PANTELLOS AND WORLDCREST ANNOUNCE STRATEGIC
PARTNERSHIP
Partnership Brings WorldCrest Suppliers and
Content To Pantellos Marketplace
THE WOODLANDS and ATLANTA (January
16, 2001) - Pantellos, the independent
online marketplace for the utility and energy
services industries, and WorldCrest, a leading
provider of procurement solutions for indirect
goods and services, today announced a strategic
partnership that will expand and strengthen
the offerings of both companies. The WorldCrest/
Pantellos partnership gives each company access
to complementary new areas, enhancing the Pantellos
marketplace while expanding WorldCrest's customer
base.
"Our companies have an aligned vision
of how to create value," said Tom Walker,
WorldCrest chief operating officer. "Our
relationship with Pantellos allows us to significantly
expand our presence in the utility market."
For WorldCrest, the deal brings access to Pantellos'
deep utility industry knowledge, domain expertise,
and industry-focused solutions and marks the
first partnership with a vertical marketplace.
WorldCrest complements Pantellos' approach to
contract solutions by providing strategically
sourced contracts and content management specifically
for indirect goods and services such as business
supplies, office furniture and equipment, bulk
gases and chemicals and MRO.
"This partnership benefits Pantellos members
by accelerating the availability of content
in the Pantellos Marketplace through WorldCrest's
extensive supplier base," said Graham Collins,
chief executive officer of Pantellos. "WorldCrest
brings more than 50 established suppliers to
the trading community. Their comprehensive managed
catalogs will enhance speed-to-market with new
and existing suppliers over an extended array
of materials and services."
"We chose to partner with WorldCrest due
to the strong synergies between our business
models and their ability to help us deliver
value to our members," said Mike Zirkle,
Pantellos vice president of commercial services.
"We are currently incorporating WorldCrest
content into the Pantellos Marketplace. This
content will be available to our members in
March, 2001."
Pantellos Overview
Pantellos is an independent online marketplace
for the utility and energy services industries
that brings buyers and suppliers together to
improve the way they do business. Founded by
21 of the leading utility and energy companies
in North America, Pantellos offers all members
access to deep industry and supply chain expertise,
a broad suite of supply chain solutions and
leading-edge technologies. The founding investors
of Pantellos include: American Electric Power,
Cinergy, Consolidated Edison, Inc., Dominion
Resources, DTE Energy, Duke Energy, Edison International,
El Paso Energy, Entergy, Excelon (formerly Unicom),
FirstEnergy Corp., FPL Group, GPU, Ontario Power
Generation, PG&E Corp., Progress Energy
(formerly Carolina Power and Light), Public
Service Enterprise Group, Reliant Energy, Sempra
Energy, Southern Company, and TXU. Pantellos
is based in The Woodlands, Texas. For more information
visit www.pantellos.com.
WorldCrest Overview
Headquartered in Atlanta, Ga., WorldCrest is
a leading provider of procurement solutions
that help member companies reduce total costs
for indirect goods and services. Through WorldCrest's
innovative business model, members benefit from
strategic sourcing expertise, catalog management
services and cost effective e-commerce connectivity
powered by Oracle OEX technology. WorldCrest
also has developed a network of global suppliers
that benefit from immediate access to the company's
entire member base. WorldCrest is funded by
Kohlberg Kravis Roberts & Co. For more information
on WorldCrest and its products and services
please visit www.worldcrest.com.
CONTACTS:
Deb Andraca, (713) 513-9517
Kevin Wiley / Capital Strategies for WorldCrest
/ (919) 882-1965 /
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