Commerce One, Inc. announced that it has acquired privately held Veo Systems, Inc., a provider of XML-based open commerce networks. With this acquisition, Commerce One will rapidly accelerate the pace of development of industry-leading XML-based business-to-business electronic commerce solutions to enable open Internet trading communities. Veo pioneered the development of The Common Business Library (CBL). CBL is a public collection of XML “building blocks” for creating common business documents such as catalogs, purchase orders, and invoices. Veo has turned over CBL to CommerceNet, an industry consortium that is promoting interoperable commerce on the Internet. Over 25 Internet commerce leaders including HP, IBM, Microsoft, Netscape, and Sun are actively involved in this activity, as well as the chief architects of leading key electronic commerce standards initiatives such as OBI, RosettaNet, XML-EDI, OTP and ICE. Commerce One will maintain and grow Veo’s Mountain View, Calif. site as a Development Center for the Commerce Chain Solution. Veo Systems’ President and CEO, Asim Abdullah, and Chairman and Chief Scientist, Dr. Jay M. Tenenbaum, will join Commerce One’s executive management team and Commerce One’s Board of Directors. Commerce One’s XML-enabled products are expected to reach the marketplace in mid-1999.