Freemarkets signs contract with TELCO for its solutions

MUMBAI: US based Freemarkets, global provider of e-sourcing software and

service solutions has a new long term contract with Tata Engineering and

Locomotive Company Ltd. (TELCO). Under the agreement TELCO will leverage

Freemarkets solutions. The agreement follows the successful completion of a

pilot program which Freemarkets and TELCO began in 2001.

The e-sourcing software and solutions, which TELCO will leverage from

Freemarkets includes its 'FullSource' offering and 'QuickSource' application.

With these products TELCO will be able to source various goods for its global

operations.

Freemarkets CEO Glen T Meakem said, "TELCO is a leader among Indian

companies in the use of innovative e-sourcing solutions and we look forward to

continuing to provide them with the software and service solutions they need to

meet their strategic sourcing and business objectives."

He also claimed that since 1995 the company has saved their customers more

than $4 billion.

"On average, our customers save 18 per cent on the goods and services

they source through us. This includes year- over-year savings on contracts with

the same or similar specifications," he added.

To date, TELCO has sourced a wide variety of automotive purchases through

Freemarkets, including development items in a country-lead initiative, which was

a part of pilot program, which the company has just completed.

Freemarkets is also planning to invest heavily in other IT initiatives in

India. Based at Gurgaon, Freemarkets has completed Rs 1000 crore of e- sourcing

volumes to date in India and has all major companies as its customers. The

company had generated revenue of $ 158.8 million worldwide in the last financial

year.