PurchasePro Powers Into the Middle East/North African Market; Koc and The Carlyle Group to Spearhead Marketplace Growth into New Region.Business/High-Tech Editors LAS VEGAS Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. & ISTANBUL, Turkey--(BUSINESS WIRE)--April 3, 2001 PurchasePro (Nasdaq:PPRO PPRO Personal Public Relations Officer (Church of Scientology) ), the leading enabler of business-to-business e-commerce solutions for companies of all sizes, announced today that the company has entered the Middle East/North African market with the creation of MENAM, the Middle East and North African North Africa A region of northern Africa generally considered to include the modern-day countries of Morocco, Algeria, Tunisia, and Libya. North African adj. & n. Adj. 1. Marketplace. The marketplace is the result of a joint alliance between The Carlyle Group  The of this article or section may be compromised by "weasel words".You can help Wikipedia by removing weasel words. The Carlyle Group is a Washington, D.C. , a private global investment firm, and Koc Group, an industrial conglomerate headquartered in Istanbul, Turkey. The alliance builds on the global presence of PurchasePro, which earlier this year announced its entry into the Canadian and European e-commerce markets. The Carlyle Group, which originates, structures, and acts as lead equity investor in management-led buyouts, strategic minority equity investments, equity private placements, and growth capital financing, and Koc Group, a firm that represents ten percent of Turkey's private sector, will operate the marketplace. MENAM will initially target the construction and hospitality industries in Turkey, and will identify strategic opportunities in other regions, including Egypt and Saudi Arabia Saudi Arabia (sä  `dē ərā`bēə, sou`–, sô–), officially Kingdom of Saudi Arabia, kingdom (2005 est. pop. , which together boast a $20 billion construction industry. PurchasePro's e-MarketMaker solution will power MENAM, bringing buyers and suppliers of numerous business sectors into the marketplace. As the marketplace adds businesses from Egypt, Saudi Arabia, and other countries in the region, it will provide members with a complete buyside/sell side e-commerce solution, enabling them to cut costs and reduce corporate expenditures. Throughout the year, the alliance hopes to add additional verticals to the marketplace, including food products, healthcare, and automobile and truck parts. "MENAM marks the milestone of PurchasePro's entry into the Middle East and North African market, furthering the company's international expansion. The marketplace will be a key e-commerce solutions provider in a growing market," said Kevin Simmons, vice president of international development at PurchasePro. "Koc and The Carlyle Group possess the expertise and relationships in the region that are crucial to the creation of a liquid marketplace. Increased liquidity will allow marketplace members to immediately conduct e-commerce transactions with access to tens of thousands of businesses, providing a rapid return on investment for businesses of all sizes." "The economies of this region are heavily dependent on trade. The construction industry, which accounts for between five to ten percent of total GDP GDP (guanosine diphosphate): see guanine. , will add liquidity to the MENAM marketplace quickly," said Robert Dunn Robert Dunn or Bob Dunn may refer to:
"SMEs are the main driver of the Turkish economy," said Koc IT and Telecoms Group Steering Committee steer·ing committee n. A committee that sets agendas and schedules of business, as for a legislative body or other assemblage. steering committee Noun President Ali Koc. "MENAM is the first serious business-to-business undertaking in Turkey. An easy to use e-commerce solution with minimal startup cost is crucial to allow Turkish companies This is a list of companies from Turkey.
About PurchasePro PurchasePro (Nasdaq:PPRO), a leader in business-to-business e-commerce, operates the PurchasePro global marketplace, encompassing more than 140,000 businesses and powering hundreds of private-label marketplaces with its highly scalable, browser-based e-commerce engine. PurchasePro's solutions enable businesses of all sizes to easily buy and sell products and services, and compete more effectively by enhancing sales opportunities, reducing procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. costs and greatly increasing employee productivity. PurchasePro provides the following business to business e-commerce solutions: e-Procurement for corporate procurement, v-Distributor for online distributors, and e-MarketMaker for Internet market makers. PurchasePro has developed strategic sales and marketing relationships with industry leaders including AOL (A division of Time Warner, Inc., New York, NY, www.aol.com) The world's largest online information service with access to the Internet, e-mail, chat rooms and a variety of databases and services. Time Warner, Computer Associates, Gateway, Hilton, Office Depot Office Depot (NYSE: ODP) is one of the world's leading suppliers of office products and services. The Company's selection of brand name office supplies includes business machines, computers, computer software and office furniture, while its business services encompass copying, , and Sprint. The company provides extensive support and training programs. For information, call toll free at 888/830-4600 or in Las Vegas at 702/ 316-7000 or visit www.purchasepro.com. About The Carlyle Group The Carlyle Group is a leading private global investment firm providing a full range of buyout Buyout The purchase of a company or a controlling interest of a corporation's shares. Notes: A leveraged buyout is accomplished with borrowed money or by issuing more stock. , venture, real estate and high yield investment strategies to a substantial and diversified investor base. Founded in 1987, The Carlyle Group has invested more than $5.8 billion of equity in 213 corporate and real estate transactions with an aggregate acquisition value of over $16 billion. The firm conducts its investment activities through focused industry groups that leverage the extensive operating, corporate, and governmental experience of its partners. Headquartered in Washington, D.C., The Carlyle Group is one of the largest private equity firms in the world with more than 220 investment professionals in 13 countries worldwide. About Koc Koc Group is the largest industrial and commercial conglomerate in Turkey with a combined revenue of $12 billion. The group ranked 262 in Financial Times' Europe 500 index in 2000. With more than 100 companies, Koc's activities cover a large spectrum that includes automotive and household appliances manufacturing, consumer goods consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and and retailing, construction, mining, financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , energy, tourism, foreign trade, IT, and telecommunications. Koc recently formed the IT and Telecoms Group that has the responsibility to develop e-commerce, telecommunications and IT related businesses. In addition to new business development, IT and Telecoms Group also has companies such as Kocsistem, the largest systems integrator An individual or organization that builds systems from a variety of diverse components. With increasing complexity of technology, more customers want complete solutions to information problems, requiring hardware, software and networking expertise in a multivendor environment. in Turkey; Koc.net, a corporate network services provider; and Ultra, a cable TV services provider under its portfolio. This press release includes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , which are subject to the "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements (which involve the company's plans, beliefs and goals, refer to estimates or use similar terms) involve certain risks and uncertainties, including the risks and uncertainties associated with rapidly changing technologies such as the Internet, the Internet, the, international computer network linking together thousands of individual networks at military and government agencies, educational institutions, nonprofit organizations, industrial and financial corporations of all sizes, and commercial enterprises risks of technology development and the risks of competition that can cause actual results to differ materially from those in the forward-looking statements. These forward-looking statements represent only the views of certain members of management and do not necessarily represent a consensus of all employees and managers within the company. Moreover, those forward-looking statements are based on limited information available to us now, which is subject to change. It should be clearly understood that the factors and perceptions on which these forward-looking statements are based are highly likely to change over time and that we have no current plan to update these statements. Actual results may differ substantially from what we say today and no one should assume at a later date that the forward-looking statements provided herein are still valid. They speak only as of today. For more information about these risks and uncertainties, see the SEC filings of PurchasePro Inc., including the section titled "Factors That May Affect Results" in its 10-K filing for the period ended December 31, 1999, and its 10-Q for the quarter ended September 30, 2000, which is available from the company on request and on the Internet at the SEC's Web site, www.sec.gov. Note to Editors: PurchasePro is a servicemark of PurchasePro.com Inc. All other trademarks or registered trademarks are the property of their respective owners. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion