Intuit and Metiom Launch QuickBooks Shopping Source
MOUNTAIN VIEW, Calif., and New York - September 11, 2000 - Intuit Inc. (NASDAQ:INTU) announced today that its new QuickBooks® Shopping Source, the Internet-based shopping service powered by Metiom, is now available to QuickBooks 2000 users. The QuickBooks Shopping Source provides the ability to link leading suppliers and hundreds of thousands of small businesses in an Internet marketplace specifically developed with the needs of small businesses in mind. It enables these companies to benefit from the volume discounts -- up to 40 percent off of supplier direct pricing -- previously available only to large corporations. The QuickBooks Shopping Source is an ideal way for suppliers to effectively reach small businesses and for businesses to benefit from corporate-level, negotiated discounts. The initial 19 participating suppliers benefit from an open platform that makes it easy to access a previously untapped customer base with significant buying power. QuickBooks users, in aggregate, spend a total of $500 billion per year on business goods and services, and 62 percent of them already make business purchases via the Internet1. In addition, 70 percent of QuickBooks' nearly three million users are the owner or decision-maker in the business. Small business e-commerce is big and getting bigger. Online purchases by the nation's 25 million small businesses are forecast to hit $118 billion by next year. In response to the launch, Lisa Williams, program manager of eCommerce at The Yankee Group said, " Metiom and Intuit have taken a large step forward in bringing the small to medium business universe into the potential of wide-reaching e-Marketplaces." An Effective Way to Reach Small Businesses Suppliers maintain the ability to manage the look, feel, branding and content of their own online catalog within the QuickBooks Shopping Source. The service's open platform allows suppliers to easily convert existing catalogs into the service without added development. In addition, the service provides links to suppliers' existing Web catalogs, so that their infrastructure and image can be leveraged. The new QuickBooks Shopping Source will help level the e-commerce playing field for small businesses by lowering the barriers to e-commerce. It enables them to buy with big company clout from leading vendors such as Office Depot, Gateway, RoweCom, Iomega, Lexmark, Anixter, ABC Warehouse, Mission Janitorial, B-Sting.com apparel, Ralph's Electronics, iGo.com, FirstSource, Software Spectrum, Newark Electronics, Contact East, Daytimers, Enable Systems, EqualFooting.com, OFSS.com. The number of suppliers is anticipated to more than double by the end of the calendar year. Suppliers that are expected to soon be enabled include Equal Footing, Staples, DXP Enterprises, Boise Cascade, Office Max, MCM Electronics, Officesupplies.com, Software House International, Northern Industrial Services, IBM, VWR, Jade Systems, CompUSA, Daly Computers, Batteries.com, Bulbs.com, New England Office Supply, CorporateGifts.com, Sarcom, Vibes Technology, and Ebuyxpress. "Suppliers are eager to reach the small business market," said Dan Nye, vice president and general manager of the small business division at Intuit. "With the QuickBooks Shopping Source, suppliers can easily reach a large base of small businesses rather than try to build a community piece by piece. We are starting a chain reaction we believe will attract more and more suppliers and more and more customers." The Ultimate Small Business E-Marketplace The QuickBooks Shopping Source enables users to shop for a wide range of business products -- such as communications and computer equipment, software, and office supplies -- all from leading vendors. Selections can be converted quickly into purchases and tracked from within the service, streamlining and simplifying record keeping. In a recent survey conducted by International Communications Research, more than 80 percent of small businesses felt that competition from big companies or chains could cause them to suffer2. Almost half of those businesses surveyed said they are unable to take advantage of discounts available to their larger competitors, primarily because they lack the buying power enjoyed by larger organizations. "Working with companies like Intuit, Metiom provides business owners with the ultimate e-Marketplace-- a flexible, scalable, convenient service to help save money, enhancing their productivity, and going toe-to-toe against the big guys," said Chris Wagner, president and chief executive officer of Metiom. "QuickBooks' user base puts Intuit in the pole position to become the leader in small business e-commerce. Intuit's innovation in small business financial software paves the way for every small business to leverage the Internet with added convenience and confidence." Making e-Business Easier and Faster The new purchasing service takes advantage of the e-commerce functionality of Metiom's ConnectTradeTM for electronic marketplaces. From within QuickBooks or QuickBooks Pro 2000, users can search multiple vendor catalogs simultaneously, and quickly view products, prices, availability and shipping charges. The QuickBooks Shopping Source compares information from different vendors on one convenient display, making buying decisions easier and faster. Users can purchase products from different vendors at the same time with just a credit card. Because the QuickBooks Shopping Source uses Metiom Supplier-Managed Catalogs, vendors control their catalog content and branding. "QuickBooks Shopping Source provides Lexmark with incremental awareness and consideration in the small business space, the fastest growing market segment, and one that is traditionally expensive to reach. Most importantly, the Metiom formula makes it painless for the small business user to procure Lexmark printers, services and supplies. That equates to a superior customer experience, and we're thrilled to be aligned with Metiom and Intuit to meet the needs of our small business customers," said John Salsman, director of business development, Lexmark