AUSTIN, TX -- Periscope Holdings has acquired BidSync, an industry leader in developing cloud-based procurement and bid notification solutions for the public sector. Periscope's addition of BidSync creates a true powerhouse in public and higher education procurement. The combined company will retain the name Periscope Holdings. The transaction closed on Monday, December 8, 2014.
BidSync is best known for its eSourcing solutions and for having the largest government bid notification system in North America, enabling suppliers and vendors to identify and respond to more bid opportunities, while Periscope has created a strong reputation in eProcurement, along with being the sole custodian of the NIGP Commodity/Services Code and the NIGP Consulting Program. Both companies are pioneers in the industry and have been instrumental in creating the solutions that have transformed public procurement over the last 15 years.
This acquisition was supported by Periscope's private equity partner, Parthenon Capital Partners. Through Parthenon Capital Partners, the combined company will have access to strong institutional sponsorship and the growth capital necessary to drive further innovation to ensure it continues to offer the industry's leading eProcurement and bid notification solutions. Parthenon's investment recognizes Periscope's strong history of thought leadership, consistent growth and profitability, and commitment to transforming public procurement. In addition, it will support the combined company's future operational and product development plans and its drive to remain the leaders in purpose-based procurement.
"Our acquisition of BidSync is incredibly exciting and we are thrilled to bring these two public procurement industry leaders together," said President and CEO of Periscope Holdings, Brian Utley, who will lead the merged company. "We look forward to continuing to deliver on the promise of purpose-based procurement, which has always been Periscope's value proposition and reason for existence. I am particularly grateful for our partnership with Parthenon Capital Partners, which allowed us to form a new public procurement powerhouse."
Periscope Holdings will continue to drive innovation for both the vendor and the agency-side of the business, with a long-term strategy to find efficiencies and new products in the combined company's offerings. The company's commitment to innovation and thought leadership will only grow, with a firm resolve to provide the market with the most advanced and comprehensive solutions that transform public and higher education procurement and enhance visibility for the vendor community.
"We are enthusiastic about joining the Periscope team," said Fred Tillman, BidSync CIO and interim CEO, who becomes the combined company's CIO. "The combination of these two eProcurement pioneers will have tremendous benefits to our customers and the eProcurement industry as a whole. Not only will this transaction bring together the two industry-leading eProcurement products for the public sector and higher education, but it also will enable BidSync and Periscope to drive further innovations that enable better purchase interactions between agencies and vendors."
With the completion of the transaction, BidSync employees join the Periscope Holdings team led by Brian Utley. Periscope is headquartered in Austin, Texas, and BidSync will retain its location in American Fork, Utah.