Enverus, the trusted energy-dedicated SaaS company leveraging generative AI, announced its acquisition of BidOut. BidOut, founded in 2020 and based in Houston, is a leading AI-powered procurement platform specializing in requests for anything (RFx). This acquisition is a significant milestone for Enverus’ Business Automation solutions. BidOut’s innovative technology streamlines the RFx creation process, enabling buyers to source bids from multiple suppliers quickly, a process that typically took days.
The integration of BidOut’s RFx platform with Enverus’ Source-to-Pay solution offers a comprehensive procurement management system. This synergy will enhance decision-making, reduce costs, save time, and improve compliance and supplier management. Users can now manage their entire procurement process within Enverus’ single Source-to-Pay platform, 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.”
Enverus’ dedication to promoting efficiency and technological breakthroughs in the energy sector is further demonstrated by this calculated acquisition.
