Bank of Montreal Online Marketplace Open for Business
FOR IMMEDIATE RELEASE
TORONTO, December 6, 2001 - Bank of Montreal`s small business and mid-sized
enterprise customers can now save money on their purchases with the new Bank
of Montreal Online Marketplace.
Bank of Montreal is providing its business customers with an
easy-to-navigate electronic service to meet their procurement, information,
administrative, reporting and processing needs. eScout, an e-business
services provider, is the first offering in the Marketplace with its online
purchasing system, accessible through www.bmo.com/escout. As the Marketplace
evolves, additional products, such as auction, tendering, and
region-specific services will be added.
The eScout service provides a convenient way for businesses to save time and
money by making purchases online. The service offers competitively priced
items - such as computer equipment and office supplies - from suppliers such
as Compaq Canada Corp., Gateway, Corporate Express Canada, NexInnovations,
ASAP Software and Reaction Promotions. Other suppliers will be added on an
ongoing basis.
"Small businesses in particular are feeling the brunt of these tough
economic times. The Bank of Montreal Online Marketplace will help ease the
impact by offering products and services that will enable our customers to
cut costs, while reaping the benefits of doing business online," said Marnie
Kinsley, Executive Vice-President, E-Business, Bank of Montreal. "No matter
how big or small, customers can benefit from having access to a wide range
of products and resources via a single web site in addition to a variety of
discounts and promotions that will be offered on an ongoing basis."
To encourage Canadian businesses to try the Bank of Montreal Online
Marketplace, the eScout service will be offered free until October 31, 2002.
After that date, a yearly membership fee of $49.95 plus tax will enable full
access to this eScout service for up to three users per company. As an
additional incentive to try out the service now, customers that spend
$100.00 or more on their first purchase will receive a $25.00 rebate. The
promotion will run until April 30, 2002.
Today`s announcement follows two programs the bank recently launched for its
small business customers, including a quarter percent interest credit on
prime rate based operating loans and lines of credit and a rate sale at
prime on small business loans and lines of credit.
"We are pleased to have such a strong supporter of small and mid-size
businesses partner with eScout to deliver efficiencies of time and money to
companies on both sides of the U.S.-Canadian border," said Sandy Kemper,
founder and CEO of eScout. "The next step will be to bring new
opportunities for U.S. and Canadian member companies to buy and sell goods
and services with each other."
Through an exclusive alliance with eScout, Bank of Montreal customers have
access to one of the fastest-growing and most successful
business-to-business (B2B) marketplaces in North America. Chicago-based
Harris Bank, a member of the Bank of Montreal Group of Companies, is one of
the eight initial members of eScout.
"Based on our experience of offering eScout`s services to our small business
customers in the U.S., we know our customers in Canada will find these new
services valuable as well. In fact, in the U.S., we are consistently
experiencing more than 40 percent growth month over month in Harris Bank`s
eScout membership and more than a 50 percent increase in purchasing
activity," said Kinsley.
In addition to a multi-year licensing fee, Bank of Montreal has committed to
invest CDN$10.8 million in eScout. Charles N. Piermarini, Senior Vice
President of Venture Creation for Bank of Montreal, has joined eScout`s
Board of Directors.
About Bank of Montreal
Bank of Montreal (TSE, NYSE: BMO), Canada`s first bank, is a highly
diversified financial services institution. The bank operates more than 30
lines of business within its group of companies, including BMO Nesbitt
Burns, one of Canada`s largest full-service investment firms and
Chicago-based Harris Bank, a major U.S. mid-west financial services
provider. Bank of Montreal is the fifth largest small business lender in
North America and the second largest in Canada, providing financial services
to almost half a million clients.
About eScoutSM
eScoutSM is a leading e-business services provider offering an array of
hosted
e-commerce, purchasing, billing and payment solutions. eScout provides
increased operational efficiencies, reduced costs and managed business
processes for its clients. eScout powers more than 100 distinct
marketplaces and has created an international network of 1,300 banks to help
distribute its products and services. eScout`s investors include: Mayfield
Fund; Oak Hill Venture Partners, L.P.; Citizens Financial Group, Inc.;
Harris Bank (NYSE:BMO); Golden State Bancorp Inc. (NYSE:GSB); Bank of
Montreal (TSE, NYSE: BMO) and Commerce One (Nasdaq:CMRC). eScout is
headquartered at 850 NW Chipman Road, Lee`s Summit, MO 64063. Visit
http://www.escout.com or call 1-888-SCOUT4U for more information.
Notice to Editors: To receive a backgrounder on the eScout suppliers
mentioned in this release, please call the contacts below.
-30-
Contact:
Bank of Montreal:
JoAnne Hayes, Toronto
(416) 867-3996
www.bmo.com
eScout:
Lori Hardy, Kansas City,
(816) 448-4405
www.escout.com
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