Procurex featured in the New York Times

Below is small excerpt from an article published in the New York Times featuring Procurex. You will also find a link below to the complete article.

In reality, agencies have paid millions of dollars indirectly to FedBid. That is because the company sometimes charges winning contractors a fee of up to 3 percent of a contract’s value, which is automatically tacked onto the government’s bill. For the 2012 fiscal year, the G.A.O. estimated that FedBid collected about $13.4 million in fees off about $828 million in contracts for four top agencies. In comparison, the Defense Logistics Agency uses software from a company called Procurex for reverse auctions. The agency last year awarded about $25 billion through reverse auctions and Procurex, which charges a publicly available fee, collected $288,000 for its work.

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