FedBid Awarded 5-Year Army Reverse Auction Service Extension

FedBid has secured a potential five-year contract to continue to provide reverse auction services to the U.S. Army‘s contracting offices.

The company said Wednesday it will provide sourcing, quality assurance and account management support staff to help drive efficiency in the service branch’s acquisition process.

The contract has one base year and four one-year options.

FedBid CEO Joe Jordan said the company’s reverse auction marketplace includes more than 90,000 sellers and works to help customers address costs and expand their small business supplier base.

The Army has awarded nearly $3.2 billion in commodity goods and simple services contracts through FedBid’s marketplace over the past 12 years.

FedBid estimates its reverse auction system has helped the service branch save more than $388 million.