FedBid gets new Labor reverse auction contract

FedBid will continue its reverse auction partnership with the Labor Department under a new potential five-year contract.

FedBid has received a new contract of an undisclosed sum for continued use of its reverse auction system by the Labor Department to acquire goods and services.

The new contract covers one base year and includes four one-year options. DOL has awarded at least $68 million in contracts through FedBid’s marketplace over 11 years with 95 percent given to small businesses.

This latest contract comes three years after FedBid spun out its former commercial business to focus exclusively on the federal marketplace.

At least 75 federal, state and local government organizations use FedBid’s reverse auction system.