ADB, GE Division Partner on EAM

Form new company to offer Web-based enterprise asset management solution

Form new company to offer Web-based enterprise asset management solution

Danbury, CT  September 26, 2003  ADB Systems USA and GE Commercial Equipment Financing this week came together to form GE Asset Manager, a joint business venture that will develop and market asset management technology to customers across a range of industries.

The two companies said that sales and marketing initiatives would begin immediately, with the product targeted for availability in first quarter of 2004.

The mission of the new company, which will be equally owned by the two parents, will be to offer solutions to help midsize and large organizations reduce operating costs by simplifying and consolidating their asset management programs. GE Asset Manager is due to feature all-in-one capabilities designed for sourcing of new equipment, tracking and reallocation of existing assets, automated appraisal management and disposition of surplus equipment.

"GE Asset Manager will deliver its offerings chiefly through a Web-hosted business service model, reducing computer maintenance and software costs of customers," the new solution provider's launch announcement said.

In announcing the new company, the parent firms said that GE Asset Manager will work with organizations with extensive capital assets and equipment active in the manufacturing, transportation, communication and energy sectors.

Jeff Lymburner, CEO of ADB Systems, said, "As part of our market research efforts, we have met with a number of leading manufacturing companies to determine the viability of our offerings, and we are confident that our solutions will address the need for more effective use of capital equipment that is common among many organizations."

The joint venture will be managed by senior executives of both firms. ADB Systems USA is a unit of ADB Systems International, and GE Commercial Equipment Financing is a unit of GE Commercial Finance.