MaterialsXchange (MX), an electronic marketplace for buying and selling raw materials, is the newest member of the National Lumber and Building Materials Dealers Association’s (NLBMDA) Manufacturers and Services Council. Chicago, Ill.-based MaterialsXchange seeks to revolutionize commerce in commodity raw materials by using innovative technology that completes the digital supply chain.

The Manufacturers and Services Council is composed of leading building material manufacturers and service providers serving the LBM industry. Members of the council share a commitment to promoting and enhancing the success of independent lumber dealers, according to the NLBMDA.

“We’re excited to be part of the MSC because of the potential to provide tangible benefits to the independent dealers the council serves,” Mike Wisnefski, CEO of MaterialsXchange, said in a public statement. “With the MX platform, dealers in the LBM industry can experience, for the first time, the technological efficiencies that other industries profit from. Using our technology, dealers benefit from significant time and cost savings.”

MaterialsXchange’s goal is bring both the ease of an ecommerce solution and the sophistication of the modern capital markets to the lumber industry. The digital marketplace, the creation of Connamara Systems, was first announced in September and went live in October. The first listings on the marketplace were wood products, specialty oriented strand board, European spruce lumber, and southern pine lumber.

MaterialsXchange’s two-sided price format is designed to give all participants insight and to enable buyers and sellers to place bids in real-time without the task of price extraction. When the platform went live in October, MX announced plans to expand the reach of its marketplace across the U.S. and to launch new products from other industries on the platform.