FedBid has secured a contract to help the Agriculture Department utilize a reverse auction system to procure goods and services.
The company said Thursday the contract was awarded through the U.S. Forest Service and can be used by procurement staff across all USDA agencies.
FedBid CEO Joe Jordan said the company facilitates competition in a marketplace of more than 90,000 sellers on behalf of government agency buyers.
USDA buyers have issued more than $25 million in contracts through FedBid’s managed online marketplace since 2011.
FedBid noted its reverse auction system helped USDA save approximately $4 million, compared with the department’s original Independent Government Cost Estimates.
The Labor Department also awarded FedBid a five-year contract for continued reverse auction and acquisition services.