BidOut Inc

BidOut Inc, based in the US, specializes in operational software solutions for the oil and gas sector, streamlining processes for supply chain and operations teams through innovative bidding tools. Founded in 2020, BidOut Inc operates from Houston, US, focusing on enhancing bidding processes within the oil and gas industry. The company completed its first deal on August 6, 2024. BidOut Inc was acquired by Enverus, a portfolio company of Genstar Capital Partners and Hellman & Friedman, although the financial terms of the acquisition were not disclosed.

BidOut Inc offers Enverus RFx, a sophisticated bidding software designed for the oil and gas industry. This platform enables supply chain and operations teams to streamline the request for quotes (RFQs) process, connecting users with a vast network of vetted suppliers across North America. Key features include customizable templates for repetitive bids, artificial intelligence for faster bid creation, and centralized vendor communications, enhancing operational agility and compliance with procurement standards. The solution serves exploration and production (E&P) companies, oilfield service providers, and other energy sector stakeholders across North America.

Enverus RFx generates revenue through subscription models and transactional fees for its bidding platform. Clients subscribe for access to various services, including advanced analytics and bid management tools. Revenue is derived from monthly or annual subscription payments tailored to the needs of clients in the oil and gas industry, ensuring efficient procurement and operational excellence. Following the acquisition on August 6, 2024, Enverus aims to leverage BidOut Inc’s capabilities to enhance productivity and streamline business processes.

The acquisition is expected to support the expansion of Enverus RFx into new markets, further strengthening its position in the oil and gas industry.