New York November 13, 2001 e-STEEL unveiled a new moniker today as the company moved to distance itself from its e-marketplace past and recast itself as a software provider.
The erstwhile online steel exchange said in a statement that its new name, NewView Technologies, more accurately reflects the company's expanded product offerings and strategic direction, which focuses on providing software for steel e-purchasing.
"The new name marks an important turning point for the firm," the statement said, noting that the company had recently completed migrating its technology platform and business plan to a licensed software model.
"Changing our corporate name to NewView Technologies recognizes the completion of our evolution from B2B steel industry e-commerce pioneer to interenterprise business process software innovator," said Michael Levin, NewView Technologies chairman and CEO.
Metals e-marketplaces burst onto the Web in 1998 and 1999, promising to bring lower prices and reduced process costs to metals buyers. But as with other e-marketplaces, the metals markets stumbled when suppliers balked at becoming commoditized and buyers hesitated to move relationships with trusted partners online.
In the face of a down market for e-marketplaces, three-year-old e-STEEL following in the footsteps of other former online exchanges, such as MaterialNet, Ventro and VerticalNet began its metamorphosis into a software provider earlier this year. In July, auto industry marketplace Covisint announced that it would channel its buying clients' steel purchases through a platform designed by e-STEEL called SupplyNetwork.
In addition to its SupplyNetwork product offering, NewView Technologies says it will continue to operate the e-STEEL Exchange.
Founded in 1998 as e-STEEL Corp., the privately held company raised more than $100 million from such investors as Goldman Sachs & Co., Kleiner Perkins Caulfield & Byers, Greylock and Bessemer Venture Partners.