News | January 16, 2018

Navy Awards FedBid New Contract To Deliver Innovative Acquisition Marketplace

VIENNA, VA.--(BUSINESS WIRE)--

FedBid, Inc., a division of Compusearch Software Systems, Inc., today announced that the U.S. Navy will continue to utilize FedBid's innovative acquisition marketplace through a competitively awarded contract available to all Navy contracting offices. This decision cements the critical role that the FedBid marketplace plays in supporting the Navy’s readiness and acquisition strategy for commodity goods and simple services.

“We have built a great relationship with Navy contracting personnel around the world who turn to FedBid for fast and reliable sourcing for commercial items and services,” said Compusearch CEO, Reid Jackson. “FedBid’s marketplace helps drive significant time and cost savings for Navy Buyers and we look forward to the opportunity to continue supporting them in 2018 and beyond.”

FedBid's contract is for one base-year with four option years. The company's user-friendly commercial e-commerce portal, expert sourcing assistance, and quality assurance 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) and Defense FAR Supplement (DFARS). Additionally, FedBid’s competitive marketplace facilitates best-value contract awards based on a real-time view of current market pricing for the goods or services a Buyer is looking to purchase.

Over the last 15 years, Navy Buyers have awarded more than $500 million in contracts through FedBid's marketplace, 78 percent of which went to small businesses. Compared to their original Independent Government Cost Estimates (IGCE), FedBid and Navy Buyers have driven more than $70 million in savings, while also helping expand the Navy's supplier base and drive efficiency and time savings into the purchasing process.

The contract award comes on the heels of Compusearch’s acquisition of FedBid, which brought together two industry-leaders in providing acquisition and spend management products and services in the federal sector.

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.


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