@Ventures Funds Online Business-to-Business Marketplace, BizBuyer.com; Next-Generation Bidding System Matches Small Businesses With Qualified Vendors.SANTA MONICA Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. and MENLO PARK Menlo Park. 1 Residential city (1990 pop. 28,040), San Mateo co., W Calif.; inc. 1874. Electronic equipment and aerospace products are manufactured in the city. Menlo College and a Stanford Univ. research institute are there. 2 Uninc. , Calif.--(BUSINESS WIRE)--June 22, 1999-- BizBuyer.com, a business-to-business buyer-driven online marketplace, today announced a $5 million commitment from @Ventures, the affiliated venture-capital arm of CMGI CMGI Commonly Maintained Grounds Infrastructures CMGI College Marketing Group Information (Services) , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CMGI). This funding follows a $1 million seed round of financing announced last month, including an investment from Meg Whitman Margaret C. "Meg" Whitman (born August 4, 1956) has been the President and CEO of the online marketplace eBay since March 1998. Whitman joined eBay when the company had 29 employees and operated solely in the United States; eBay is now a global organization with over 11,000 , CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of eBay. In 1998, 22 million small businesses purchased $800 billion in products and services. Researching these products and services has been a source of frustration for coulution - the first comprehensive online business-to-business marketplace where they can put their product and service needs out for bid and receive quotes from qualified vendors. "By 2003, thousands of small businesses will be purchasing mission-critical products and services online, resulting in a $1.3 billion boom in business-to-business e-commerce," noted Peter Mills For the British Conservative Member of Parliament, see Peter Mills (UK politician). Peter Mills (born 1943) is an American politician, a Republican from Maine. He was born in Farmington, Maine, and grew up in Maine. , Managing Partner, @Ventures. "BizBuyer.com has the management team, the know-how and the vendors in place to be the de-facto standard in this exploding market." On the BizBuyer.com site, buyers clearly define their purchasing needs by reviewing comprehensive, easy-to-use buying guides and submitting a detailed Request For Proposal. BizBuyer.com's proprietary filtering technology then matches the specific needs of buyers with vendors qualified to meet those needs. Vendors may then submit online bids directly to the buyers. Buyers are able to review all of the vendors' bids - both individually and in a side-by-side comparison table - and select the one that best meets their purchasing criteria. Importantly, at BizBuyer.com, buyers are provided a privacy level unattainable in traditional "brick-and-mortar" retailing and not offered by most online intermediaries. Customer names and contact information are given to the selected vendor only after the buyer requests it. "By focusing on small businesses, we are developing an in-depth understanding of their needs and purchasing processes," said Bernard Louvat, founder, President and CEO of BizBuyer.com. "Our ability to source multiple vendors at once - and furnish the buyer with the most competitive bid within a few hours - dramatically simplifies the way small businesses purchase goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. . Our breadth of offerings and ease of use make BizBuyer.com a must-stop destination for buyers." The BizBuyer.com management team possesses a strong mix of skills in a variety of industries including: Internet (GeoCities, Ticketmaster Online-CitySearch, eToys, CareerPath, AT&T Online Services, Microsoft, Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. Internet Group, eWallet, Multimedia Live), entrepreneurship (combined experience of 11 startups), strategy (McKinsey, Bain, Deloitte & Touche), branding (Procter & Gamble, L'Oreal, Walt Disney Noun 1. Walt Disney - United States film maker who pioneered animated cartoons and created such characters as Mickey Mouse and Donald Duck; founded Disneyland (1901-1966) Disney, Walter Elias Disney ), content (Los Angeles Business Journal) and operational/general management skills. BizBuyer.com will launch more than 20 categories over the next three months, including Internet, telecommunication, insurance, financial services, legal, consulting, accounting, sales & marketing, human resources, office products and services, and other categories vital to small businesses. The site is currently in Beta testing (programming) beta testing - Testing a pre-release (potentially unreliable) version of a piece of software by making it available to selected users. This term derives from early 1960s terminology for product cycle checkpoints, first used at IBM but later standard throughout the with its Internet Services category; 1,000 Internet Service Providers Internet service provider (ISP) Company that provides Internet connections and services to individuals and organizations. For a monthly fee, ISPs provide computer users with a connection to their site (see data transmission), as well as a log-in name and password. are bidding on incoming requests for proposal from buyers across the country. The service is free to buyers, while vendors will pay to submit bids. About BizBuyer.com Founded in September 1998 and based in Santa Monica, California For other uses, see Santa Monica (disambiguation). Santa Monica is a coastal city in western Los Angeles County, California, USA. Situated on Santa Monica Bay of the Pacific Ocean, it is surrounded by the City of Los Angeles — Pacific Palisades and Brentwood on the north, , BizBuyer.com is a business-to-business buyer-driven online marketplace for buyers and vendors of business products and services. In this 'frictionless' marketplace which focuses on the needs of small businesses, buyers can put their purchasing requirements out for bid and solicit online proposals from a database of vendors able to meet those requirements. BizBuyer.com will offer products and services in a wide variety of areas including Internet, telecom, insurance, financial services, sales and marketing, professional services, human resources, office products and services and other categories that are vital to small businesses. About CMGI A recognized leader in the Internet economy, CMGI (Nasdaq:CMGI) has built a substantial base of Internet operating companies and, through its @Ventures affiliate, has taken strategic positions in a growing series of synergistic Internet enterprises which enhance the value of its core holdings. This unique method of generating equity for its shareholders is what CMGI calls "creating net value." Microsoft, Intel and Sumitomo hold minority positions in CMGI. CMGI's majority-owned subsidiaries include Activerse, Adsmart, Engage, iCast, Magnitude Network, NaviSite, NaviNet, Planet Direct and ZineZone. The Company's @Ventures affiliates have ownership interests in Lycos, Inc. (Nasdaq:LCOS (Liquid Crystal on Silicon) A technology used to make microdisplays for rear-projection TVs and head-mounted displays (HMDs). Each LCoS chip hosts a grayscale LCD shutter sandwiched between a cover glass and a mirror. ), Critical Path (Nasdaq:CPTH), Silknet (Nasdaq:SILK), Ancestry.com, Asimba, blaxxun, BizBuyer.com, CarParts.com, Chemdex, eCircles.com, Furniture.com, HotLinks, KOZ.com, MotherNature.com, NextMonet.com, NextPlanetOver.com, OneCore.com, ONElist, Productopia, Promedix.com, Raging Bull, Softway Systems, Speech Machines, ThingWorld.com, Universal Learning Technology, Vicinity, Virtual Ink and Visto. CMGI is also the majority-owner of SalesLink, InSolutions and On-Demand Solutions, leaders in the direct marketing, fulfillment and turnkey arenas. CMGI Corporate headquarters is located at 100 Brickstone Square, Andover, MA 01810. Telephone: 978-684-3600. Fax: 978-684-3814. Additional information is available on the company's Web site http://www.cmgi.com. |
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