Industry-leading RFx platform complements
Enverus' existing Source-to-Pay offering, accelerating Business
Automation solutions
AUSTIN,
Texas, Aug. 6, 2024 /PRNewswire/ -- Enverus, the
most trusted energy-dedicated SaaS company that leverages
generative AI across its solutions, announced today 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.
"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.
Learn more about Enverus' Business Automation solutions at
Enverus.com/business-automation.
About Enverus
Enverus is the most trusted
energy-dedicated SaaS company, with a platform built to maximize
value from generative AI, offering anytime, anywhere access to
analytics and insights. These include benchmark cost and revenue
data sourced from more than 95% of U.S. energy producers and more
than 40,000 suppliers. Our platform, with intelligent connections,
drives more efficient production and distribution, capital
allocation, renewable energy development, investment, and sourcing.
Our experienced industry experts support our customers through
thought leadership, consulting, and technology innovations. We
provide intelligence across the energy ecosystem: renewables, oil
and gas, financial institutions, and power and utilities, with more
than 6,000 customers in 50 countries. Learn more at
Enverus.com.
About BidOut
BidOut is the leading procurement
platform in the energy industry. BidOut was formed out
of the basic need for one platform that streamlines the procurement
process and connects service providers directly to the
buyers. BidOut's mission is to put more control in the
hands of the suppliers and streamline the bidding process for
engineering, supply chain and procurement on one easy-to-use
platform. BidOut was formed in 2020 by co-founders
Rodney D. Giles & Tyler
Cherry and is backed many industry veterans and
investors. BidOut is focused on all-things-procurement
for the oil and gas industry. Learn more at
BidOut.app.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/enverus-acquires-bidout-energys-leading-ai-powered-procurement-platform-provider-302215416.html
SOURCE Enverus