In a landmark management buyout, the innovative 3rd Generation Trading Hub developed by software company, Adaptris ECX has been acquired by new company, OpenECX.
OpenECX is set to radicalise e-trading within the construction industry with their innovative 3rd generation cloud-based trading hub, eHub3.
Building on the success of the last three years, OpenECX are offering the first fully system agnostic and independent cloud-based trading system for the entire construction industry.
OpenECX at a glance:
- Adaptris ECX is rebranding to Open ECX
- The e-trading hub will be rebranding as eHub3
- The eHub3 platform will still help clients to work smart, de-risk their business, increase their margins and build great supply chain relationships
- It’s the fastest growing e-trading hub in the construction business
Led by CEO Matthew Jones, former Sales Director of construction software company, COINS, and Richard Beaton, pioneer of companies like Bolden Jones and Tekton, OpenECX will focus primarily on delivering Ecommerce and Sub Contractor solutions to thousands of construction businesses.
The ground-breaking eHub3 platform has been under development for the past three years, and currently trades in 20 countries worldwide. Their existing network totals over 700 active trading partners, including clients such as industry giants Hilti, Fergusons, Kier Group and John Sisk and Son.
Customised to meet industry demand
Designed to meet demands for cost savings and smarter working practices, eHub3 allows companies to develop closer trading relationships, increase profit margins and de-risk their business through:
- Lowering employee overheads (no re-keying of information, auto-matching of invoice and order)
- Clearing the audit trail of all transactions, and allowing for faster, more accurate financial reporting
- Improving process quality and compliance
- Providing greater visibility of subcontract commercial positions
- Automating P2P and O2C business transactions
- Providing complete visibility throughout the entire supply chain process
- Validating transactions and reducing costs
- Emailing and texting message alerts to users on key events
The trailblazing eHub3 platform will also effectively bring a new electronic Purchase to Pay platform to the construction market, revolutionising the way the industry trades.
Matthew Jones, CEO of OpenECX has commented:
“Because we’re application-agnostic, simple and scalable, OpenECX provides innovative services for any construction business, large or small, saving time, cutting costs and improving visibility. This investment means that we can build on our success to accelerate our aim to become the central trading hub for all construction businesses and their supply chain partners.”
Richard Beaton, Chairman of OpenECX added:
“All construction companies are under pressure to improve margins. Electronic trading offers our customers a way to increase margins, de-risk their business and improve their relationships with key suppliers and subcontractors. I am delighted to be part of this exciting venture. We have already launched the new WebContractor Service and the feedback from our customer working parties has been immense.”