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The pioneer of online e-procurement reverse auctions in the United States, FreeMarkets, was founded in 1995 by former McKinsey & Company consultant and General Electric executive Glen Meakem after he failed to find internal backing for the idea of a reverse auction division at General Electric. Meakem hired McKinsey colleague Sam Kinney, who ...
Meakem worked for General Electric, but left in 1995 to start his own company, FreeMarkets Inc., a software company that offers services to the Global Supply Management market. [5] He sold the company for $500 million. [2] Between 2005 and 2012, Meakem founded and led an early-stage venture capital firm called Meakem Becker Venture Capital (MBVC).
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Postings were included online in the 1980s and online auctions started in 1999. A year later, in April 2000, FreeMarkets Inc., a business-to-business online marketplace, announced that it completed the acquisition of iMark.com Inc. including assets of Surplus Record Inc., as well as SR Auction Inc. The acquisitions were integrated with ...
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