News and Press
- January 19, 2012
Steve Case, Ted Leonsis Fund Ebay For Feds
By Fred Dreier, Forbes
Billionaire Steve Case and Washington Capitals owner Ted Leonsis have invested in Vienna-based Fedbid, an online marketplace in which private companies sell products to government agencies. The cash infusion marks the first investment by the Revolution Growth Fund, a $450 million fund backed by the America Online co-founder, Leonsis and Donn Davis, former CEO of Exclusive Resorts.
- January 17, 2012
FedBid Attracts Private Investors With Cost-effective Acquisition Model
By Jill R. Aitoro, Washington Business Journal
The decision by entrepreneurs Ted Leonsis and Steve Case to make Vienna-based FedBid Inc. the first investment for their $450 million Revolution Growth fund reflects not only on the company’s success but the growing appeal of its business model to budget-strapped federal customers. The goal of the investment is to accelerate the growth and reach of FedBid, which has seen the annual value of purchases made through its online portal rise more than 60 percent since 2008.
- January 17, 2012
Revolution Growth Fund Makes First Investment in FedBid
January 17, 2012—Washington, DC —Today, FedBid, Inc., which operates the FedBid online marketplace at www.FedBid.com, announced that it has received the first investment made by the Revolution Growth fund, which was launched in December 2011 by Steve Case, Ted Leonsis and Donn Davis.
- January 16, 2012
Revolution Growth Invests in Vienna-based FedBid
By Thomas Heath, The Washington Post
Washington entrepreneurs Ted Leonsis and Steve Case have made the first big investment with their $450 million Revolution Growth fund, acquiring a major stake in Vienna-based FedBid, which they hope to grow into an online marketplace for tens of billions of dollars in government procurement. The investment was made less than two months after the two former AOL executives announced the formation of the fund, a private investment vehicle designed to reignite the high-tech, entrepreneurial culture that dominated Washington in the 1990s.
- December 12, 2011
Federal Computer Week - Reverse Auctions: A Bid For Budget-conscious Business
By Matthew Weigelt, Federal Computer Week
Federal Computer Week’s Matthew Weigelt follows up on his prior report on use of reverse auctions by the federal government with an in-depth look at their application in the State Department. According to State’s director of acquisition management, Cathy Read, agency officials must consider tools like reverse auctions or they won’t be able to adjust to the ongoing need to reduce the cost of government operations.
- November 28, 2011
Dr. Kelman's 'Lectern' Blog: More on Cost Savings
Dr. Steve Kelman writes about how the government can save money through better and more innovative contracting practices, including using industry ideas to improve requirements, employing share in savings concepts, using reverse auctions to compete labor hour rates, holding procurement contests and employing value reengineering. Join the discussion at Dr. Kelman’s ‘Lectern’ blog at Federal Computer Week.
- October 31, 2011
Federal Computer Week-Bidding For Savings: Reverse Auctions Gain New Favor
By Matthew Weigelt, Federal Computer Week
Federal Computer Week examines Dr. David Wyld’s new report that explores how federal agencies can save time and money by using reverse auctions for appropriate commodities and selected services. Reporter Matthew Weigelt notes significant savings figures from the report, including potential savings at DoD of $6.1 billion and up to $15 billion across the federal government.
- October 27, 2011
CPOs Take Fresh Approach to Procurement
By Gregg Brandyberry
Mr. Gregg Brandyberry, CEO for Wildfire Commerce Inc., suggests a few ideas on how to quantify procurement performance by maximizing procurement capacity, making strategic investments to drive higher ROIs, and utilizing technology and outsourced service providers in order to generate more revenue.
- October 26, 2011
IBM Center for The Business of Government RA Study
Dr. Wyld’s follow up study to his reverse auction report published by the Center in 2000 focuses on the potential of reverse auctions as a government procurement tool that saves money and time and improves transparency. Dr. Wyld presents a case study of the State Department and analyzes the potential for savings from reverse auctions across the government.
- October 14, 2011
VA Touts Use of Reverse Auctions to Save Millions
In a Department of Veterans Affairs (VA) web article, VA highlights its use of reverse auctions (provided by FedBid) in transforming its buying. According to Susan Taylor, Deputy Chief Procurement Officer for the Veterans Health Administration’s Office of Procurement and Logistics, positive results have meant that “VA wins, the American taxpayer wins, small businesses win. Most importantly, our Veterans win.”
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