CompuSearch builds procurement platform with FedBid buy
CompuSearch has acquired FedBid Inc. in a deal that pulls the latter reverse auction company into the fold as the buyer builds more acquisition and procurement offerings.
CompuSearch specializes in helping agencies with their procurement practices through software solutions that offer program management, scheduling, data management, risk management and collaboration tools.
With FedBid, CompuSearch is picking up a platform that agencies use to buy commodity products through an online marketplace.
Terms of the deal were not disclosed.
CompuSearch’s goal is to help agencies modernize their procurement practices, CEO Reid Jackson said in a release.
“For the contracting workforce, the integration of these two solutions will mean even greater access to tools that help achieve savings and drive robust competition, while also reducing time and increasing efficiency in their acquisitions,” he said.
FedBid’s reverse auction platform is used by 75 federal, state and local agencies. That platform will be integrated into CompuSearch’s PRISM solution for acquisition and spend management.
CompuSearch was acquired in 2015 by the private equity firm ARBY Partners, who bought the company from two other private equity firms in Arlington Capital and JMI Equity.
While this is CompuSearch’s first acquisition since then, it is another indication of the investments contractors are making to help agencies find more innovation and efficiency.
Posted by Nick Wakeman on Oct 03, 2017 at 9:37 AM