Mountain View, CA August 6, 2001 HubStorm Corp. and Martquest Inc. today announced the completion of a merger of the two companies, forming Velosel Corp. The merger combines the sell-side software providers' technologies, customer bases, and alliances with Accenture, Ariba, Commerce One, and others. Velosel Corp. hopes to become a leader in e-channel management software, which combines traditional supplier enablement functionality with business process workflow automation and analytics for business intelligence.
Robert Dorin, Aberdeen Group's research director of e-business and enterprise applications, states that, While e-procurement has effectively automated corporate purchasing processes for many companies, suppliers have struggled to develop a sell-side strategy given the assortment of content management and supplier enablement software products and services that have appeared over the past year. By combining the offerings of Martquest and HubStorm, the new Velosel Corp. presents an end-to-end solution for suppliers seeking to gain control of their electronic sales channels.
Glenn Abood, HubStorm's president and CEO, has been named president and CEO of Velosel. Neeraj Gokhale, co-founder, president and CEO of Martquest, will join the Velosel Board and serve as executive vice president of the new company.
Our merger of HubStorm and Martquest is a perfect example of one plus one equals three', said Abood. The synergy creates a company with superior technology, strong go-to-market partners, more customers than anyone in our space, and solid financial backing.
We are excited about the merger and the opportunity it provides both us and our customers, said Neeraj Gokhale, executive vice president of Velosel. The merger enables us to not only leverage the complementary technologies of HubStorm and Martquest, but it also pools the companies' R&D [research and development] resources.
