Tradingpartners
TradingPartners is a reverse auction company that optimizes the procurement process by accelerating negotiations between buyers and suppliers. The reverse auction process is also known as an eAuction.
History
TradingPartners was founded in 2001 in London with a staff of three people, including the company's current CEO, Marc Halpin. The founding principle behind the company, and the core business still today is to wrap services around reverse auction software so that companies can realize cost savings without implementing software and managing the eAuction process themselves.
In 2004, The Guardian reported that TradingPartners was among several companies competing in the growing eAuction business.
In 2005, as reported by VNUnet.com, UK governmental departments began promoting the use of eAuctions in the public sector, citing TradingPartners as one servicer
According to Dow Jones VentureWire, TradingPartners received up to GBP4.6 million ($8.5 million) in equity and debt in its first round of venture financing in 2005 in order to support a global expansion plan. This allowed the company to open an overseas office in Chicago, and the Shanghai office opened in 2006. Also in 2006, TradingPartners ranked 65th among 100 organisations in The Sunday Times 2006 Best Small Companies List.
Investors
Kennet Partners is an investor in TradingPartners.
See also
- Purchasing
- Reverse auction