Inc. Tuesday acquired of Veo Systems Inc., a privately-held company
specializing in the development of Extensible Markup Language (XML) for
No financial terms of the acquisition were disclosed, but Commerce One, an
enterprise procurement company, said the acquisition will accelerate the
pace of open XML-based business-to-business e-commerce solutions.
Veo System’s XML technology will be integrated into Commerce One’s Commerce
Chain Solution, technology designed to develop a trading community between
an enterprise and its suppliers, delivered through the Internet.
Commerce One and Veo Systems share the vision of XML leading open trading
networks into the future, according to Mark Hoffman, Commerce One’s
president and chief executive officer.
“XML technology is the next great leap forward in unlocking the potential
of business-to-business Internet commerce, since it will simplify the
exchange of information between trading communities and
dramatically reduce costs,” Hoffman said.
Under terms of the acquisition, Asim Abdullah, Veo Systems’ president and
chief executive officer and Chairman Jay M. Tenenbaum will both join
Commerce One’s executive management team and board of directors.
“By combining Commerce One’s applications with Veo System’s XML technology,
Commerce One is uniquely positioned to deliver dynamic open trading partner
communities that significantly increase operational efficiencies and reduce
costs for both communities participating in online commerce,” Tenenbaum