$ 875Million WORTH OF PO's ….. WHAT IS FEDBID ?

[Anonymous]

http://www.reuters.com/article/pressRelease/idUS148884+21-Oct-2009+BW20091021
$ 875Million WORTH OF PO’s ,WHAT IS FEDBID ?
FedBid Announces Record $875 Million Worth of Purchases by Government Buyers in FY2009
Despite Difficult Economic Climate, Purchases Increase by More Than 20% Over
Prior Fiscal Year; Buyers Save $95 Million Through Reverse-Auction Process
VIENNA,
Va.–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 http://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 http://www.FedBid.com or call (877)
9FEDBID. FedBid – Better Buying | Smarter Selling

FedBid, Inc.
Lu.Tupponce@FedBid.com

[Author]

October 27, 2009 at 10:37 AM