IBM and partners officially announce electronic parts e-marketplace

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After a week of rumors, IBM Corp., Armonk, N.Y., and partners made it official today. The companies will launch a new electronics, telecom and computer parts exchange, dubbed The site will have a quick launch: Right away, it will move over transactions from existing IBM marketplaces to the new site, and within a few months will add new technology from partners Ariba Inc. and i2 Technologies Inc. The founding companies (in addition to IBM) include: Matsushita Electric Industrial Co. Ltd., Hitachi Ltd., Toshiba Corp., LG Electronics Inc., Nortel Networks Corp., Solectron Corp. and Seagate Technology Inc. Together, they've committed $200 million to running the exchange, and expect to move hundreds of billions of dollars of spend onto the system almost immediately. The company also received venture capital money from Crosspoint Venture Partners and Morgan Stanley Dean Witter. The site faces strong competition, including a recent industry-led exchange from competitors including Hewlett-Packard Co. and Compaq Computer Corp.
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