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


1 Comment

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.

IMG_3327

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

IMG_3314

IMG_3317

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

IMG_3315

IMG_3326

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)


Leave a comment

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


Leave a comment

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.

Image

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.


1 Comment

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.


Leave a comment

MarkITx Raises $2.15 Million in Second Round of Seed Funding

 

Newest Alumni of Startup Hub 1871 Opens Its Own Office and Hires as Platform Gains Market Traction

MarkITx, the premier online marketplace for buyers, sellers and wholesalers of secondary IT equipment, today announced that it has completed a $2.15 Million second round of seed funding. Every original MarkITx angel investor, including Michael Balkin, Francis Wisnewski, Jack Keenan, John Ward and other prominent Chicago business leaders, doubled down on their initial investment, bringing the company’s early financing to $3.31 million.

“This latest round of funding shows the commitment of our investors and reinforces their belief in our platform as a scalable and necessary means of disrupting the $320 billion secondary IT market,” said Frank Muscarello, serial entrepreneur and Founder/CEO of MarkITx.

One of the original members of the startup hub, 1871, MarkITx also holds the distinction of now becoming one of the original “graduates” of the co-working center for tech startups. MarkITx moved from 1871 to a temporary suite at 1 E Wacker Drive while its 2600 sq. ft. of permanent office space is being completed in the same building. The company now employs 11 people with plans to hire another 10 in a year.

“I congratulate MarkITx on its latest round of funding. 1871 is a hotbed of innovation, producing great companies around Chicago, and I look forward to continued great accomplishments,” said Chicago Mayor Rahm Emanuel.

MarkITx’s revolutionary platform brings buyers and sellers together by providing real-time values of depreciating IT equipment and access to the marketplace’s global inventory. Sellers shorten their technology refresh cycles by utilizing the platform’s value-over-time information. Buyers bid on listed products &/or indicate products they are looking to acquire which are not currently listed in the MarkITx marketplace.

From its initial beta launch in May 2012, the transparent two-sided market continues to gain traction; inventory levels now exceed $65 million with over $40M supply and $25 million in demand.

About MarkITx

MarkITx is changing the way the world trades IT. Founded in 2012, it is a transparent online marketplace for buyers, sellers and wholesalers of secondary IT equipment using real-time intelligence to determine market value based on current global supply and demand. The notion is that hardware is a commodity and therefore it should be traded like one. MarkITx is building the NYSE of IT to ultimately monitize the data and become the predictive IT marketplace.The Chicago-based company has been disrupting the $320 billion secondary IT market by keeping hardware sales safe and simple while partnering with leading OEM-certified refurbishers to provide the best value in the industry. For more information visit http://www.MarkITx.com or follow us on Twitter @MarkITx.

View original post here on PRWeb website


2 Comments

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.


1 Comment

Cisco v. Juniper: Who Wins the Battle of Residual Value for Your IT Dollars?

cisco-vs-juniper

Cisco v. Juniper: Who Wins the Battle of Residual Value for Your IT Dollars? 

The Motley Fool recently concluded that Cisco, despite a slump in it’s routing and switching business, is a better stock pick than Juniper. But the report didn’t address the value of each company’s individual products.

Sure, CIOs recognize Cisco as THE leading network equipment manufacturer, a stat backed up by sales figures, but is Cisco really the BEST purchase for an entity looking to maximize its return on investment? The MarkITx team sought out to answer that question, and the results shocked even us. To get to the bottom of this burning question we analyzed one year’s worth of trades on eBay for refurbished Cisco and Juniper firewalls, VPN devices, and switches that could all still be purchased new through retail.

Here’s what we uncovered:

 1. Across the board, people are paying widely different amounts for the same piece of hardware. 

Refurbished Cisco Firewalls and VPNs sold for as high as 80% of retail and as low as 10% of retail and everything in between. Some buyers are paying 5 times too much while certain sellers are listing and selling products well under 25% of fair value.

It all comes back to a lack of transparency in the marketplace for the real value of the products. Enterprises have no understanding of the future depreciation of technology, let alone the current real-time value, because they haven’t had the proper tools and knowledge at their disposal*.

There’s no method to determining the list price on eBay and the marketplace doesn’t know what’s a good buy and what’s not. It may as well be the Wild West. What’s worse, enterprise sellers who sell into the wholesale channel typically receive less than 25% of the median eBay price.

 2. Juniper switches have a slightly lower overall residual value than Cisco, but Juniper switches hold their value over time better than Cisco switches. 

Based on industry perception, you would expect switches from both OEMs to have a very sharp drop off in resale value, but we discovered resale values between 35-50% of retail for products released a year prior, regardless of manufacturer.

Interestingly, the refurbished Cisco switches started out around 50% and followed a linear depreciation dropping to 35%. The refurbished Juniper switches continued to hold their value at around 40% across the 12-month study.

These findings contradict the OEMs’ drumbeat message that their customers need the latest and greatest. In fact, the data show that buyers of used networking equipment are more interested in expanding their existing footprint than they are in frequent upgrade cycles.

*CIOs and IT decision makers can breath a sigh of relief because the days of obscure used IT pricing is over. Our transparent two-sided market allows buyers and sellers to make the most informed purchase decision possible thanks to the MarkITx proprietary algorithms across many different data sources offering predictive pricing on the value of depreciating IT.