FreeMarkets Announces Agreement with Best Buy
Leading consumer electronics retailer to leverage FreeMarkets® FullSource™ as part of overall Internet strategy following completion of successful pilot
PITTSBURGH, PA – February 27, 2002 – FreeMarkets, Inc. (NASDAQ: FMKT), the leading global provider of e-sourcing software and service solutions, today announced that it has signed a long-term agreement with Best Buy Co., Inc. (NYSE: BBY), North America`s number one specialty retailer of consumer electronics, personal computers, entertainment software and appliances. Under the terms of the agreement, Best Buy will leverage FreeMarkets’ FullSource solution to source a variety of goods and services for its operations. The agreement follows the completion of a successful pilot, which FreeMarkets and Best Buy began in June 2001.
"Best Buy is aggressively adopting and implementing technologies that will allow us to extend our leadership in the retail market to the Internet," said Jeff Johnson, Director, B2B/VPM, Best Buy. "In line with this mission, we are leveraging FreeMarkets’ FullSource solution. FullSource provides us with the e-sourcing technology, information and services we need to create effective online markets that generate savings on the goods and services we buy and enhance the efficiency of our sourcing process.”
A comprehensive e-sourcing solution designed by sourcing professionals for sourcing professionals, FreeMarkets’ FullSource combines expert e-sourcing services in hundreds of spend categories; industry-specific program management; around the clock global market operations services; information and knowledge about specific commodities and supply market dynamics; and the most advanced e-sourcing technology available today.
To date, Best Buy has leveraged FullSource to create online markets for a wide range of goods and services, and identify potential savings of over 16 percent. Among the items Best Buy has sourced through FreeMarkets: merchandising, engineering and construction, packaging and IT equipment.
“Best Buy is a clear leader among retailers in the use of innovative e-sourcing solutions, and we are very pleased that they have chosen to leverage our FullSource solution as part of their overall e-commerce strategy,” said Jaime A. Smith, director and general manager of the Consumer Goods and Services Sector at FreeMarkets. “We look forward to continuing to provide Best Buy with the e-sourcing technology, information and services they need to generate ongoing savings and efficiencies for their operations and achieve their strategic business goals.”
About Best Buy Co., Inc.
Minneapolis-based Best Buy Co., Inc. (NYSE:BBY) is North America`s number one specialty retailer of consumer electronics, personal computers, entertainment software and appliances. The Company operates retail stores and commercial Web sites under the names: Best Buy (BestBuy.com), Future Shop (FutureShop.ca); Magnolia Hi-Fi (MagnoliaHiFi.com), Media Play (MediaPlay.com), On Cue (OnCue.com), Sam Goody (SamGoody.com), and Suncoast (Suncoast.com). The Company reaches consumers through more than 1,800 retail stores in the U.S., Canada, Puerto Rico and the U.S. Virgin Islands.
About FreeMarkets
FreeMarkets is the leading global provider of e-sourcing software and service solutions, and operates the world’s largest sourcing market. Through its unique combination of industry-leading, web-based software, in-depth supply market information, market operations and expert sourcing services, FreeMarkets has helped customers around the world source more than $30 billion in goods and services in more than 195 different supply verticals and identify savings of more than $6.4 billion. FreeMarkets can be found on the Web at www.freemarkets.com. FreeMarkets® and BidWare® are registered trademarks of FreeMarkets, Inc., and FullSource™ and QuickSource™ are pending trademarks of FreeMarkets, Inc.
Forward-Looking Statements
Statements in this press release that are not historical facts, including those statements that refer to FreeMarkets` plans, prospects, expectations, financial projections, strategies, intentions, and beliefs, are forward-looking statements. These forward-looking statements are based on information available to FreeMarkets today, and FreeMarkets assumes no obligation to update these statements as circumstances change. There are risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including, without limitation, market acceptance of FreeMarkets` products and services, the competitive nature of the market for e-commerce products and services, FreeMarkets’ ability to predict its revenues and earnings, FreeMarkets’ ability to develop competitive new products and services on a timely basis, introduction of new products and services by competitors, declining or uncertain economic and industry conditions, FreeMarkets’ ability to attract and retain personnel and other risk factors that are described in more detail in FreeMarkets` most recent Annual Report on Form 10-K/A, and its other filings with the Securities and Exchange Commission.
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