December 22, 2000, 2:52 PM — Oracle Corp. executives today announced plans for an initiative called Oracle Exchange, which the company said will help create an open, business-to-business online marketplace.
The initiative aims to create an online buying and selling community where any company can buy business goods and services using any purchasing technique. It will allow suppliers to make their products available to new customers and let buyers browse supplier content in a single marketplace environment, officials said in a statement.
Oracle Exchange will be available to any company and doesn't require them to use any Oracle software, according to the company. It will support purchasing models such as spot buying, which allows companies to purchase quickly from a company it has no relationship with, as well as buyer auctions, Oracle said. The system will also support the traditional catalog buying model.
So far, about 260 companies have signed on to sell products or services through the online marketplace, Oracle said. Enterprise resource planning rivals SAP AG and PeopleSoft Inc. have also announced plans for such marketplaces.