FedBid Reports Record Third Quarter
October 21, 2008
VIENNA, VIRGINIA, October 21, 2008 - FedBid, Inc., The Buyer-Driven Online Marketplace® for commodity buys, today announced its continued impressive growth during 2008, achieving yet another record performance during its third quarter. With public sector use of the online marketplace and reverse auction functionality continuing to grow, buyers used FedBid to compete over 5,000 buys during the month of September alone. In addition to achieving double-digit savings, buyers continue to realize significant process efficiencies, improved transparency, documentation and management capability, and substantial progress in meeting socio-economic utilization goals. During government fiscal year 2008, small businesses received over 84% of all dollars awarded through FedBid.
“FedBid continues to meet an important need in the federal procurement arena,” said Ali Saadat, FedBid’s President and CEO. “In today’s difficult economy, FedBid enables sellers to expand their market reach by increasing opportunity access and lowering opportunity costs of selling to the world’s biggest single buyer. FedBid also provides transparency and accountability for agencies that are focused on maximizing the value of taxpayer dollars and minimizing government waste. As the government embarks on a new fiscal year, FedBid looks forward to continuing to provide real value to the federal procurement community.”