Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, announced it has acquired BidOut, the industry’s premier AI-powered procurement platform specializing in requests for anything (RFx). Today’s announcement marks a significant milestone for Enverus’ suite of Business Automation solutions.
BidOut, founded in 2020 and headquartered in Houston, empowers buyers to easily source bids from multiple suppliers by streamlining the RFx creation process, a process that has traditionally taken multiple days to accomplish. By directly connecting service providers with buyers, BidOut has rapidly expanded its customer base and their innovative technology and customer centric approach has already positioned them as a key player in the energy sector.
The synergy between BidOut’s RFx platform and Enverus’ existing Source-to-Pay solution presents an exciting opportunity for the energy industry. By connecting BidOut’s sourcing capabilities with Enverus’ solutions, users can now manage their entire procurement process in our single Source-to-Pay platform. The integrated offering will enhance decision-making, save costs and time, and improve compliance and supplier management, ultimately optimizing procurement and enhancing supplier relationships.
Also Read: Generac Acquires Ageto to Enhance Microgrid and Energy Storage
“The acquisition of BidOut marks a transformative milestone in accelerating Enverus’ vision to become the foremost end-to-end provider of business automation solutions for the energy industry,” stated Manuj Nikhanj, CEO of Enverus. “Currently, Enverus partners with more than 450 buyers and 40,000 suppliers, facilitating more than $250 billion annually in digital invoicing for our customers. By integrating BidOut’s cutting-edge technology into our expansive network, we will immediately enhance value for our clients with our complete Source-to-Pay solution. This strategic acquisition underscores Enverus’ commitment to driving efficiency and technological advancements across the energy sector.
“As Enverus integrates BidOut’s products and services into our existing suite, we anticipate customers across all the verticals we serve will truly benefit. This investment will not only accelerate product development and innovation, but these enhanced offerings will help define some of our customers’ futures,” said Jeff White, general manager of Business Automation at Enverus. White will lead the integration of BidOut into Enverus’ platform.
SOURCE: PRNewswire