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Enron Mail |
CheMatch.com continues auction growth
Dec 04, 2000 10:12 AM ET HOUSTON, Dec. 4 (LocalBusiness.com) -- CheMatch.com said more than 95,000 metric tons of chemicals were traded in November through its private auction system -- a volume equal to more than half of the total trades since the auction's inception last summer. In a written statement, Ed Moody, CheMatch.com's vice president of auctions said the private auction system uses real-time pricing feedback and can be tailored to the needs of each user. Since CheMatch.com started the private auctions, about 50 companies have traded more than 175,000 metric tons of products including chemicals, polymers and fuel products. The average value of completed transactions is about $800,000. In addition to auctions, CheMatch.com also operates a commodity chemicals, polymers and fuel products exchange on which more than 1 million metric tons of product has been transacted. CheMatch has recently completed a restructuring that included layoffs, and early last month it withdrew a planned initial public offering. Clay Jeansonne, CheMatch.com spokesman, told LocalBusiness.com last week the company currently has 85 employees down from 93 and that CheMatch expects to bring in new funding from venture capital and technology companies by the end of the year. Privately held CheMatch.com is an Internet-based marketplace for the buyers and sellers of bulk commodity chemicals, plastics and fuel products. Its investors currently include Battery Ventures, Bayer AG (NYSE: BAYZY), Computer Sciences Corp. (NYSE: CSC), DuPont (NYSE: DD), GE (NYSE: GE) and Millennium Chemicals (NYSE: MCH). ________________________________________________________- o Online Marketing Firm iChoose Shuts Down DALLAS -- iChoose, a developer of e-commerce marketing systems, said it has shut down due to lack of funding. In the past couple of months, the company has struggled to stay alive by seeking out additional funding, and even signed a letter of intent to be acquired. That acquisition fell through and the company said it had no other choice than to close. iChoose was unable to disclose the would-be-acquirer due to legal restrictions. On its Web site, the company posted a message with uninstall instructions for its software and a final farewell to its customers. iChoose was backed by Sevin Rosen. http://www.ichoose.com/ _____________________________________________ o Web Security Firm @Stake Gets $26 Million in Second Round CAMBRIDGE, Mass. -- @stake, a provider of Internet security services, said it raised $26 million in its second round of funding. Investors included Madison Dearborn Partners and previous investor Battery Ventures. Individual investors in the round included Bruce Claflin, president and COO of 3Com; Paul Sagan, president of Akamai Technologies; William Cadogan, chairman, president, and CEO of ADC Telecom; Bob Palmer, former chairman, president and CEO of Digital Equipment; Eckard Pfieffer, chairman of Intershop and former CEO of Compaq Computer; Morgan O'Brien, co-founder of Nextel Communications; and Robert J. Davis, CEO of Terra-Lycos. The company will use the funding toward research and new marketing programs. http://www.atstake.com/ _____________________________________________________ o Commerce Software Firm Momenta Gets $5 Million Round One AUSTIN, Texas -- Momenta, a software company providing collaborative commerce applications and services for electronic marketplaces, said it has raised $5 million in its first round of funding. Authosisa, a Hong Kong-based venture capital firm, led the round, which also included American Pacific Technology Group and several individual Asian and American investors. The company said it will use the funds for marketing and product development. http://www.momenta.com/ _____________________________________________
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