|Staples.com Announces Strategic Investment in BizBuyer.com|
FRAMINGHAM, Mass. --(BUSINESS WIRE)--Feb. 8, 2000-- ...Agreement Puts the Power of Competitive Purchasing in the Hands of Millions of Staples.com Customers...
Staples.com today announced it has made a 10 percent investment in BizBuyer.com and formed a strategic alliance with the company to deliver the power of BizBuyer.com's quote request service to millions of Staples.com business customers. The companies will create an e-marketplace on Staples.com where customers can quickly and easily buy and sell business products and services using BizBuyer's buyer-driven quote request service.
"This investment is a critical building block in establishing Staples.com as the small business destination on the Web," said Jeanne Lewis, president of Staples.com. "BizBuyer.com was the clear partner of choice. The company's quote request service will significantly expand our service offerings and will create a virtual marketplace where our own customers can sell their products and services. By linking buyers with sellers on our site, we'll help businesses slash the cost and hassle of running their offices."
Through BizBuyer.com, buyers and sellers are brought together through an online, business-to-business marketplace that allows small-to-medium-sized businesses to put their product and service needs out for competitive bid to thousands of qualified vendors. Businesses can save valuable time and money in the purchasing process by reviewing buying guides, comparing customized quotes and viewing vendor profiles and ratings from other buyers before making an informed purchasing decision. Currently, BizBuyer.com has more than 20,000 vendors registered to bid throughout 57 product and service categories that range from computer services and equipment, Internet services and insurance to financial and legal services, travel and transportation, and sales, marketing and creative services.
"We are delighted that Staples.com has chosen BizBuyer.com as its official partner in its quest to be the ultimate destination for small business," said Bernard Louvat, chairman, founder and chief executive officer of BizBuyer.com. "Our partnership with Staples.com clearly demonstrates that we have emerged as the category leader in our space and we will continue to build upon our leadership as the most complete RFQ purchasing solution for small- and mid-sized businesses. This strategic partnership and investment from Staples.com will play a key role in driving traffic and increased revenues to the BizBuyer.com site."
As part of the agreement, Staples.com will be the exclusive office supplies provider on BizBuyer.com and Jeanne Lewis, president of Staples.com, will serve on BizBuyer.com's board of directors.
"We're excited to complete this strategic alliance with BizBuyer.com," said Joe Vassalluzzo, vice chairman of Staples Inc. "Relationships like this one will be an important part of Staples.com's business strategy."
Headquartered in Santa Monica, Calif., with offices in Silicon Valley, BizBuyer.com is the leading business-to-business marketplace where buyers and sellers connect to buy and sell business products and services. The site offers small to mid-sized business an online marketplace from which to purchase products and services through competitive quotes from thousands of qualified vendors. The BizBuyer.com community currently offers more than 20,000 vendors registered to quote on 57 product and service categories from 16 vertical markets. These include: computer services, and equipment, telecommunication services, Internet services, business consulting, IT consulting, travel and transportation, insurance, financial services, HR and personnel services, office services, legal services, office equipment and supplies, real estate services, sales, marketing and creative services and international services. BizBuyer.com's private investors include CMGI's @Ventures, Times Mirror Chandler Trust Ventures, Redpoint Ventures, eCompanies Venture Group, Morgan Stanley Dean Witter Ventures, US Venture Partners and a host of angel investors that includes eBay's Meg Whitman.
Staples.com is Staples Inc.'s (NASDAQ:SPLS) e-commerce business that sells office supplies and services to the business customer via the Internet. In November 1999, Staples shareholders approved the company's plans to create a separate stock, Staples.com Stock, to reflect the performance of its e-commerce businesses. Staples.com Stock includes the operations of all three of the company's e-commerce sites: www.staples.com, www.quillcorp.com and www.stapleslink.com. More information about the company is available at http://www.staples.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Staples, Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report and SEC filings.
CONTACT: Staples Inc. BizBuyer.com Shannon Lapierre Nick Edgar Public Relations Manager Public Relations Manager 508-253-8468 310-883-6414 firstname.lastname@example.org email@example.com or Staples Inc. Bonnie Monahan Vice President of Investor Relations 508-253-7963 firstname.lastname@example.org