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History
A true innovator in the field of eCommerce, FASTXchange was one
of the first organizations to transform the potential of the Internet
into a revolutionary new means of reducing the costs and inefficiencies
of purchasing goods and materials.
In 1986, Internet pioneer Jon Postel of the University of Southern
California's Information Sciences Institute, secured funding from
the Defense Advanced Research Projects Agency (DARPA) to design
and develop an online purchasing system.
More than 10 million dollars and ten years later, that system has evolved
into one of the most advantageous solutions of its kind for demanding
government and complex manufacturing organizations, with a proven
track record of reducing operating expenses by as much as 60%.
Timeline
1986
Founded in 1986. Jon Postel and founding team working for USC/ISI
design the original FAST architecture.
APR '87
First order placed in beta system.
APR '87
Schlumberger and Rome Labs subscribe as first commercial customers.
MAR '91
Firm is awarded the Desert Storm TTI Test Systems Critical Components Award.
JUN '92
FAST version 2.0 Oracle database enhanced.
SEP '95
Firm wins the Los Angeles Tech Expo Best Practice in Procurement Award.
MAR '96
Raytheon Sensors, Electronics, and Systems Division
(formerly Hughes Electronics) added as major aerospace customer. Following the trial SES integrates smoothly and outsources all MRO purchases to FASTXchange.
OCT '96
Firm wins Hughes Aircraft Company Achievement Award.
MAR '97
Commercial Spin-off from USC/ISI.
JUN '97
FAST version 3.0 is launched.
JUL '97
Spot buying service "DIANA" introduced.
FASTXchange develops brokerage service for sell side and electronic commerce for electronic, engineering, and MRO goods and services.
OCT '97
Firm wins Defense Logistics Agency Scissors Award.
NOV '97
FAST reaches the 20,000 vendor milestone.
MAY '98
FAST reaches 30,000 vendor milestone.
JUN '98
Firm awarded the Raytheon Systems Commitment to Excellence Award.
APR '99
FAST version 4.0 launched. System adds numerous new features and is pronounced Y2K compliant.
APR '99
FASTXchange moves to new corporate headquarters. Expansion plans underway.
OCT '99
FASTXchange awarded corporate-wide Strategic Agreement by Raytheon for procurement services.
APR '00
FASTXchange announces a cooperative marketing and joint interface development agreement with Western Data Systems.
MAY '00
FASTXchange releases its Supplier Site, adding web-based quoting and reporting to its supplier-side offerings.
SEP '00
FASTXchange completes a $6 million Series A Preferred financing.
Deson & Co. act as the advisor to FASTXchange with the transaction led by
InVenture Inc. Sean Deson of Deson & Co. named to FASTXchange Board of Directors.
MAY '01
Frank Murnane is named Chief Financial Officer.
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