Texaco, Shell and Saudi Refining, Inc. Joint Venture Companies Team Up With VerticalNet to Pilot Training Intelligence Portal (TIP)
HOUSTON, and HORSHAM, Pa., Aug. 28 /PRNewswire/ -- VerticalNet, Inc. (Nasdaq: VERT), the Internet's leading portfolio of business-to-business trading communities, and Equiva Services LLC announced today that they will enter into pilot deployment of VerticalNet's Training Intelligence Portal (TIP) product.
In this pilot, Equiva Services, on behalf of its members and affiliates, Equilon Enterprises LLC, Motiva Enterprises LLC and Equiva Trading Company, will centralize most of its "soft" skills training through VerticalNet's eBusiness Training Services group. By deploying a customized Training Intelligence Portal to Equiva Services, VerticalNet will administer training registration and virtually all other training-related, back-office transactions, such as invoice management, utilization reporting, course evaluation and quality assurance.
Equiva Services, Equiva Trading, Motiva and Equilon personnel will be able to assess the availability of and register for training through a Web-based interface linking the companies to their training suppliers. This system is designed to lower the administrative burden placed on the Equiva Services human resources department and lower the per-unit cost of training employees. Plus, the system expects to increase each employee's ability to be more self- sufficient in managing his or her continuing education paths.
"This system will automate many of the administrative tasks associated with managing a training department, freeing human resources personnel to focus on the strategic aspects of building the core competencies employees need to succeed," said Walter Rogers, VerticalNet's eBusiness training services senior director and general manager.
"We are excited to work with the leading business-to-business training market maker on this initiative. VerticalNet has shown that they have the tools and skills to create and manage a training exchange for our organization," said Bill Fitzpatrick, Equiva Services' director of learning and organization effectiveness.
Headquartered in Houston, Motiva Enterprises LLC is the U.S. joint venture company formed in 1998 by Texaco Inc., Shell Oil Company and Saudi Refining, Inc., an affiliate of Saudi Aramco. Equilon Enterprises LLC is the U.S. joint venture company formed in 1998 by Texaco Inc. and Shell Oil Company. Equiva Trading and Equiva Services are owned by Motiva and Equilon. The four companies employ approximately 14,000 employees.
About VerticalNet's eBusiness Training Services
VerticalNet's eBusiness Training Services is the training division for VerticalNet, LLC. Available in each of VerticalNet's 57 online communities, VerticalNet's eBusiness Training Services offers training centers that provide industry-relevant courses, including: online training/distance learning courses; live, instructor-led training sessions; CBT software; and videos and publications.
Additionally, VerticalNet's eBusiness Training Services creates customer Training Intelligence Portals (TIP) for individual companies that maximize corporate training efficiency. A TIP is a special e-commerce hub that enables a company's employees to get necessary training from selected suppliers.
About VerticalNet, Inc.
VerticalNet, Inc. (www.verticalnet.com) owns and operates 57 industry- specific Web sites designed as online business-to-business communities, known as vertical trade communities. These vertical trade communities provide users with comprehensive sources of information, interaction and e-commerce. They are grouped into the following industry sectors: Communications, Energy, Environment/Utilities, Financial Service, Food/Packaging, Foodservice/Hospitality, Healthcare, High Tech, Industrial, Manufacturing/Discrete, Manufacturing/Process, Public Sector, Science and Services.
Additionally, VerticalNet provides auctions, catalogs, bookstores, career centers and other e-commerce capabilities horizontally across its communities with sites such as Industry Deals.com, LabX.com and Professional Store.com. VerticalNet's NECX(R) Exchange provides an exchange for the electronic components industry. Through Tradeum technology and strategic alliances, VerticalNet is focused on providing comprehensive end-to-end e-commerce solutions.
VerticalNet International leverages the Company's leadership position to create global Internet B2B marketplaces, offering products and services internationally and partnering with companies that have strong local presence and domain expertise. VerticalNet has launched international joint ventures: VerticalNet Europe, B.V. with British Telecommunications, plc and Internet Capital Group; and VerticalNet Japan with SOFTBANK E-COMMERCE CORP.
VerticalNet and NECX are registered trademarks and/or trademarks of Vert Tech LLC in the United States and/or other countries.
This announcement contains forward-looking statements that involve risks and uncertainties, as well as statements that are preceded by, followed by or include the words "believes," "plans," "intends", "will," "expects," "anticipates," or similar expressions. For such statements, VerticalNet claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. Factors that could cause actual results to differ from those contained in the forward- looking statements include those factors set forth in the VerticalNet's Annual Report on Form 10-K for the year ended December 31, 1999 and its quarterly report on Form 10-Q for the quarter ended June 30, 2000, both of which have been filed with the SEC. VerticalNet undertakes no responsibility to publicly update the forward-looking statements contained in this press release.
SOURCE VerticalNet, Inc.
/CONTACT: Jessica Cassady of VerticalNet, 215-315-3712, or
jcassady@verticalnet.com/
/Web site: verticalnet.com /
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