SAP Ariba is an American software and information technology services company located in Palo Alto, California. It was acquired by German software maker SAP SE for $4.3 billion in 2012. Ariba (now SAP Ariba) was founded in 1996 by Bobby Lent, Boris Putanec, Paul Touw, Rob Desantis, Ed Kinsey, Paul Hegarty, and Keith Krach on the idea of using the Internet to enable companies to facilitate and improve the procurement process. Procurement had been a paper-based, labor-intensive, and inefficient process for large corporations; main competitors in this arena include Tungsten Network, GEP, Basware and iPayables. The name Ariba is a neologism, chosen by a branding company since it was easy to pronounce and spell. Some pre-launch names included Procuresoft and Mandate. Ariba was one of the first business-to-business Internet companies to go public (in 1999). The companys stock more than tripled from the offering price on opening day, making the three-year-old company worth $6 billion. In 2000, the stock value continued to climb, and Aribas market capitalization was as high as $40 billion. With the bursting of the dot-com bubble, Aribas stock price fell dramatically to the low double digits in July 2001, where it remained for the rest of its life as an independent company.