Bechtel Embraces MaterialNet E-Sourcing System

Leading Engineering and Construction Firm Implements MaterialNet's Custom Procurement Management System (CPMS) Worldwide

LAKE SUCCESS, N.Y., Nov. 27 /PRNewswire/ -- MaterialNet, a leading provider of e-sourcing solutions for direct and indirect materials, goods and services, today announced that Bechtel Corporation has licensed its Custom Procurement Management System (CPMS) utilizing the Custom Auction Tool Kit(SM) module, for its worldwide sourcing requirements. MaterialNet focuses exclusively on developing and providing e-sourcing tools, which allow buyers to conduct their procurement events without requiring the involvement of third party sourcing consultants.

"As a global engineering and construction company, we have highly complex sourcing requirements and needed an e-sourcing solution that could help us streamline and simplify the process," said Jack Futcher, Bechtel Senior Vice President and Manager of Procurement. "After a thorough examination of our options, we found that MaterialNet has what we were looking for. With the unique, wizard-driven software MaterialNet has created, our people were excited to get their hands on it."

After completing a successful pilot program last June, Bechtel began using MaterialNet's CPMS for a wide range of materials, services, and equipment purchases in connection with its contracted construction and engineering work. Bechtel already has implemented MaterialNet's CPMS in the United States, the United Kingdom and India. Bechtel's license gives the company access to CPMS for an unlimited number of users and for an unlimited number of events. MaterialNet's license structure eliminates the burden of paying per user or per event, so there is no economic disincentive for widespread adoption of CPMS to handle any and all of its sourcing needs.

"We are pleased that Bechtel is benefiting from MaterialNet's software," said Joe Pecoraro, Chief Operating Officer of MaterialNet. "When it comes to sourcing, our mantra is that it is better to teach companies how to fish, than to catch the fish for them. We provide our customers the tools to run their sourcing entirely in-house, from the qualification of suppliers using eRFI, to creating, disseminating and managing online bidding events using CATK to automating the bid selection and award notification process using the order management module. Our comprehensive set of tools are striking a resonance with leading companies around the world."

Bechtel maintains a minority warrant interest in MaterialNet.

About MaterialNet

MaterialNet develops cutting-edge technology to deliver strategic e-sourcing solutions to the world's largest organizations and government agencies. The firm's software provides procurement professionals with intuitive, easy-to-use tools that remove inefficiencies from the traditional procurement cycle and lower cost. A Web-based ASP service, MaterialNet's software delivers immediate and significant ROI by generating material cost savings of 5-30 percent in the procurement of direct and indirect materials, goods and services. MaterialNet enables organizations to operate more productively by placing control over all facets of the procurement process at their fingertips, optimizing the way buyers qualify, negotiate, evaluate and manage their supply chain. MaterialNet is headquartered in Lake Success, NY, with a regional presence in Atlanta.

About Bechtel

Bechtel Corporation is one of the world's premier engineering, construction, and project management companies. Bechtel had revenue in 2000 of $14.3 billion. Headquartered in San Francisco, Bechtel has some 50,000 employees and more than 50 offices worldwide. Bechtel is engaged in 1,100 projects in 66 countries, and has customers in industries ranging from airports, telecommunications, and power plants to mining and metals, petroleum and chemical, and water.

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