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


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Why MarkITx is better than Tatooine

The resale market for used IT equipment is as dry and unfriendly as Tatooine. So what’s an IT pro supposed to do with their old servers, switches and routers?

Jawas2

If you’re here reading this, you know MarkITx is a friendly planet. We provide you with a free valuation of what your gear is worth and, when you’re ready to buy or sell, our matching engine takes all the work out of finding what you need. Of course, you could always wait for the scavengers to haul away your droids. Maybe they will build clusters to calculate how in the world Han Solo did the Kessel Run in less than 12 parsecs (h/t Stupendous Man).

That Cisco switch gathering dust in the corner of your Rebel base? Yeah, it’s worth money. Want to justify a badass server to battle the dark side? Show your finance director how much you can offset the cost by selling some of your used equipment on the exchange.

JawaTradingSmall2

MarkITx is an equal opportunity IT exchange where all members and transactions are protected from Jawas and other rodent-like gear grubbers.

Even though we do our best to keep the tricksters at bay, on occasion, they slip through. Recently, one enterprising Jawa was spotted impersonating a trader on the MarkITx exchange. It’s unclear what this particular Jawa was planning to do with the money recouped through multiple trades. What is more annoying is the high-pitched complaints about sand in the equipment and overheating machines, but no one has yet to file a ticket.

Utinni!


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Feature Update: Now Serving More Orderly Orders

Our dev team just put the finishing touches on an overhaul of the Orders process. For those new to MarkITx, Orders are messages that communicate the price, quantity, timing and condition of IT gear on the exchange. When you place a bid or make an offer to sell some used equipment, you open a new Order.

The messaging around this process now includes a number of helpful clarity and speed improvements outlined below. As with every feature and function on the site, we know our work is never done. Your input helps shape the exchange so please share your feedback – good and bad (we can handle it) – by sending an email.

Product Detail Page

When available, the MarkITx Price Report is now easy to spot on the individual Product detail pages. If a product has open orders, you can now see the real-time supply and demand directly under the Price Report. All the market intelligence you need in one place!

New Orders

When you find yourself ready to open a new order, the process is as simple as answering a few quick questions. In record time, you’ll be able to let the market know if you’re buying or selling, the quantity, timing and condition of your gear.

Open Orders

Whether you’re managing one or hundreds of open orders, the new list view is now visually scannable, filterable and easy to make changes to several orders with a couple clicks.

Just click on an order to see all the details and make updates.

Simplified Conditions

Before these enhancements, we used to use a confusing letter system to differentiate the various conditions of your hardware. Now, if you’re a seller, you simply let us know what you have – new or used. If you are buying gear, let us know what you want – brand-new or pro-certified gear that has been inspected, refurbished and guaranteed. Nice and easy.

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Simplified Dates

Timing has been streamlined and all orders are now open for two weeks. If you want to stay on the market a little longer, just renew your order.

Planning ahead?
By default, your order goes on the market right away. But what if you’re making plans for future purchases? No problem – just pick your date and we’ll start lining up supply and demand now.

Matched Orders

Our two-sided exchange loves to match orders. Buyers make an offer, sellers ask a price and MarkITx helps bring them together. Now, with this new overhaul, once your order is matched with a buyer or seller, it’s easier to manage the associated shipping, payments and tracking update process.

Checkout

Last, but certainly not least, we’ve improved the way you pay for orders. The redesign now enables you to keep multiple credit cards and addresses on file for quick checkout. You can now pay via wire transfer, too.

It’s January and we’re only getting started. Watch this blog for many more exciting new enhancements in 2014 or Subscribe to the MarkITx feed and have our news sent to you!


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MarkITx LunchMetrics™: Data Science Doesn’t Break for Lunch

Startup life can be all-consuming. Anyone who has ever worked at a budding early-stage company knows the job doesn’t adhere to traditional business hours or routine meals. Here at MarkITx, we’ve witnessed Neil polish off a single-taco lunch with a breakfast sandwich chaser, and pretty much everyone can subsist on KIND bars, pretzels and multiple espresso shots (that’s four for Frank) at all times of the day.

