Compusearch® announced today the completion of the acquisition of reverse auction marketplace provider FedBid, Inc. FedBid will continue to operate under its own brand.
"We are excited to bring FedBid's online marketplace into the Compusearch family of products and services," said Reid Jackson, CEO of Compusearch. "We know that together we are in an even stronger position to help federal agencies modernize and innovate their procurement practices. For the contracting workforce, the integration of these two solutions will mean even greater access to tools that help achieve savings and drive robust competition, while also reducing time and increasing efficiency in their acquisitions."
This transaction brings together two industry-leaders in providing acquisition and spend management products and services in the federal sector. Compusearch's PRISM and FedBid's online reverse auction marketplace are used across the federal market to drive efficiency and cost savings in federal acquisition. With this move, FedBid will become Compusearch's reverse auction provider within the PRISM solution. The combination of these two businesses will further innovate, streamline and strengthen the procurement process for federal customers, as well as continue to deliver savings to the government and taxpayers.
"FedBid has proven to be one of the most vibrant and effective online marketplaces in the federal space," said FedBid CEO Joe Jordan. "Our ability to reduce procurement lead times, while delivering significant cost savings, high-quality sourcing and greater small business utilization have made FedBid an invaluable tool across the contracting workforce. This joining of forces between Compusearch and FedBid will only strengthen our capacity to help federal agencies achieve their mission, diversify their supply chains and, in the end, better serve the taxpayers."
"The FedBid brand is a powerful symbol of efficiency and cost savings and we are proud to have them join as a subsidiary, along with our Virtual Acquisition Office of training and information resources," Jackson added. "Together, we are bringing Insight Systems to the acquisition and government contractor community to drive improved decision making, reduced costs and better mission achievement."
The companies will maintain their operations in Dulles, VA; Tysons Corner, VA; Clearfield, UT; and at federal client sites around the globe.
About Compusearch Software Systems, Inc.
Compusearch® is the leading provider of software and insight that put federal program offices, acquisition experts, and contractors on the fastest path to success. Compusearch's Insight Systems inform and accelerate better decisions, enable full regulatory compliance, and maximize productivity. Compusearch's solutions constitute the American Cloud™ where federal agencies and programs work securely with their industry partners to best pursue their missions. Compusearch's leading solutions include PMvue™ for DoD and Civilian Program managers, Virtual Acquisition Office™ and PRISM® for federal acquisition lifecycle management, and SpectrumCLM® for Government Contractors' contract lifecycle management (CLM) processes. Compusearch serves all 15 Cabinet-level agencies and over 120,000 governmental and government contractor users.
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's online marketplace as a key component of their purchasing strategy. FedBid's innovative, patented and FAR-compliant 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.