Overstock Awarded Federal General Services Administration Contract for Commercial E-Marketplace Platform
June 29 2020 - 8:30AM
Overstock.com, Inc. (NASDAQ:OSTK) was awarded a U.S. government
contract with the General Services Administration (GSA) as one of
three online retailers providing business-to-business (B2B)
e-commerce capabilities for federal agencies. The GSA Commercial
e-Marketplace Acquisition contract leverages Overstock’s technology
and 20 years of experience in B2B and B2C e-commerce to the
government with easy access to furniture, supplies, and other
commercial off-the-shelf (COTS) goods.
“We’re thrilled GSA has selected us for this exclusive group of
online retailers to participate in this proof-of-concept pilot
program which will allow us to supply key items like office
furniture and equipment to government agencies,” said Jonathan
Johnson, CEO of Overstock.com. “The commercial marketplace
platforms are to provide the GSA with increased oversight on
government spending. We are confident our technology and industry
relationships will help make GSA’s goal a reality.”
GSA expects to have the e-commerce platform ready to launch in
approximately thirty days. The platform will allow GSA to test the
use of commercial e-commerce portals for purchases below the
micro-purchase threshold of $10,000 using a proof-of-concept (for
up to three years).
As part of GSA’s e-commerce platform, Overstock will help
federal agency employees save time and taxpayer dollars on the
company’s commercial marketplace and will help GSA streamline its
spend data to increase efficiency. According to GSA, open market
purchases on government purchase cards represent an estimated $6
billion annually.
The platform will offer a wide assortment of products from
established partners, and will allow government personnel to easily
find, research, and order necessary COTS products, including many
items from small businesses. Along with the commercial e-commerce
platform, Overstock will provide concierge customer care service to
aid with efficiency and ensure a top-of-the-line experience for
government purchasers.
“Our focus has always been to build phenomenal technology and to
create the best possible shopping experience for our customers,
whether that customer is in the private or government sector,” said
Dave Nielsen, President of Overstock Retail. “This GSA contract
aligns nicely within our business model and leverages our decades
of experience in building e-commerce technology, relationships in
the retail industry, and our robust supply chain and site
infrastructure. We’re excited for this opportunity and to grow our
B2B business.”
Ron Hilton, Overstock’s Chief Sourcing and Operations Officer,
added, “We appreciate GSA’s recognition of our expertise and our
leadership in e-commerce. Our assortment for this platform will
parallel our assortment on Overstock.com ensuring quality products
at a great value alongside added benefits for our government
clients.”
GSA provides centralized procurement for the federal government,
offering billions of dollars’ worth of products, services, and
facilities that federal agencies need. This e-commerce platform is
part of GSA's Federal Marketplace Strategy to modernize
and simplify the buying and selling experience for customers,
suppliers, and acquisition professionals. GSA’s acquisition
solutions supply federal purchasers with cost-effective
high-quality products and services from commercial vendors. GSA
helps federal agencies build and acquire office space, products and
other workspace services, and oversees the preservation of historic
federal properties. Its policies covering travel, property and
management practices promote efficient government operations.
About OverstockOverstock.com, Inc Common
Shares (NASDAQ:OSTK) / Digital Voting Series A-1 Preferred Stock
(Medici Ventures’ tZERO platform:OSTKO) / Series B Preferred
(OTCQX:OSTBP) is an online retailer and technology company
based in Salt Lake City, Utah. Its leading e-commerce website
sells a broad range of new home products at low prices, including
furniture, décor, rugs, bedding, home improvement, and more. The
online shopping site, which is visited by tens of millions of
customers a month, also features a marketplace providing customers
access to millions of products from third-party sellers. Overstock
was the first major retailer to accept cryptocurrency in 2014, and
in the same year founded Medici Ventures, its wholly owned
subsidiary dedicated to the development and acceleration of
blockchain technologies to democratize capital, eliminate
middlemen, and re-humanize commerce. Overstock regularly posts
information about the Company and other related matters on
the Newsroom and Investor Relations pages on
its website, Overstock.com.
O, Overstock.com, O.com, Club O, Main Street
Revolution, and Worldstock are registered
trademarks of Overstock.com, Inc. Other service
marks, trademarks and trade names which may be referred to
herein are the property of their respective owners.
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such
forward-looking statements include all statements other than
statements of historical fact, including but not limited to
statements regarding the contract with the General Services
Administration and Overstock’s business-to-business operations.
Additional information regarding factors that could
materially affect results and the accuracy of the forward-looking
statements contained herein may be found in the Company's Annual
Report on Form 10-K for the fiscal year ended December 31, 2019,
which was filed with the SEC on March 13, 2020, in our Form 10-Q
for the quarter ended March 31, 2020, which was filed with the SEC
on May 7, 2020, and in our subsequent filings with the
SEC.SOURCE: Overstock.com, Inc.
Contacts Investor Relations:Alexis
Callahan801-947-5126ir@overstock.com |
Media:Overstock Media
Relations801-947-3564pr@overstock.com |
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