Norwood, MA May 7, 2001 Transact Systems, a Florida based software provider and Web-enabling firm focusing on the Hispanic market, will use elcom's PECOS Internet Procurement Manager (PECOS.ipm) to create a private marketplace for Brazilian businesses, according to an announcement from elcom today.
Under a recently signed agreement between the two companies, Transact initially will use PECOS.ipm to facilitate the automation of indirect-materials purchasing for small- to medium-sized companies involved in the manufacturing, tourism and beverage industries.
Claudio Mendoza, president and CEO of Transact Systems, said his company selected elcom because of the e-marketplace provider's remote hosting capabilities, presence in the Latin American region and ability to handle multi-language translation capabilities.
Analysts have predicted a booming B2B market for Latin America. A study released last October by consulting firm The Yankee Group predicted that Latin American companies would conduct $10.9 billion in B2B transactions online this year. That figure was set to rise to $63.8 billion by 2005, with Brazil to account for 51 percent of that total.
The Boston Consulting Group and Visa International, in a report also released last October, estimated the consumer e-commerce market in Latin America would hit $580 million in 2000, while Forrester Research has predicted that B2B transactions in the region will increase to $82 billion by 2004.
Discussing his company's win, Robert Crowell, chairman and CEO of elcom, pointed to the flexibility of the company's platform to support private marketplaces with a diversity of business trade activities across multiple languages.
Transact Systems, which is based in Florida, was founded in 1996 to provide software to businesses requiring the routing and processing of transactions to interface to other businesses and external networks. In this capacity, the company has designed and developed electronic funds transfer (EFT) networks and wire transfer systems domestically and in Latin America.
The company evolved through the interfacing process to help clients with other areas of needs, specifically the Internet. The company launched an initiative called e-Transact, which is now its flagship service and enables businesses that target the Hispanic market.
elcom is a subsidiary of Elcom International.