MarkITx is a transparent B2B marketplace to buy, sell & trade used IT equipment.


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A small ask from our CEO’s daughter, Bella Muscarello. If you can be of help, please let us know!

Care for Real Coat Drive

at MarkITX

October 21-25th

Dear Friends,

As most of you know, I have left the brick and mortar elementary school I have attended for the past 7 years to attend a virtual school that would allow me the flexibility to participate in the Elite program at IK Gymnastics.  Things are going well and I am adjusting to the new schedule, but I am realizing now, that I am missing certain aspects of my old school, including the “built in” opportunities to volunteer to help those less fortunate.  Especially now that the holidays are approaching, I would like to continue to do my part and give back to the community.  To do so, I have chosen to organize a coat drive for neighbors in need and my dad has generously offered to allow me to collect coats at MarkITX.

All gently used coats, hats, scarves & gloves collected will be donated to clients of Care for Real, a neighboring food pantry. Clients include seniors on fixed incomes that haven’t kept pace with inflation, people who have lost their jobs or their overtime and can no longer make ends meet, refugees who are trying to make a new start in this country never experiencing winter before and families who can’t stretch their paychecks to cover all their costs. They are of every race, religion, age and educational background. Approximately 60% of those they help are either seniors or children under the age of 18.

Please join me and help to make a difference by donating gently used outerwear to this special cause.  A hamper will be left in the office for collection October 21-25th.

Thank you for your consideration,

Bella Muscarello


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Growing, growing, gone!

Yesterday marked a new milestone for MarkITx. Back in May of 2012, our CEO and CTO were some of the first to move their company into the newly opened 1871 co-working space in Chicago’s Merchandise Mart. Believe it or not, we outgrew our space there a year later. This expansion forced us to move our team of 11 into a small, temporary, typical office style setting this summer, which seemed to cave in on us quicker than we expected as we added a few interns. Finally as of September 18th, we have a new space that we can call home, equipped and ready to seat 24 employees, comfortably when the time comes.  Complete opposite of the cubicle environment, we worked with Bear Construction to help build us a much more open, bright and modern office.

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If the pictures don’t provide enough evidence, we’re clearly a Mac family here.

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Our conference room is sure to keep anyone from dozing off mid-meeting.

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Of course, no office in Chicago would be complete without some kind of view. We’ve got ourselves a small little glimpse of the infamous Chicago Bean. photo (13)


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MarkITx is Named One of the Top 100 Finalists for the 12th Annual Chicago Innovation Awards

Chicago, IL— Out of a record-breaking 562 nominees, MarkITx of Chicago has been selected as one of the Top 100 Finalists still in the running for the 12th annual Chicago Innovation Awards.  The awards celebrate the most innovative new products and services in the Chicago region across all organization sizes, sectors and industries.  1500 business and civic leaders will come together to honor the winners when they are announced on October 30th at Chicago’s Harris Theater.

The innovation nominated by MarkITx offers a new transparent, marketplace bringing together buyers and sellers of used IT equipment with OEM-certified refurbishers who guarantee that the equipment is ready to go into production. Everyone benefits from real-time analysis of the market. Sellers increase their return on investment, extend their budget for new equipment, and predict the best time to refresh their current IT infrastructure. Buyers get a fair price, a safe transaction, and hardware that has been refurbished by an OEM-certified partner. MarkITx is an ideal marketplace for any enterprise hoping to stretch their hardware budget or monetize old equipment.

“Chicago is in the midst of a monumental upsurge in innovation,” said Tom Kuczmarski, co-founder with Chicago journalist Dan Miller of the awards.  “It’s inspiring to see the range of vision and the depth of talent among organizations in the Chicago area.  Companies are investing in innovation and taking more risks to launch new ventures and uncover new value.”

As one of the Top 100 Finalists, MarkITx will receive a $2,500 scholarship to attend The Practical Innovator, a day-long executive education course on September 27th led by top faculty who teach innovation at Northwestern’s Kellogg School of Management.

Each of the Top 100 Finalists is also in the running for the annual “People’s Choice Award,” selected through online balloting at www.chicagoinnovationawards.com.

Out of the Top 100 Finalists, the judges will select 10 winners of the Chicago Innovation Awards, as well as winners of the Up-and-Comer Awards representing innovation in the start-up community, the Social Innovator Award and the Collaboration Award.  The winners will be invited to ring the NASDAQ Bell in New York City, invited to separate meetings with Mayor Rahm Emanuel and Governor Quinn to discuss their innovation and profiled in Crain’s Chicago Business.

Contact:  MarkITx, trade@markitx.com

Chicago Innovation Awards:
Luke Tanen
Luke@chicagoinnovationawards.com
312-988-1516


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Increased Market Activity Around Cisco WS-C3750X-48PF-S

There has been a noticeable increase in website searches and market activity around the Cisco WS-C3750X-48PF-S unit this week on the MarkITx exchange. Interested in buying or selling this unit? MarkITx product pricing doesn’t hide behind a ‘Click for Quote’ button. Price transparency is a huge focus on the platform, allowing members to see what this unit is currently trading for and what it has traded for in the past. Retail price on the Cisco WS-C3750X-48PF-S unit is around $9,266, with a low price of $4,169 and $2,974 on the wholesale market.

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Get an inside view of the market while you’re trading, simply post your demand or supply and let our exchange do the rest of the work for you. All of our products are OEM certified-refurbished and we guarantee satisfaction. Learn more about the product here.


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Meet MarkITx, the ‘New York Stock Exchange of IT’

Used computer equipment — such as servers, switches and hard drives used by corporations and governments — is a commodity, so why not trade it like one?

