Mr. Hood: EXE Technologies was formed as a result of a merger in 1997 of two companies with industry expertise dating back to 1980, proven products and a solid customer base. EXE's mission today is to deliver the vital, frontline supply chain intelligence driving customers' execution decisions and processes. Let me describe that for a second. Supply chain execution is part of the overall supply chain management market. It's the critical business process of moving product at all phases and forms from the maker to the eventual end-user of that product. By using EXE's solutions, customers can lower operating and capital costs, as well as drive revenue through value-added services. We began with supply chain execution inside the four walls of warehouses. EXE solutions run the large-scale distribution centers that are used by many retailers, manufacturers and outsource logistics providers. Over the last few years we've extended the scope of our product suite so that we manage the process of moving the product both inside the four walls and outside the four walls when it's on its way between manufacturer and eventual end-user. Today, EXE offers the most robust set of supply chain execution solutions to meet the needs of customers with high complexity, high volume, and mission critical execution requirements. Our market is quite competitive. There are a number of small companies involved in this market in the US, in Europe and Japan. In the US there is one other major public competitor, and we also compete with, to some extent, the enterprise software vendors, like SAP and Oracle. The ERP vendors tend to provide much less functionality and can handle much less complexity than we and our competitors can in the space.
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