Enverus Acquires BidOut, energy's leading AI-powered procurement platform provider

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Aug 06, 2024, 09:45 ET

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.

SOURCE Enverus