International. The Metiom ConnectTradeTM product suite enables electronic inter-networking of buyers and suppliers by allowing purchasers to order goods and services online directly from suppliers' electronic catalogs. Metiom ConnectTrade products fully support leading Internet commerce standards and are easily integrated into a buying organization's existing systems. The Metiom ConnectTrade solution powers Internet purchasing for Global 2000 corporations and large public sector entities. Metiom is a leader in powering e-marketplaces for small and mid-sized businesses. Each Metiom-powered marketplace allows buyers to search, compare and purchase goods and services from an array of suppliers, choose a payment method, and track and control their purchasing. The QuickBooks Shopping Source is now one of several connected e-services available with QuickBooks 2000 and QuickBooks Pro 2000, enhancing the value of the accounting and business management system and helping to reduce the administrative hassles of running a business. Pricing and Availability The QuickBooks Shopping Source is now available and is provided at no additional charge within QuickBooks and QuickBooks Pro 2000. Internet access is required for online services including e-services. Terms, conditions, features, service options and pricing are subject to change. ABOUT INTUIT Intuit Inc. (NASDAQ:INTU) is the leader in e-finance, including financial software and Web-based financial services for consumers and small businesses. Intuit develops and markets QuickBooks®, the most popular small business accounting software; Quicken®, the leading personal finance software; and TurboTax®, the best-selling tax preparation software. An innovator in delivering Web-based financial tools, Intuit is the leading provider of online tax preparation and filing and online mortgages. Intuit is also breaking new ground as a leader in online bill presentment and payment, and in the delivery of its QuickBooks Internet Gateway platform of connected e-services for small businesses. Intuit's Quicken.comTM Web site (www.quicken.com) is a leading financial site, offering a comprehensive set of financial news, information and tools, including insurance, mortgage, investment and tax preparation services. Intuit's products and services enable individuals, small businesses and financial professionals to better manage their financial lives and businesses. ABOUT METIOM Metiom, formerly Intelisys Electronic Commerce, is a leading provider of e-Marketplace solutions used by Global 2000 companies, large public sector organizations, and small businesses. The Metiom ConnectTradeTM suite of products is a dynamic, open e-Procurement solution that connects businesses of all sizes as buyers and suppliers over the Internet to deliver the true promise of B2B e-commerce. Metiom ConnectTrade automates corporate purchasing online and is based on open standards, real-time Supplier-Managed CatalogsTM and Point-and-Click PurchasingTM. Metiom solutions deliver the easiest and fastest way to dramatically reduce the high cost of enterprise purchasing, while generating new revenue streams by turning buyers into suppliers overnight. For information on Metiom or to learn more about Metiom PoweredTM B2B e-Marketplaces, visit our Web site at www.metiom.com. This press release includes "forward-looking" statements about future financial results, future products and services or other events that have not yet occurred, including but not limited to statements regarding third-party relationships relating to Intuit's QuickBooks software, QuickBooks Internet Gateway offerings and/or related Web sites ("QuickBooks Properties"). For example, statements in the future tense, and statements such as we "expect," we "anticipate" or we "believe" are forward-looking statements. Investors should be aware that actual results may differ materially from Intuit's expressed expectations because of risks and uncertainties about the future. Intuit will not necessarily update the information in this press release if any forward-looking statement later turns out to be inaccurate. Risks and uncertainties that may affect future results and performance include following: The proposed technology and software/services still need to be fully completed and/or integrated with QuickBooks Properties, and are subject to risks and uncertainties involved in the product development process, including technological difficulties and possible delays. The proposed software/services are subject to competition via other software, the World Wide Web or other traditional means. The anticipated benefits of the proposed software/services to Intuit will depend on a number of variables, including the rate at which customers upgrade to QuickBooks 2000 and future versions of the product, customer acceptance of the proposed software/services, and the level of satisfaction of third party participants. Intuit cannot predict these upgrade, adoption and acceptance rates. Although QuickBooks revenues experienced strong growth in the first half of fiscal 2000 compared to fiscal 1999, the revenue growth rate has declined significantly during the second half of the fiscal year and may continue to do so. Customers and/or suppliers may not adopt the software/services in sufficient numbers, and advertisers may not purchase advertising or sponsorships in sufficient levels, for Intuit to reach anticipated revenue levels. Additional information about factors that could affect future results and events is included in Intuit's fiscal 1999 Form 10-K and subsequent reports filed by Intuit with the Securities and Exchange Commission. Intuit, the Intuit logo, Quicken and QuickBooks are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries. Other parties' trademarks or service marks are the property of their respective owners and should be treated as such. 1 Intuit QuickBooks User Study 2 International Communications Research (ICR) conducted the Intuit Small Business Study between 4/20/00 and 4/27/00. ICR surveyed a total of 501 small businesses having fewer than 20 employees.
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