FedBid Announces Record $875 Million Worth of Purchases by Government Buyers in FY2009
October 21, 2009
Despite Difficult Economic Climate, Purchases Increase by More Than 20% Over Prior Fiscal Year; Buyers Save $95 Million Through Reverse-Auction Process
VIENNA, VIRGINIA, October 21, 2009 - FedBid, Inc., The Buyer-Driven Online Marketplace® for commodity buys, today announced that government buyers purchased more than $875 million worth of products and commodities in FY2009, more than a 20% increase over total purchase value in FY2008. Using the Company’s reverse auction marketplace to meet the challenges of the difficult economy, government buyers saved approximately $95 million from the amount they planned to spend. FedBid buyers completed almost twelve thousand individual purchases during the fiscal year.
“Where others saw adversity, we saw opportunity,” said John Lee, FedBid’s Senior Vice President. “Over the past year, FedBid has solidified its position as the world’s premier online reverse auction marketplace, helping procurement professionals lower their costs while giving sellers thousands of new opportunities for business. While we are pleased at our growth over the past year, we are even more excited about the positive feedback we’ve gotten from our customers about the efficiency, transparency, savings and convenience of using FedBid for their purchasing needs. During the coming year, we plan to continue to aggressively expand our existing business while exploring new ways to make FedBid’s reverse auction marketplace more broadly available.”
The largest purchase categories through FedBid in FY2009 were IT products, office equipment, and office supplies, although buyers also purchased everything from security equipment and chemicals to trained canines.
Among the agencies that awarded new multi-year contracts to FedBid during FY2009 were U.S. Army, Bureau of Alcohol Tobacco Firearms and Explosives, Department of State, Federal Bureau of Investigation, Federal Communication Commission, and a number of Department of Homeland Security components, including Customs and Border Protection, Federal Emergency Management Agency, Immigration and Customs Enforcement, Transportation Security Administration, Federal Law Enforcement Training Center and Office of Procurement Operations. Other agencies awarding contracts to FedBid included Federal Aviation Agency and Environmental Protection Agency.
More than three thousand buyers from dozens of major federal agencies and more than 30,000 sellers now participate in the Company’s reverse auction marketplace. Continuing the trend from FY2008, over 84% of the dollars awarded through FedBid in FY2009 went to small businesses.
ABOUT: FedBid, Inc.
FedBid, The Buyer-Driven Online Marketplace® at www.FedBid.com, is the leading online marketplace for acquisition of commodities and simple services. To date, procurement professionals have used FedBid to procure billions of dollars worth of commodities and simple services from thousands of businesses around the U.S. For more information, visit FedBid online at www.FedBid.com or call (877) 9FEDBID. FedBid — Better Buying | Smarter Selling®