So I suppose we shouldn’t have been too surprised when we discovered Bryan Harakh, our resident data scientist, has been crunching HappyGrams™ in a spreadsheet called LunchMetrics™.

Charted over the course of several months on a mostly-consistent basis, Bryan has combined quantitative data (e.g. the weight and price of his lunch meal) with other factors (lunch location, items, and “HappinessFactor”) to calculate an overall happiness-per-gram metric. Though this value set isn’t yet approaching “big data,” we can now report the following initial findings related to the care and feeding of our Chief Data Scientist:

  • Chipotle consistently scores the most HappyGrams™
  • Seven on State–though composed of a number of delicious stations–falls quite short of the average
  • There seems to be a larger-than-expected variance in portion size–even at the same restaurant and for the same order
  • Variety is important: restaurants are rarely visited more than once a week, and restaurants with a wide range of HappyGrams™ per dollar are visited with equal frequency
  • LunchMetrics-Dec2013

    Building the industry’s first real-time exchange for trading IT equipment requires the right kind of fuel. Any opportunity to improve the efficiency of our technology and operations will be taken seriously. With the data model in place, more of us are going to start using LunchMetrics™. And now that data drives more than fair pricing algorithms around here, we can get smarter about maintaining a well-fed and happy team.

    We’ll return for a Q1 update to see if HappyGram levels remain constant and Chipotle continues to eat Taco Fresco’s lunch. Meantime, we’re going to make sure all our data is properly digested by taking Bryan out for his favorite meal. Bon appetit!


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Welcome Jones Lang LaSalle


Read about how Jones Lang LaSalle saves money and cuts e-waste in this Environmental Leader magazine article.


When people ask, “Frank, how is MarkITx doing?” I always have plenty of good news to report. Transaction volume is up 8x in the last three months, we have 1,200 users signed up for the exchange, we’re now doing business on 5 continents, our new office space is awesome… I could go on and on.

Our latest news is no exception. Yesterday we announced our relationship with Jones Lang LaSalle, one of the largest real estate brokerage firms in the nation.

The Data Center Division of Jones Lang LaSalle has already been active on the MarkITx exchange, trading used IT gear and supporting the firm’s global commitment to sustainable practices. What’s more, Matt, Sean, Andy and the Data Center team are helping their data center clients do the same.

Before MarkITx existed, large enterprise firms like Jones Lang LaSalle had to settle for pennies-on-the-dollar returns for their decommissioned IT equipment. Now they know the true market value of this gear as well as when there are active markets to trade it. As far as good news goes, we’re pretty damn stoked to be the ones facilitating better returns for everyone.

You can read more about this news on our press page.


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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


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MarkITx Raises $1.06 Million to Begin Disrupting a $348 Billion Industry

MarkITx has some exciting news we thought was worth sharing. We’ve raised over $1.06 million in angel funding which will allow us to move forward quicker than ever to begin disrupting a $348 billion industry, an industry that is currently screaming for disruption. For the past year our team has been hard at work building out a product that will make the process of buying, selling and upgrading IT equipment painless and most importantly we’ll provide real-time data analysis of the market which will ultimately help our members make smarter business decisions on behalf of their company. Thank you for your continued support, we cannot tell you how thrilled we are to continue building this platform out to reach its greatest potential. It’s nothing but up from here, folks!

Check out the announcement released in the press:

MarkITx, a transparent marketplace for buyers, sellers and wholesalers of secondary IT equipment, today announced that it has raised more than $1.06 million in angel funding led by Michael Balkin, Francis Wisnewski, Jack Keenan, John Ward and joined by other prominent Chicago Business Leaders.

Founded in 2012, MarkITx has developed a technology platform with a unique and proprietary algorithm to offer predictive pricing around the exact value of the depreciating IT. It allows for a major market disruption in a marketplace where there are currently no trusted, neutral parties, no clear brand leader or governance.

