Optus prepares construction exchange

Optus has launched an online trading exchange for the construction industry dubbed inCite.

The telco will build, manage and promote the exchange, to be operational in early 2003, which Optus claims will be worth "tens of millions of dollars" in revenue over the next five years.

Robert Parcell, Optus Business director, said the construction industry competes in an aggressive marketplace and the industry consortium, for which the exchange will be implemented, realises its "back office processing is not where it is going to make money".

Optus will gain revenue from transaction fees and document transfers and was selected to operate the exchange by a consortium of Australia's largest construction companies, the Construction Industry Trading Exchange (CITE).

Its members include Barclay Mowlem, Baulderstone Hornibrook, John Holland, Leighton Holdings Ltd, Theiss, Transfield Services Ltd and Walter Construction.

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