Telia and ForeningsSparbanken Join Forces in B2B e-Commerce Effort: Marakanda - Historic Pioneer Becomes Internet Leader.Business Editors STOCKHOLM, Sweden--(BUSINESS WIRE)--Jan. 10, 2001 Marakanda is a new e-commerce company jointly owned by Telia and ForeningsSparbanken. Introduced on August 18, 2000, it offers new services to a growing number of customers. The company is based on Telia's established e-procurement solution and on ForeningsSparbanken's financial competence and strong ties with municipal governments. The name of the new company, Marakanda, is taken from the ancient city now known as Samarkand. Settled over 2000 years ago, Marakanda (also spelled Maracanda) was the capital of the ancient Persian province of Sogdiana. Subsequent to its capture by Alexander the Great in the 4th century BC, Marakanda became a vibrant marketplace and hub for trade between Persia and Central Asia under the rule of the Arabs and Turks. In the 13th century the city survived devastating dev·as·tate tr.v. dev·as·tat·ed, dev·as·tat·ing, dev·as·tates 1. To lay waste; destroy. 2. To overwhelm; confound; stun: was devastated by the rude remark. attacks by the Mongols, and it later flourished once again as an economic epicenter ep·i·cen·ter n. 1. The point of the earth's surface directly above the focus of an earthquake. 2. A focal point: stood at the epicenter of the international crisis. . "Like the historic pioneer among marketplaces from which it takes its name, Marakanda will command a leading position among the Internet marketplaces See vertical portal and Web hub. of today and in the future," says Chairman Gert Engman, who is also Group Executive Vice President and CIO CIO: see American Federation of Labor and Congress of Industrial Organizations. (Chief Information Officer) The executive officer in charge of information processing in an organization. of ForeningsSparbanken and is responsible for the bank's e-business business area. Marakanda already has a strong position in the public sector, with approximately 30 large customers that include the cities of Malmo and Stockholm and a number of local governments. Among new customers that the company has reached agreements with since its launch is the City of Gothenburg. All customers are now offered a new, upgraded version of the company's e-procurement service. The range of available services will soon be expanded to include additional functions, such as online travel reservations with automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. travel expense records. As the pilot customer, Telia is expecting to reduce its expenditures by SEK SEK In currencies, this is the abbreviation for the Swedish Krona. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 150 million a year by managing its travel reservations and administration electronically. In 2001 Marakanda will launch new procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. services and thereby creating developed electronic marketplaces. In addition to maintaining its already strong position in the public sector, Marakanda intends to develop operations for small and medium-sized companies "Marakanda will be a major player in the development of e-commerce," says President Stefan Bergelind. "Within two years the company will be a leader in Internet-based public procurement in the Nordic and Baltic regions For other uses, see Baltic (disambiguation). The Baltic region is an ambiguous term that refers to slightly different combinations of countries in the general area surrounding the Baltic Sea. ." The purchasing power Purchasing Power 1. The value of a currency expressed in terms of the amount of goods or services that one unit of money can buy. Purchasing power is important because, all else being equal, inflation decreases the amount of goods or services you'd be able to purchase. 2. of the customer base that Marakanda has from the start is approximately SEK 25 billion a year. The market in which the new company is initially active is estimated at SEK 250 billion a year in Sweden. ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2001/01/10/20010110BIT00140/bit0001.doc http://www.bit.se/bitonline/2001/01/10/20010110BIT00140/bit0002.pdf |
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