FedBid has secured a potential five-year contractÂ to provide reverse auction services and acquisition strategy support acrossÂ the CommerceÂ Department.
The company said Wednesday the contract was issued through theÂ U.S. Patent and Trade Office and can be used by buyers from all Commerce DepartmentÂ bureaus and offices.
FedBid has facilitatedÂ more than $83.6 million in contract awards for the department through the company’s reverse auction marketplace since 2012.
The Commerce Department has saved approximatelyÂ $6.5 million compared to the department’s original Independent Government Cost Estimates through the use of FedBid’s reverse auction platform, according to the company.
The platform is designedÂ to facilitate the contract award processÂ based on current market pricing for the product that the buyer looksÂ to purchase.