Product details

In mid-2000, in the wake of the global dotcom crash, Ecnet, a subsidiary of Silkroute, Singapore''s first and best known dotcom company, was going through tough times. It had recently set up an e-marketplace and moved its HQ to Silicon Valley, as part of a series of strategic initiatives. However, by the end of 2001, it had closed down its electronics e-marketplace, Ecnet Exchange. It also shut down its US operations, and moved its global HQ back to Singapore 18 months after setting it up in Silicon Valley. Despite these setbacks, in Q1 2001, the company was reporting that over 20 major manufacturers and more than 1, 600 of their suppliers were using Ecnet''s solutions and services to transact over US$1 billion monthly. It also reported revenues of US$8.5 million for 2001. Clearly, other strategic initiatives had been quietly underway in 2001 even as some of its earlier dotcom initiatives were being more publicly discarded. Ecnet is remaking itself, and repositioning itself in order to be a viable, long-term business.