UPDATE: - IBM, Tech Giants Plan B2B Exchange

IBM yesterday confirmed that it is working on a global internet business-to-business (B2B) exchange called e2open.com, but a spokeswoman said that the company is not releasing any additional details, nor is it saying when the official announcement of the exchange will be made.

A report by the Associated Press said that the announcement would come Tuesday, but that didn't happen. The report said that the exchange will be for the telecommunications and electronics industries and will use IBM technology and draw in several major partners. The IBM spokeswoman, however, said that IBM is not releasing any information apart from a previous announcement regarding a B2B initiative.

That initiative, announced in March, involves i2 Technologies and Ariba, both of which are reportedly involved in e2open.com.

IBM reportedly will form e2open.com with Nortel Networks, Motorola, Nokia, Philips NV, South Korea's LG Electronics, Japan's Hitachi and five other major telecommunications and electronics vendors worldwide.

Internet exchanges are designed to reduce costs and speed up product delivery by streamlining the buying and selling of products and services. The IBM-led exchange reportedly will be based on technology from IBM and partners i2 Technologies and Ariba and will begin operating in July.

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