Product tracking enables efficient management of inventory through better synchronization in the supply chain. This paper examines the use of intelligent software agents that utilize protocols, neutral languages and ontologies for product tracking. Software agents operating on behalf of individual enterprises and communicating using a common ontology provide the interoperability required to access current product information from multiple systems. This paper proposes an architecture for such a multi agent ontology based product tracking system. It also provides an outline of a product ontology that can be used in this system.