That is the mantra of Frank Muscarello, 42, founder and CEO of MarkITx, an online exchange for enterprise IT hardware. MarkITx connects buyers and sellers, and inspects and refurbishes the equipment through one of its certified partners.

“We’re building a central clearing firm, right in the backyard of some of the largest clearing firms and trading firms in the world,” Mr. Muscarello said. “We like to say we’re the New York Stock Exchange of IT, where the only thing that matters in a marketplace is liquidity.”

He launched the company in April 2012 and now has $80 million in inventory on the site. After starting at incubator 1871, MarkITx moved out and recently raised $2.2 million in capital on top of the $1.1 million raised at the end of last year.

To watch the video and to see more of Lisa Leiter’s Entrepreneurs in Action series, click here.


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Our 1871 Journey Begins and Ends

Just over a year ago MarkITx was accepted into 1871 as one of the first 15 companies to become part of the community. To say that the journey from beginning to end has been remarkable seems to fall somewhat flat in expressing what I feel has been the true reward of our time here. We have accomplished so much in such a short period of time – an acceleration of our business that would not have been possible anywhere else. Without question, 1871 has been the conduit to building our networks and to our burgeoning success.

We entered 1871 without fully realizing what we were getting ourselves into. We leave knowing we have been a part of something game changing – both for our business and for Chicago.

At 1871 we were lucky enough to find our technical co-founder who made the decision to take the role without pay because he believed in the concept and because he thought that if things didn’t work out, he could find other cool startups to go work for at 1871. We continue our aggressive pursuit of top talent from the best engineers, operations, and business development who are excited about the opportunity to disrupt a huge market.

The MarkITx team

The MarkITx Team

Plugging into the 1871 ecosystem also helped us raise a significant amount of capital for our seed round and we are generating interest from the top east and west coast firms who will be there to support our continued growth.

We have always looked at 1871 as an opportunity. Our commitments were high for our families and we knew we were going to try and capitalize on what was in front of us. This place doesn’t do the work for you but the rewards continue to grow the more energy you put into it.

It is bittersweet to become alumni of 1871 today, but it has truly been an honor to call this place home for the last year. We look forward to the next chapter in our business trajectory and in having the chance to give back to this community by becoming what we hope will be a success story that spawns innovation and creativity for other entrepreneurs here in Chicago.

Thank you to JB, Kevin and the entire CEC team for all of their the support.


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A New Way to Buy & Sell Used IT Equipment

The buying and selling of used IT equipment is not a trivial market, but it doesn’t get enormous attention. In many cases, enterprises unload used equipment as a trade-in or at bargain price to a wholesaler because they just want the equipment off the floor.

A new Chicago-based startup says it has developed a system to help enterprises get as much value out of their old IT equipment as possible.

The company, MarkITx, is running an online system for selling equipment, but it’s not a new version of an eBay-like system. The seller and buyer remain invisible to each other, the money goes in escrow, and the transaction may even involve third-party vendors to refurbish

Ben Blair, the CTO of MarkITx, said the exchange works like “a two-sided market” rather than an auction. Buyers post what price they want to pay for particular piece of equipment, including condition and quantity. Sellers post the quantity and current condition of the equipment they are selling and what amount they want to receive for it.

Blair provided this example: A telecom operator wants to sell a few cabinets of Cisco Unified Computing System (UCS) systems for $2.1 million, and a financial exchange operator is seeking a UCS for their back office.

MarkITx puts a value on the equipment, and in this case it recommends selling the Cisco equipment at $1 million, based on a range of $800,000 to $1.2 million. The telco lists all their equipment at the suggested price, but each unit is listed as a separate item at its fair market value. If the buyer and seller agree on the price, the trade is executed automatically and the payment is put in escrow with MarkITx.

Once that happens, the telco is then given shipping instructions to an OEM- or ISO-certified refurbisher that MarkITx is working with. That third party inspects the equipment, test and verifies it, and the equipment is delivered to the buyer. When the buyer accepts the equipment, the funds in escrow are released.

MarkITx will also bring the equipment up to the condition that buyer wants. For example, a seller is offering 10 rack-mount LCD KVMs at $200 each but in “C” condition. However, the buyer wants them in “A” condition, with replaced back panels and polished glass. The refurbisher says it will cost $100 per unit to bring the equipment to “A” condition, and if the buyer is willing to pay $300 per unit, the trade executes.

Blair said the company, which began operating last May but just launched publicly this month, is clearing about $1 million in transactions a month. It has $5.5 million in supply on the market, and $13.5 million in demand, he said. The bulk of its customers are in telecom, data center, education and government. The company is paid by the seller through a default commission of 20%, but it has membership plans for lower commissions.

Blair believes there is an opportunity for the company because he says many enterprises are only interested in getting rid of their equipment, not in maximizing its potential resale value. They believe that once IT departments investigate the potential resale of some of the equipment through their market, their minds will change.

“[Wholesalers] make their spread off ignorance,” said Blair, who said his company’s model ensures offering transparency on price.

According to IDC, the market for used equipment in the U.S. is about $70 billion.

Joseph Pucciarelli, an analyst at IDC, said that a lot of companies are restrained on what they can spend on capital equipment, and purchase used equipment to augment their existing systems. In many cases, they buy used equipment to keep compatibility with existing systems as way to keep their “support footprint” from expanding, he said.

Pucciarelli said companies typicall will unload used equipment to an original equipment manaufacturer (OEM) as part of a trade-in on an upgrade.

The company doing the upgrade won’t get top dollar for their old IT equipment, but they may not see a selling alternative as worth their time, said Pucciarelli. Relative to the overall size of the transaction in an equipment upgrade, “you are talking about something that is pennies on the dollar [for the used systems,]” he said.

 

Original Post from Computer World by Patrick Thibodeau