VIENNA, Va.--(BUSINESS WIRE)--FedBid, Inc., the largest commercial marketplace for reverse auctions, today announced that the U.S. Army will continue to utilize FedBid's services through a newly-awarded contract available to all Army contracting offices. This decision cements the critical role that FedBid plays in supporting the Army’s readiness and acquisition strategy for commodity goods and simple services.
“We are incredibly proud to have won this contract with the Army,” FedBid CEO Joe Jordan said. “Army Buyers have delivered significant results for our nation’s troops and the taxpayers over the last 12 years through the robust competition FedBid facilitates, and we are truly pleased to see this partnership continue. Through our marketplace of more than 90,000 Sellers, the Army is able to leverage patented technology, with a suite of managed services that only FedBid can offer, allowing them to purchase more efficiently and effectively, reducing costs and saving time, while also greatly expanding their small business supplier base.”
FedBid’s contract is one base-year with four option years. The company’s easy-to-use system, expert sourcing, quality assurance and account management support staff help drive greater efficiency in the acquisition process, reducing time spent on procurement actions, while also being fully-compliant with the Federal Acquisition Regulation (FAR). Additionally, FedBid’s dynamic, competitive platform facilitates best-value contract awards based on a real-time view of current market pricing for whatever a Buyer is looking to purchase.
Over the last 12 years, Army Buyers have awarded more than $3.2 billion in contracts through FedBid’s marketplace, 70 percent of which went to small businesses. Compared to their original Independent Government Cost Estimates (IGCE), FedBid has driven more than $388 million in cost reductions through the use of reverse auctions, while also helping expand the Army’s supplier base and drive efficiency and time savings into the purchasing process.
About FedBid, Inc.:
FedBid, Inc., is the industry-leading provider of reverse auction services, optimizing how businesses, governments and educational institutions buy the goods and services they need. Currently, more than 75 federal, state and local government agencies and departments use FedBid as a key component of their purchasing strategy. FedBid’s innovative, patented acquisition solution helps Buyers expand their supplier base, while saving time and money. At the same time, Sellers gain greater access to opportunities to compete and win contracts. In 2016, more than 90 percent of contracts awarded through FedBid went to small businesses. For more information, visit FedBid online at www.FedBid.com or call (877) 9FEDBID.