MarkITx’s unique platform manages the exchange of IT hardware, providing buyers and sellers with a real-time, transparent view of the secondary market. Using the platform, sellers are able to ship equipment to MarkITx’s OEM-certified partners where everything is inspected and refurbished before being sent on to the buyer. When delivery is accepted, money is released from escrow. Gartner estimates the secondary IT market is $348 Billion worldwide.

“We founded MarkITx with the vision to address a much needed void in the IT marketplace,” remarked serial entrepreneur and MarkITx Founder/CEO, Frank Muscarello. “MarkITx will effectively level the secondary, IT playing field by accurately and clearly communicating supply and demand to determine actual value.

Since kicking-off in April, MarkITx has already approximately $10M in Demand and $900,000 in Supply posted on its platform with a majority coming from Cisco Networking equipment and Apple iPads for the B2B space. MarkITx is using its seed financing to scale its team to meet customer demand and further build out its platform.

The leadership team consists of experienced entrepreneurs, Ben Blair, Marc Brooks and Muscarello, all of whom bring an understanding of both the trading and technology industries.

Muscarello commented on the fundraising “This is the first step in taking MarkITx toward the ultimate goal of revolutionizing the way that hardware is traded Globally. This funding is a small step towards achieving our goals and we look forward to changing the dynamics of the IT community. I want to thank our members for believing in MarkITx and our team, as well as our initial investors for their continued support.”

About MarkITx 
MarkITx is the premier online marketplace for buyers, sellers and wholesalers of secondary IT equipment. Launched in 2012, the site is already causing a major market disruption in the IT marketplace with over $1.0 million in transactions, $10.0 million in demand, and just under $1.0 million in supply. For more information, visit

Source: http://www.prweb.com/releases/2012/11/prweb10099130.htm


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1871 Membership Has its Privileges

Below is a post CEO, Frank Muscarello wrote for the 1871 Blog.

There are so many great startups in this city vying for attention and trying, sometimes desperately, to get funded with the hope of hitting it big. I have been a serial entrepreneur for the past 19 years with my fair share of huge wins and tremendous failures along the way. What amazes me is just how talented Chicago’s digital community is and just how remarkable the companies living, growing and doing business here are as well.  Even though I was born and raised in Chicago, built my businesses in Chicago and now raise my family here, I realize I have been blind to what has been here for years. Chicago’s entrepreneurial ecosystem is incredible.

To say that I have had the pleasure of meeting and getting to know some incredibly talented people would be an understatement. People like Brian Spaly from Trunk Club, Neal Sales-Griffin from Code Academy, Justin Massa from Food Genius, Jessica Zweig of CheekyChicago, Todd O’Hara of Toodalu, and Erik Severinghaus of SimpleRelevance to only name a few.  These are the people to watch; the ones that are creating energy in the community and who I feel confident to say are building the next great businesses here.

Sometimes you need to catch a break and sometimes if you work hard enough, you can create a little luck.  That’s exactly how I feel about my team being accepted into 1871. We didn’t have a real direction before 1871, we didn’t have a product to speak of before 1871, we didn’t have a rock star team before 1871 and I didn’t have partners before 1871. 1871 has singlehandedly changed the trajectory of our business – and it has happened in a little less than 90 days.  We’ve raised more capital than ever before, closed more deals than ever before, and now have a remarkable future ahead of us. 1871 is all about creating a culture that peppers in a healthy bit of competition among the startups where the strong will survive. And where else in the span of one week, can you get the opportunity to speak with JB Pritzker, David Cameron, Prime Minister of England and Rahm Emanuel about creating jobs and doing something remarkable to build business in Chicago.

I can personally say that it’s an honor to be a part of 1871. We are one of the lucky ones that intends to take this chance to make something big happen. Thank you to all the members and staff of 1871 for giving us a launch pad. I look forward to the day when I will be able to give back.

Happy National Co-working day!