VIENNA, Va.--(BUSINESS WIRE)--FedBid, Inc., a division of Compusearch Software Systems, Inc., today announced that its industry leading, cloud based, reverse auction marketplace has been selected for use by the U.S. Department of Labor (DOL) through a newly-awarded contract available to all DOL contracting offices.
“The FedBid team is proud to support the mission critical work of DOL Buyers,” said Compusearch CEO, Reid Jackson. “We look forward to continuing our partnership working directly with Buyers to identify and overcome the unique acquisition challenges they face.”
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 the goods and services a Buyer is looking to purchase.
Over the last 12 years, DOL Buyers have awarded more than $71 million in contracts through FedBid's marketplace, 95 percent of which went to small businesses. Compared to their original Independent Government Cost Estimates (IGCE), FedBid has driven more than $4.9 million in cost reductions through the use of reverse auctions, while also helping expand DOL's supplier base and drive efficiency and time savings into the purchasing process.
About FedBid, Inc.:
FedBid, Inc., a subsidiary of Compusearch Software Systems, Inc., is the industry-leading provider of a reverse auction marketplace, 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 FY2017, more than 91 percent of contracts awarded through FedBid went to small businesses. For more information, visit FedBid online at www.FedBid.com or call (877) 9FEDBID.