Both had worked for General Electric Co.'s procurement software division, GE Global Exchange Services in Gaithersburg, for more than 15 years. We were looking for something a little more entrepreneurial than corporate America. The software B2eMarkets has developed gathers information for a company's direct materials purchasing system. The software keeps track of product specifications, quantities and other aspects of a potential order and collects feedback from people around the company on the purchasing process. The software can then be used to solicit bids from suppliers and to help purchasers negotiate the best price among competing offers.
Customers pay for the software on a subscription basis.
Interest in B2eMarkets software has grown during the economic slowdown as companies have sought ways to make their operations more efficient. This is B2eMarkets' second round of institutional funding. Her firm has been interested in procurement software companies for some time and settled on B2eMarkets on the strength of its business model, partner relationships and strong management. As for the company's crowded field of competitors, such as Waugh and Orville's former employer GE, and supply chain management companies WebMethods Inc. and Manugistics Group Inc., Rosenberg thinks none of them provide the same services as B2eMarkets. The only direct competitors that Rosenberg sees are other small companies addressing areas overlooked by larger competitors, although many of them don't have enough backing to survive.