Members of the exchange will have a combined annual purchasing power of AU$350 billion, and will be able to buy, sell and auction goods and services.
The marketplace is designed to cut the costs of negotiating and ordering within the retail industry. Its members will be linked to more than 70,000 suppliers and partners. Exchange will charge members fees on a transaction basis.
Coles Myer will take an undisclosed equity stake in GlobalNetXchange. The site's majority stake-holders and founding members are the US-based retailer Sears and French-based retailer Carrefour. Oracle, also a founding member, holds a minority stake in the venture.
Oracle provides the software, support and implementation for the exchange. GlobalNetXchange is the second largest such marketplace for the database vendor, after Oracle's joint venture with automotive heavyweight Ford last year.
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