Enverus, an Austin, TX-based energy-dedicated SaaS company that leverages generative AI across its solutions, acquired BidOut, a Houston, TX-based provider of an AI-powered procurement platform specializing in requests for anything (RFx).
The amount of the deal was not disclosed.
With the acquisition, Enverus will expand its offerings. 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.
Founded in 2020, BidOut is an energy’s AI-powered procurement platform provider that empowers buyers to source bids from multiple suppliers by streamlining the RFx creation process. By directly connecting service providers with buyers, it 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.
Led by CEO Manuj Nikhanj, Enverus is an energy-dedicated SaaS company, with a platform built to optimize 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. Its platform, with intelligent connections, drives more efficient production and distribution, capital allocation, renewable energy development, investment, and sourcing. It provides intelligence across the energy ecosystem: renewables, oil and gas, financial institutions, and power and utilities, with more than 6,000 customers in 50 countries.
FinSMEs
07/08/2024