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INTERSHOP Founder Joins European Online Medical Venture

[May 8] INTERSHOP founder Stephan Schambach and Harvard Business School Professor Walter Kuemmerle have joined the supervisory board of GloMediX, a European online marketplace for medical equipment.

Stephan Schambach founded INTERSHOP Communication ten years ago at age 19 in what was then East Germany. He has since built the company into a global e-commerce operation worth billions of dollars.

Professor Kuemmerle, at 33 only slightly older than Schambach, is a consultant to many top corporations and holds joint Harvard appointments in the Entrepreneurial Management and Technology & Operations faculties. His area of special expertise is in international entrepreneurial finance.

Stefan Muennighoff, co-founder of GloMedix, referred to the two men as "distinguished visionaries" and said he was delighted that they had agreed to sit on the supervisory board.

"Each brings distinct values that will help us rapidly achieve our goal of becoming the default online marketplace for the European medical supplies market," said Muennighoff.

GloMediX believes that it can achieve dramatic reductions in suppliers' sales and marketing costs, bringing them down from what is typically 15-25 per cent of the sales price to what it calls "a low single digit percentage point."

"Online marketplaces will dramatically change the way supply chains are managed, delivering significant efficiency gains to both buyers and sellers. GloMediX is set to rapidly achieve this in the European medical equipment market," commented Stephan Schambach.

Professor Kuemmerle warned potential competitors that GloMediX was already establishing significant barriers to entry for others wanting to enter the same space on a pan European basis.

During May 2000, GloMediX expects to pilot its service, employing as many as 100 staff in four European offices by the end of the year.

Venture capital firm Atlas Venture provided GloMediX with over $7 million during March 2000.