PALO ALTO, Calif., Sept. 8 / VerticalNet, Inc. VERT, the Internet's leading portfolio of business-to-business trading communities, today announced that it has joined the Universal Description, Discovery and Integration ("UDDI") project, an initiative comprised of business-to-business industry leaders aimed at providing a global standard for business representation and registration on the Internet. As a member of this coalition of industry leaders VerticalNet will bring its deep expertise in targeted industrial spaces as well as the benefits from its significant investment in industry-aligned trading vocabularies and business process specifications.

"Internet-wide adoption of a B2B standard will boost demand for technology solutions that streamline supply chains, facilitate trading, and enhance the customer experience on the Web," said Joe Galli, VerticalNet's chief executive officer. "As a leading supplier of such solutions, VerticalNet's endorsement of UDDI makes good business sense."

As companies increasingly move their business operations and offerings to the Internet they will require a common language to facilitate easy interoperation with other businesses. The UDDI Project provides a very significant contribution to the vocabulary and syntax for business identification and product discovery. This shared language will be used by VerticalNet's next-generation service brokering infrastructure to actualize the real value of the Internet for VerticalNet's customers. "VerticalNet welcomes UDDI, as all open standards, as a very important step forward in the challenging world of business interoperability," said Mike Hagan, VerticalNet's chief operating officer. "The true benefit will be realized as we begin to deliver an array of complementary or competing services in areas such as procurement, logistics and financing that can be brokered as a part of a high-value outsourced business process. UDDI and similar initiatives accelerate our delivery of this global network of eBusiness services."

VerticalNet has been very active in developing business discovery and commerce interoperability systems based on the UNSPSC and NAICS standards, which the UDDI project also supports. "VerticalNet's extensive investment in developing a knowledge base of companies, products, and business process relationships positions it well to leverage UDDI to the benefit of its customers," said Amiel Kornel, partner in the McKenna Group.

VerticalNet plans to rapidly transition its network of greater than 120,000 suppliers – 8,000 of whom have VerticalNet-hosted Storefronts or E-Commerce Centers – into a UDDI-compliant registry. "This is the perfect complement to our supplier integration strategy which leverages internationally accepted standards to promote seamless trade between our members," said Blair LaCorte, senior vice president of strategy and e-commerce at VerticalNet. "We're looking forward to commanding one of the largest supplier registries in the world – enhanced by vertically-specific services that only we are positioned to deliver."

About UDDI

The UDDI specification facilitates the integration of Web services by creating a standard means for describing services and e-business operating methods and placing them on an open, accessible platform. The UDDI Business Registry and UDDI specifications will work for any company or organization with access to the Internet, from the smallest home-based business to FORTUNE 500 companies. The open draft of the UDDI specification can be found at www.uddi.org. The final specification will be available shortly after comments and feedback are incorporated.

About VerticalNet, Inc.

VerticalNet, Inc. (www.verticalnet.com) owns and operates 57 industry- specific Web sites designed as online business-to-business communities, known as vertical trade communities. These vertical trade communities provide users with comprehensive sources of information, interaction and e-commerce. They are grouped into the following industry sectors: Communications, Energy, Environment/Utilities, Financial Service, Food/Packaging, Foodservice/Hospitality, Healthcare, High Tech, Industrial, Manufacturing/Discrete, Manufacturing/Process, Public Sector, Science and Services.

Additionally, VerticalNet provides auctions, catalogs, bookstores, career centers and other e-commerce capabilities horizontally across its communities with sites such as Industry , and Professional . VerticalNet's NECX(R) Exchange provides an exchange for the electronic components industry. Through Tradeum technology and strategic alliances, VerticalNet is focused on providing comprehensive end-to-end e-commerce solutions.

VerticalNet International leverages the Company's leadership position to create global Internet B2B marketplaces, offering products and services internationally and partnering with companies that have strong local presence and domain expertise. VerticalNet has launched international joint ventures: VerticalNet Europe, B.V. with British Telecommunications, plc and Internet Capital Group; and VerticalNet Japan with SOFTBANK E-COMMERCE CORP.

VerticalNet and NECX are registered trademarks and/or trademarks of Vert Tech LLC in the United States and/or other countries.

Donna Terp
215-328-6100
Vertical Net, Inc.