers and supplier research, call center support to buyers and suppliers in over 30 languages, and marketplace rules. The Company's current clients include United Technologies Corporation, The Quaker Oats Company, Eaton Corporation, Emerson Electric Company, Owens Corning, FirstEnergy Corp., SmithKline Beecham plc, Navistar International and Delphi Automotive Systems Corporation. FreeMarkets can be found on the Web at www.freemarkets.com. FreeMarkets and BidWare are registered 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, strategies, intentions, hopes 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 our online auction marketplace, the competitive nature of the market for business-to- business online auction services, FreeMarkets' ability to retain and increase revenue from existing clients and to execute agreements with new clients, and FreeMarkets' ability to attract and retain qualified personnel. These and other risk factors are described in detail in FreeMarkets' prospectus dated December 9, 1999, which is included as part of its Registration Statement on Form S-1, filed with the Securities and Exchange Commission. CONTACT: Karen Kovatch of FreeMarkets, 412-297-8767, or email@example.com.
SOURCE FreeMarkets, Inc.
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