FedBid Adds Top Talent, Accelerates Business Model in New Directions: Mark Walsh Joins as President

October 29, 2012

VIENNA, VA, October 25, 2012 – FedBid Inc., the fully-managed online marketplace revolutionizing commerce, announced today that Mark Walsh has joined the company as President.

Walsh, an Internet and business-to-business ecommerce pioneer, was recently the co-founder and CEO of GeniusRocket and had been the CEO and chair of VerticalNet, a groundbreaking company in the B2B Internet revolution. He has also been an active angel and venture investor in a number of local and regional startups and growth companies. He joined the board of FedBid six months ago as an outside director in conjunction with the investment in FedBid by Revolution Growth fund.

Ali Saadat, founder and CEO of FedBid, commented: “Our company is poised for aggressive growth, and for reaching out to new markets beyond our traditional expertise in federal, state and local procurement and purchasing. Mark is the kind of colleague and talent who can join us at full speed and help us grow organically as well as through partnerships and collaboration. His background in high-growth business communities of commerce is what FedBid needs now. I am excited to welcome him to FedBid.”

Walsh joins FedBid to focus on expanding the company’s products, services and partnerships into the commercial space, and to add new levels of service, content and community tools to the procurement platform that FedBid operates today.

Said Walsh, “The moment I was introduced to Ali and the FedBid team, I knew they had something special. I was thrilled when Ali suggested I come aboard and am pleased to be able to join the effort. I have always loved the B2B arena and am convinced that my background in how companies buy, sell and interact with each other in Internet and mobile platforms will be a valuable addition to FedBid.”

Ted Leonsis, Revolution Growth Fund Partner and FedBid Board member, commented: “Mark and I worked together years ago at AOL. He saw the power and value of B2B interactions and commerce early on, creating AOL Enterprise during his time there. Since then, he has consistently driven value at the companies he has run or invested in, and we were so glad to see him team up with Ali Saadat and the FedBid staff.”

In addition to serving as company President, Walsh will remain on the FedBid Board of Directors.

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About FedBid, Inc.
FedBid is the fully-managed online marketplace revolutionizing how government and businesses buy and sell goods and simple services. By creating a new world of "FedBidable” buying and selling, where the principles of opportunity, transparency and competition prevail, FedBid empowers and energizes its customers, giving them the confidence to take control of the buying and selling process, and freeing them up to focus on moving their organization forward. For more information, visit FedBid online at www.FedBid.com or call (877) 9FEDBID. FedBid — Better Buying | Smarter Selling®

CONTACT: Luther Tupponce, 703-738-6886, Lu.Tupponce@FedBid.com