Businesses Can Save Up To 50 Percent of Transaction Costs for Fuel, Lubricants and Specialty Chemicals
HOUSTON - May 10, 2000 - Accenture Technology Ventures, the venture capital unit of Accenture , announced today a significant investment in FuelQuest, the new, first-of-its-kind eCommerce business-to-business [B2B] trading exchange for the U.S. petroleum marketing industry. According to Accenture Technology Ventures, FuelQuest will provide seamless e-business solutions to the $155 billion petroleum marketing industry in the U.S.
Accenture Technology Ventures joins Lehman Brothers Venture Partners as a major investor in the new B2B exchange. Additionally, Barry Cater, a partner in Accenture Technology Ventures, will join the FuelQuest board of directors.
"FuelQuest is going to deliver an outstanding value proposition to petroleum marketers, their suppliers and their customers. We also believe they will be the leader in this marketplace because of their unique relationships and integration with customers, their technology approach and great management team. We look forward to working hand-in-hand with FuelQuest to build their business," said Accenture Technology Ventures Partner, Barry Cater.
Seeking to partner with the nearly 10,000 independent U.S. petroleum marketers that distribute the majority of the country’s petroleum products, FuelQuest will provide seamless supply-chain integration solutions between refiners/suppliers, marketers and commercial and retail end-users. FuelQuest also offers ordering, product delivery, invoicing and logistics for fuel-related products and services. This will translate into a streamlined delivery process - faster, less costly and more efficient.
"We are proud to partner with Accenture and Lehman," said FuelQuest CEO Richard Cilento, Jr. "Both recognize that FuelQuest is tapping into a segment of the energy industry with enormous potential, and their investment clearly demonstrates their confidence in our solution. Because petroleum marketers are downstream of existing energy portals, marketers have yet to realize the many benefits of eCommerce."
A key strength of FuelQuest is its Vanguard Member program, a nationwide network of petroleum marketers who will be online when the site is launched. In the coming months, Accenture will be working to integrate each of these marketers into FuelQuest’s ASP system. This group will provide the critical mass needed for a successful site launch, with transaction volumes estimated at nearly $2 billion.
"Nobody else is doing what FuelQuest will accomplish," said Bill Warren, a Senior Energy Partner at Accenture and client partner for FuelQuest. "It is an exciting development for an industry in which cost control and outstanding customer service is so important. There’s no question that petroleum marketers, their customers and suppliers want this solution to enable their competitive success now and long into the future."
FuelQuest is the eCommerce business solution for the petroleum marketing industry. Headquartered in Houston, FuelQuest is focused on providing the technology infrastructure, business services and strategic marketing partnerships required by the petroleum marketing industry to profitably grow in the New Economy. Its home page address is http://www.fuelquest.com .