Xometry Introduces New Digital Sourcing Tools On Thomasnet.com For Enterprise Buyers And Unveils New Cloud-Based Manufacturing Execution System For Suppliers

Rhea-AI Summary

Xometry (NASDAQ: XMTR) has unveiled new digital sourcing tools on Thomasnet.com designed to streamline the procurement process for enterprise buyers. This includes the Industrial Buying Engine, which connects buyers to over 500,000 suppliers, and a cloud-based Workcenter for suppliers to manage workflows and payments. These innovations aim to enhance local supply chains and offer a seamless quoting experience, allowing for quicker transactions. The tools are set to be operational on June 30, 2022, and support Xometry's commitment to digital transformation in manufacturing.

Positive

• Introduction of the Industrial Buying Engine to facilitate sourcing from over 500,000 suppliers, enhancing efficiency.
• Launch of Workcenter, providing a centralized platform for suppliers to manage projects and streamline payments.
• Integration with Thomasnet.com expands visibility to 1.4 million registered users, increasing potential transactions.
• API-enabled Workcenter allows third-party developers to create integrated applications, expanding the ecosystem.

Negative

• None.

• By Continuing To Integrate The Xometry Marketplace And Thomasnet.com Platform, Xometry Is Placing Its Instant Quoting Engine In Front of Thomas’ 1.4 Million Registered Users Who Generate Millions Of Sourcing Sessions Annually
  
• The New Industrial Buying Engine Digitizes The Cumbersome Request-For-Quote Process And Makes It Easy For Enterprise Buyers To Source And Purchase From More Than 500,000 Top Suppliers On Thomasnet.com
  
• The New Workcenter Is A Cloud-Based System That Lets Suppliers Manage All Their Xometry And Non-Xometry Work and Provides Expedited Payment Terms
  
• Xometry Will Open Workcenter To Third-Party Developers To Create Integrated Applications To Benefit Suppliers

ROCKVILLE, Md., June 29, 2022 (GLOBE NEWSWIRE) -- Xometry, Inc. (NASDAQ: XMTR), the global online marketplace connecting enterprise buyers with suppliers of manufacturing services, today unveiled new digital sourcing tools on Thomasnet.com for enterprise buyers and a new cloud-based manufacturing execution system for suppliers, which will be open to third-party developers to build integrated applications. The new products are designed to bring buyers and suppliers even closer together and further accelerate the creation of locally resilient supply chains.

At the company’s “Xometry Marketplace Summit: Powering Tomorrow’s Supply Chain,” Xometry CEO Randy Altschuler detailed how the popular Xometry Instant Quoting Engine^SM, Job Board and financial services features from the Xometry Marketplace are now fully integrated into the Thomasnet.com platform. Tightly integrating the Xometry Marketplace and Thomasnet.com platform enables Xometry to scale its network of active buyers and suppliers more rapidly by putting the “buy it now” option in front of the more than 1.4 million Thomas registered users who generate millions of sourcing and quoting sessions annually, Altschuler said. 

The new products unveiled today include:

• The Industrial Buying Engine, which helps enterprise customers source and purchase from the more than 500,000 top suppliers on Thomasnet.com. It digitizes the old and time-consuming request-for-quote process, condensing to just hours or minutes what once took days and weeks to complete. Through the Industrial Buying Engine, enterprise buyers can request quotes for products and services from trusted, high-value suppliers and they can also access the Xometry Instant Quoting Engine for more immediate transactions. Additionally, buyers can start a conversation with suppliers directly on Thomasnet.com, and suppliers can instantly submit quotes and accept projects. The Industrial Buying Engine will be available on Thomasnet.com beginning June 30th.
  
  
• Workcenter, which gives suppliers a one-stop view into all of their Xometry and non-Xometry work. A centralized project management and payment solution, Workcenter brings everything suppliers love about Xometry – like the popular Job Board and financial services – into one, easy-to-use system. With Workcenter, shop owners can build and manage workflows for all their projects, including those from non-Xometry customers; quote new projects from Xometry and Thomas; assign tasks to team members and track the status of projects. Workcenter is robust and yet flexible enough to help small- and medium manufacturers make the much-needed leap to digital. Workcenter also helps suppliers take advantage of expedited payment terms so they can continue to expand. Workcenter will be available at no charge from Workcenter.Xometry.com beginning tomorrow.
  

Additionally, Altschuler noted that Xometry will open up the API-enabled Workcenter to third-party developers, establishing Workcenter as an emerging platform for innovators seeking to deliver an ecosystem of interconnected solutions for suppliers.

“Recent global events have underscored the need for the vital role that Xometry plays in the rapid digital transformation of the manufacturing industry, from the procurement process to the shop floor,” Altschuler noted. “With our large and growing network of suppliers, expanding set of manufacturing capabilities and new software to integrate with our customers’ internal systems, Xometry is an enterprise-wide solution. We work across the supply chain and are deeply embedded with procurement managers, buyers and engineers on the one hand, and thousands of manufacturers on the other.

“We are scaling quickly to be the technology solution that drives efficiency for the $2.4 trillion manufacturing industry, and we are becoming the de facto rails through which buyers procure services and the thousands of small- and medium-sized suppliers across the country deliver it,” Altschuler added. “With our new integrated Industrial Buying Engine and Workcenter offerings, we’re leveraging the strategic acquisition of Thomas with the power of our AI-driven Xometry Marketplace and Instant Quoting capabilities to deliver on our promise of advanced technology solutions benefiting buyers and suppliers. The new products align with our mission of championing manufacturing, the backbone of our economy here and abroad.”

About Xometry
Xometry (NASDAQ: XMTR) powers the industries of today and tomorrow by connecting the people with big ideas to the manufacturers who can bring them to life. Xometry’s digital marketplace gives manufacturers the critical resources they need to grow their business while also making it easy for buyers at Fortune 1000 companies to tap into global manufacturing capacity and create locally resilient supply chains. Learn more at www.xometry.com or follow @xometry.

Media Contact:
Matthew Hutchison
matthew.hutchison@xometry.com

Investor Contact: 
Shawn Milne
shawn.milne@xometry.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f4802b89-0293-492c-8883-60c22e988ae7

 

FAQ

What is the Industrial Buying Engine introduced by Xometry?

The Industrial Buying Engine is a new tool that helps enterprise customers source and purchase from over 500,000 suppliers on Thomasnet.com, simplifying the request-for-quote process.

When will Xometry's Workcenter be available?

Xometry's Workcenter will be available at no charge starting June 30, 2022.

How does Xometry plan to enhance supplier management?

Xometry's Workcenter provides suppliers with a centralized system to manage all their projects, including non-Xometry work, and offers expedited payment terms.

What benefits does the integration with Thomasnet.com provide?

The integration allows Xometry to reach 1.4 million registered users, enhancing its network and increasing opportunities for sourcing and orders.

Who can develop applications for Xometry's Workcenter?

Xometry has opened its API-enabled Workcenter to third-party developers to create integrated applications that benefit suppliers.