Subject: Expanding Microsoft Partnership for Liquidity From: distribution@epoch.com Date: Tue, 24 Apr 2001 12:47:32 -0500 To: fox@csit.fsu.edu For in-depth coverage of all companies within the Software Sector, please visit http://www.epoch.com/emailalert/software.html Company Note Commerce One Inc. Epoch Partners APRIL 24, 2001 NASDAQ:CMRC Mark Verbeck David Trainer Timothy Madda EXPANDING MICROSOFT PARTNERSHIP FOR LIQUIDITY _______________________________________________________________________________ FUNDAMENTALS Price (04/24/01) $10.01 FY Ends Dec 2000 2001 NASDAQ Comp (04/24/01) 2,066 Revenue(MM) $401.8 $697.7 Prev Est.(MM) NA NA NA 52-Week Range $5.12-84.12 EPS Shares Outstanding(MM) 194.9 Q1 ($0.09)A ($0.11)A Market Cap(MM) $1,951 Q2 ($0.10)A ($0.08)E Q3 ($0.09)A ($0.04)E Avg Daily Vol(3Mo.)(000s) 8,902 Q4 ($0.05)A $0.00E Fiscal Year ($0.33)A ($0.23)E Previous Est. P/E NM NM Source: Epoch Partners _______________________________________________________________________________ * Commerce One and Microsoft announced an expansion of their technology partnership to include development kits and built-in connectivity between MarketSite and Microsoft enterprise solutions. Currently in beta, this functionality is slated for general availability in 3Q-4Q 2001. * Microsoft has a traditional stronghold among small- and medium-sized enterprises (SME) -- some 60% use its Site Server product. This relationship is expected to augment other efforts, such as a hosted version of Buysite and a partnership with Intershop, to facilitate SME participation in Commerce One’s supplier network. * In conjunction, Commerce One also announced an integrated invoice-to- payment solution developed with Citibank scheduled for 2Q01 release. We view this as similar to a relationship with Citibank announced by Oracle in November 2000. * While we view these announcements as positive, we believe overall supplier adoption among the SME market will continue to remain slow due to a lack of perceived benefit and an attachment to conventional processes. _______________________________________________________________________________ COMPANY PROFILE Commerce One is a leading provider of software and services to organizations that wish to electronically buy, sell or make markets. Its primary offerings are a procurement solution and a platform for creating electronic marketplaces. _______________________________________________________________________________ The information contained herein is based on sources believed to be reliable but is neither all inclusive nor guaranteed by Epoch Partners. Opinions, if any, reflect our judgment at this time and are subject to change. Epoch Partners does not undertake to advise of changes in its opinion or the information. Epoch Partners may perform or seek to perform investment banking services for the issuers of securities which are the subject of our Research. Most of the companies Epoch Partners follows are emerging growth companies whose securities typically involve a higher degree of risk and more volatility than the securities of more established companies. The securities discussed in the Epoch Partners Research may be unsuitable for investors depending on their specific investment objectives and financial situation and needs. No report included in the Epoch Partners Research is a recommendation that any particular investor should purchase or sell any particular security in any amount or at all and is not a solicitation of any offer to purchase or sell from or to any particular investor. For additional information that may be available on the securities mentioned, please contact Epoch Partners. This document has been published in the United States for Residents of the United States. Copyright 2000, 2001 Epoch Partners. All rights reserved. Member NASD/SIPC. \END THE ABOVE RESEARCH HAS JUST BEEN PUBLISHED. For in-depth coverage of all companies within the Software Sector, please visit http://www.epoch.com/emailalert/software.html Epoch Research A team of industry-focused analysts creates Epoch’s proprietary Research. This team covers four technology sectors including Broadband and IP Data Services, Communications Equipment, Software and Internet. In addition to providing analysis of company and industry fundamentals and valuation, Epoch also filters and aggregates third party information. This third-party information includes hyper links to news including articles, company slide presentations and press releases, and multimedia content including audio and video clips of conference calls and interviews with company management. --- You are currently subscribed to epochebusinesssoftware as: fox@csit.fsu.edu To unsubscribe send a blank email to leave-epochebusinesssoftware-2520836M@pluto.sparklist.com