FedBid Wins Continued Work with State Department
February 12, 2007
VIENNA, VIRGINIA, February 12, 2007 - FedBid, Inc., the online marketplace for commodity buys, today announced that the Department of State has opted to continue its relationship with the company by utilizing FedBid’s five-year contract with the U.S. General Services Administration (GSA). FedBid’s competed contract with GSA enables the company to provide online reverse auction services to GSA and agencies eligible to use GSA Sources of Supply and Services.
Experience by the Department of State using FedBid’s reverse auction process has proven to be a win-win situation for everyone; the customer, the small business community and the U.S Taxpayer. The Department of State has been using FedBid since 2002 and because of the ongoing success rate, recognizes the benefits, which is why they have chosen to continue working with FedBid through GSA.
GSA awarded its contract to FedBid earlier this year. The initial contract includes one base-year with four option-years and allows federal agencies to take advantage of FedBid’s leading online marketplace to competitively bid commodity buys, thereby improving process efficiencies and saving an average of 10 to 15 percent on their acquisitions. In addition, FedBid’s unique system provides procurement officers with the documentation needed to ensure compliance with federal procurement regulations.
“We consider ourselves successful when government buyers get what they need, at a favorable price, in an environment that meets competitive standards,” said Doug Stuck, FedBid’s Vice President. “At the same time, we’re able to simplify seller access to the complex government market and help them grow their public sector business.”
During fiscal year 2006, State Department saved $9.4 million by purchasing commodities via FedBid’s online, reverse auction services. The 9.4 million dollar savings was based on the actual price paid when compared to the dollar value of the independent government estimate which was obtained by reviewing prices on corporate web sites. In addition, the agency awarded 75% of FedBid procurements to Small Businesses.
ABOUT: FedBid, Inc.
FedBid, Inc. provides online procurement services, including Reverse Auction and associated support services, through its buyer-driven online marketplace, www.FedBid.com. Today, more than 1,000 procurement professionals at dozens of federal organizations, including GSA, DHS, Department of State and Department of Defense, use FedBid to procure hundreds of millions worth of commodities and simple services. For more information, visit www.FedBid.com or call (877) 9FEDBID.