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12/8/00: The Dallas Angels Invests in Sorcity.comB2B Reverse Auction Site Nears End of Private Funding Effort, Positions Itself for VC Funding
DALLAS -- December 8, 2000... Sorcity.com today announced an investment by The Dallas Angels, a Dallas-based association of private investors offering startup funding and business expertise. This investment, the size of which was not disclosed, will allow Sorcity.com to make ongoing systems enhancements and continue to attract larger volume transactions to its fully functional B2B reverse auction Web site.
"We are focused on building a strong, profitable business," said Wes Guillemaud, founder and CEO of Sorcity.com. "These days savvy investors turn away from dot-coms unless they're working with a solid base of repeat customers, keeping operating costs down, making money and showing significant growth potential. That's our focus."
According to Forrester Research, B2B e-procurement is one of the largest e-commerce markets projected at $1.3 trillion by 2002. Among B2B reverse auctions, Sorcity's business model is unique in that it allows both the purchaser and seller to tap into a highly developed procurement platform without either making large investments in the latest technology or software updates. Over the last 18 months, Sorcity's self-service model has saved customers up to 60 percent on their B2B purchases.
"We're attracted to Sorcity for many reasons," said one private Dallas Angel investor. "For one, Sorcity is a fully operational company with a strong management team offering a service far more sophisticated than other B2B e-procurement models. It also has a history of successful reverse auctions for numerous purchases in all kinds of industries, so we believe Sorcity's market potential is substantial."
Sorcity's self-service model continues to attract well-known companies like Owens Corning, Hewlett Packard, Pier One Imports and most recently Boeing. Of most recent success, one manufacturing company recently saved 15 percent on direct material cost on a core product, while another saved almost 20 percent across 10 reverse auctions held last month for a multi-million dollar construction project.
Recognized in NAPM Technology Guide and Purchasing magazine as a leading e-procurement site, Sorcity.com is an all-inclusive reverse-auction service for the business-to-business market. Sorcity.com's overall mission is to reduce the time and cost between the buyer and seller within all business segments and all industries.