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LabMorgan LABMORGAN
J.P. Morgan & Co. Incorporated
15 Broad Street
New York, NY 10260-0023
labmorgan.com
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News release: Immediate April 6, 2000
TRANSACTPLUS, INC. LAUNCHED BY LABMORGAN
First Virtual Enterprise Network will be critical to the growth of
B2B e-commerce
LabMorgan, the e-finance unit of J.P. Morgan, today announced the
creation of TransactPlus, Inc. - an independent firm that provides a global
network for companies to plug into and gain instant access to universal business
to business integration services.
B2B's rapidly growing web of exchanges, application service providers,
partners, suppliers, and customers is creating an urgent need to connect systems
across company boundaries. Companies who have attempted to implement solutions
so far have been frustrated by the costs and complexity of creating and
operating a secure, global, and mission critical B2B infrastructure.
TransactPlus enables companies to dramatically lower the costs and risks
of their B2B integration efforts by plugging into the TransactPlus Virtual
Enterprise Network. With TransactPlus, companies identify, validate, and connect
with each other in a 24x7, secure, globally available environment, without
costly software or operational management expense. TransactPlus provides
reliable, integrated directory, security, and messaging services that any
company can easily plug into over the Internet. Additionally, the open
architecture allows the continuous enrichment of TransactPlus's services through
partner alliances.
"The reinvention of the 20th century vertically integrated business into
the 21st century virtual business requires the support of simple, secure, and
low-cost transactions between businesses," said Allan Lees, CEO of TransactPlus.
"The value of TransactPlus is that it addresses this universal business need in
an immediately accessible way. TransactPlus is the 'to' in B2B."
The TransactPlus Virtual Enterprise Network is based on technology
developed by J.P. Morgan, where it is used to manage $800 billion of
transactions every day across the Americas, Europe, and Asia.
LabMorgan is investing $3 million in TransactPlus and transferring key
networking technology to the new company. J.P. Morgan will be a customer of
TransactPlus and several J.P. Morgan employees have joined the new company.
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JPMORGAN Press contacts:
TransactPlus Michael Brill 415-902-7097
J.P. Morgan Ned McCormack 212-648-9526
Michael Golden 212-648-3784
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"TransactPlus is an example of J.P. Morgan finding innovative ways to
unleash its extensive technology expertise for the benefit of the market at
large," said Peter Miller, a LabMorgan practice leader and J.P. Morgan's former
CIO. "The complex, global trading problems we've solved using this technology
require essentially the same solution as the broader B2B market now demands.
What's exciting about TransactPlus is that we can now offer our solution in a
way that promises to accelerate commerce across the entire B2B market."
TransactPlus will be getting its first partners and customers operational
over the next 90 days.
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TRANSACTPLUS FOUNDING TEAM
TransactPlus has an experienced management team including Allan Lees, formerly
founding CEO of ObjectSwitch Corp., John Buie, formerly VP of Business
Intelligence Solutions at Oracle Corp., Michael Brill, formerly VP Marketing at
WhiteLight Systems, Inc., Kenner Stross, formerly lead architect at WhiteLight
Systems, and David Fiore, formerly CFO at Monterey Design Systems.
ABOUT TRANSACTPLUS
TransactPlus is based in San Francisco, CA. TransactPlus is building a global
Virtual Enterprise Network to facilitate B2B e-commerce. TransactPlus is
receiving initial funding and technology from LabMorgan. Visit its website at
www.transactplus.com.
ABOUT LABMORGAN
LabMorgan is the e-finance unit of J.P. Morgan. LabMorgan identifies,
implements, and invests in e-commerce ideas that shape the future of financial
services. Visit its website at www.labmorgan.com.
ABOUT J.P. MORGAN
J.P. Morgan is a leading global financial services firm that meets the critical
financial needs of business enterprises, governments, and individuals. The firm
advises on corporate strategy and structure, raises capital, makes markets in
financial instruments, and manages investment assets. It also commits its own
capital to promising enterprises and invests and trades to capture market
opportunities. Visit its website at www.jpmorgan.com.