VIENNA, Va.--(BUSINESS WIRE)--FedBid, Inc., the largest commercial marketplace for reverse auctions, today announced that the U. S. Department of Commerce (DOC) will utilize FedBid's services through a newly-awarded contract. The contract was awarded through the U.S. Patent and Trade Office and is available for use by Buyers within all DOC bureaus and offices to support their agency’s acquisition strategy.
“DOC Buyers have delivered significant results for their agency and the taxpayers over the years by leveraging FedBid's patented technology and suite of managed services, and we are proud to see this partnership continue," FedBid CEO Joe Jordan said. “Our robust marketplace of more than 90,000 Sellers has helped DOC expand its supplier base, most notably to countless small businesses across the country, while also helping the agency’s Buyers purchase more efficiently and effectively, saving both time and taxpayer dollars.”
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.
FedBid has had a contract with DOC since 2012. During that time, DOC Buyers awarded more than $83.6 million in contracts through FedBid’s reverse auction marketplace, with 93 percent of those going to small businesses. Compared to their original Independent Government Cost Estimates (IGCE), FedBid has driven more than $6.5 million in cost reductions, while also helping expand DOC’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.