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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).
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 FreeMarkets' existing asset business to form the FreeMarkets AssetExchange, a leading ...
In 1999, McCormick joined FreeMarkets, a global provider of software and services. Later that year, the company conducted an initial public offering . [ 20 ] McCormick was promoted to president of FreeMarkets in 2001 and was named chief executive officer in 2002.
He won a Bronze Star for his service in the first Gulf War and worked in Pittsburgh where he ran online auction house FreeMarkets Inc. at the dawn of the tech boom.
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Ariba (now SAP Ariba) was founded in 1996 [4] by Bobby Lent, Boris Putanec, Paul Touw, Rob Desantis, Ed Kinsey, Paul Hegarty, and Keith Krach [5] on the idea of using the Internet to enable companies to facilitate and improve the procurement process, which was paper-based, labor-intensive, and inefficient for large corporations.
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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 ...