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Indiamarkets, Goodex sign pact for international eProcurement
       
Bangalore, July 31, 2002 - indiamarkets, India's leading business-to-business eCommerce enabler and eProcurement service provider, today announced its intentions to go global, the direct result of an MOU (Memorandum of Understanding) with Goodex AG, Europe's leading sourcing and auction service provider..  

indiamarkets, which broke even in the last quarter of 2002 and has been consistently conducting business transactions of over Rs 150 crore every month, would now be able to offer international procurement services to its clients in India. Its international procurement services would help the buyers in India to source suppliers from abroad and facilitate suppliers from India to look at international buyers. The extension of these procurement services to countries outside the Indian market would mean a substantial increase in the potential for indiamarkets clients to save cost and time and generate additional business.

The collaboration will be of mutual benefit to both Goodex and indiamarkets. While the pact would enable indiamarkets clients to leverage the international market, it would help Goodex to service and fulfill the needs of its client and supplier requirements out of India.

Probably the biggest collaborative effort in recent times, this MOU would mean that the established European leader, with a transaction volume of more than one billion euros, will now have the added benefit of collaborating with the only stand alone B2B marketplace in India.

Speaking on the occasion, Mr Rohan Ajila, CEO,indiamarkets said, "This collaboration is a classic case of co-opetition. Leveraging each other's strengths and aligning for mutual growth and interest. It's a win-win situation for both Goodex and us. More importantly, we would be able to add more value to our services to all our clients."

Putting across the Goodex perspective, Mr. Dirk Van De Putte - COO, Goodex AG says, "We found indiamarkets a suitable partner due to the extensive network of procurement specialists across the country's core industrial sectors that would help us in supplier validation and training. Indiamarkets' Buyers too would now be able to reach out to the international vendor base."

This pact reinforces the dominance of indiamarkets and Goodex in their respective procurement services landscape to foster international trade.
       

About Goodex
Goodex is the largest european service- and technology-provider for online reverse auctions, RFQ's and Sourcing consultancy. Thirteen locations in nine european countries, Asia and USA serving medium and large sized customers in a variety of industries. Goodex was founded in 1999 by a group of Sourcing leaders of General Electric and Bayer AG. GE is considered to be the pioneer in the field of E-Sourcing (having started up its own company market place TPN in 1995). The founders of Goodex developed software-functionalities, which are tailor-made to the specific requirements of modern professional sourcing. Since going live in March 2000 Goodex has processed an impressive transaction volume of EUR 1.5 billion. With an average volume of more than EUR 2.4 million per auction Goodex realizes an average price reduction of 19%. More than 2000 companies are registered on their platform. Among them there are numerous blue chip companies and large international groups. Website: www.goodex.com

About indiamarkets
indiamarkets (promoted by IMO Communications Pvt Ltd) is a leading business-to-business ecommerce enabler. indiamarkets' unique mix of strengths includes an online marketplace (75,000 companies), offline infrastructure (42 eBusiness Centres), on-ground presence (over 200 personnel at eBusiness Centres across the country), and domain expertise spanning diverse industrial segments and adoption of appropriate technologies. Its successfully deployed e-commerce solutions enable companies to derive greater purchase efficiencies through digitisation of procurement workflow. indiamarkets provides a range of end-to-end Business-to-Business solutions, including purchase and distribution automation tools such as eBuy and eSell. The site also features Business Catalogues, showcasing the products and capabilities of indiamarkets' Preferred Customers, as well as a range of free services for the business community, including supplier listings, buyers' postings and auctions for surplus inventory, used machinery and industrial assets. indiamarkets' nationwide network of eBusiness Centres lends the critical physical dimension required to provide on-ground fulfillment to online commerce.
Our Partners
indiamarkets enjoys investment support from two of the world's most reputed investment institutions, E.M. Warburg, Pincus & Co. LLC, and Intel Capital, as well as from IDBI, India's premier Financial Institution. Our alliances with technology leaders such as Intel, Ariba and BPL enable us to remain at the forefront of technology, and provide best-of-breed e-commerce solutions. indiamarkets was launched in December 1999. The indiamarkets team has extensive experience in an array of industries varying from insights into the information needs of the manufacturing and trading community. Website: www.indiamarkets.com

CONTACTS:
Mr. Dirk Van De Putte - COO, Goodex AG, at dirk.vandeputte@goodex.com                     Mr Rohan Ajila - CEO, indiamarkets, at rohan@indiamarkets.com
       
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