We are in a hot spot of activity and we need to respond to that challenge. The company has, so far, created standards for a variety of documentation and contracts, creating boleroxml, allowing trading partners to verify anything from packing lists to contracts of carriage. Eventually we will redesign business processes altogether, where as now we are putting existing processes online. In an effort to ensure that its standards are accepted, bolero.net publishes them all, ensuring they are 'open'. This does create a more competitive environment, but Scott is convinced that it is a necessary if bolero.net is to achieve its goals.
Initiatives come from particular sectors, and therefore tend to be localised.
We have the advantage of cutting across sectors. The solutions that bolero hopes to deliver are in great demand from the nascent online b2b sector, but there is still a lot to prove. The speed at which companies adopt it varies hugely, said Scott. As part of the transaction, Tim Wright and Richard Lenane of Apax Partners will join the board of bolero.net. This is the biggest round of funding that any of the founding companies have ever been involved in.