Periscope Holdings’ Acquisition of BidSync

BidSync has been acquired by Periscope Holdings, an industry leader in developing procurement 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 deal was signed on Monday, December 8, 2014.

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 the company continues to offer the industry’s leading e-procurement solutions for both the public sector, and those companies that want to do business with them. Parthenon’s investment recognizes both BidSync and Periscope’s strong history of thought leadership, consistent growth and profitability, and commitment to transforming public procurement. Further, it will support the combined company’s future operational and product development plans and our drive to remain the leaders in purpose-based procurement.

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 e-procurement, 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.

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.

Below you will find answers to possible questions you may have in connection with this acquisition:

 

Q: Who will run Periscope Holdings?
A: Brian Utley, Periscope Holding’s current President and CEO will manage the new company. Fred Tillman, BidSync’s CIO and interim CEO, will remain the combined company’s CIO.
Q: How will this change affect the quality of BidSync service I receive?
A: The acquisition of BidSync by Periscope Holdings will not affect the level of service you receive. The new company will still operate and support all products in the BidSync portfolio.
Q: How will customer service be handled?
A: We will continue to operate customer support from BidSync’s corporate office just as it has historically been. You can continue to use BidSync’s online ticket system or call our 1-800 support number.

 

BidSync eProcurement Agency Customers:

Q: Will I continue to use BidSync eProcurement or change to Periscope BuySpeed?
A: BidSync Source, Contract, Purchase, Requisition and Vendor Management products will continue to be supported. You will still log onto the system and use the products you have been trained on and use daily. The company’s commitment to product development and innovation will only grow, with a commitment to providing the market with the most advanced and broadest set of e-procurement solutions available.
Q: Who should I contact if I have questions about my account?
A: During this transition period, agency customers can contact Customer Support at 1-800-990-9339 to answer any questions that are not addressed within these FAQs.
Q: Do I need to start looking for a new (eProcurement, bid notification) service?
A: Absolutely not. BidSync is in the strongest position it has ever been in and will continue to be so. The combined company has a strong, experienced executive team and an innovative roadmap that will continue to deliver great value to government agencies, educational institutions, regulated businesses and the companies that do business with them.
Q: Will prices increase?
A: All BidSync products operate on a standard price list and will remain the same at this time.
Q: Will my online account portal be changed?
A: No. BidSync has recently updated its account portals and does not plan to change it.
Q: Will the services offered change?
A: No. Periscope Holdings does not anticipate changes to its eProcurement products within the foreseeable future. They will also maintain the same BidSync branding. We will continually seek to improve our services, find efficiencies in the combined Periscope and BidSync products, and offer more to our customers.
Q: How can I know that investing in your products/services will be a good choice?
A: Periscope Holdings is dedicated to providing the highest quality products and services for our clients. The combined entity and financial backing of Parthenon Capital Partners only strengthens the overall solution set for this market.
Q: Will I need to assign my contract to the new entity as a result of this acquisition?
A: No. Based on the legal structure set up for the combined entity, your contract can remain as is.
Q: I currently direct my vendors to BidSync.com to register and have access to my agency bids. Do I need to route them to Periscope?
A: No. Although the name of the company will be Periscope Holdings, the company will not only maintain the BidSync brand for its products, but also its website and online portal.

 

BidSync Links or Links Plus Customers:

Q: Will the new company add features and programs to the current service offering?
A: Yes. Periscope Holdings will continue to innovate and add features, based on customer feedback. A full, combined product roadmap is not yet finalized, but we maintain a commitment to superior service for our customers. If you have specific comments or features you’d like to see, please let us know.
Q: If I am a current Links customer will I now have access to Periscope customer data?
A: The acquisition of BidSync by Periscope Holdings is anticipated to provide more bid opportunities and a richer set of data (such as bid documents and attachments) to our Links customers. Further details still need to be worked out, and the amount of data offered will be the decision of each Periscope agency customer.
Q: Will my online BidSync account portal be changed?
A: No. You will continue to log on to the same vendor portal to access your BidSync services, and we will continue to support and innovate our bid notification, spend analytics, contact lists, and RFP writing services that you currently use.
Q: How can I know that investing in your products/services will be a good choice?
A: Periscope Holdings is dedicated to providing the highest quality products and services for our clients. The combined entity and financial backing of Parthenon Capital Partners only strengthens the overall solution set for this market.
Q: Who should I contact if I have questions about my account?
A: During this transition period, our Links and Links PLUS customers can contact Customer Support at 1-800-990-9339 to answer any questions that are not addressed within these FAQs.
Q: Will the services offered change?
A: No. Periscope Holdings does not anticipate changes to the services within the foreseeable future. We will continually seek to improve our services, find efficiencies in the combined Periscope and BidSync products, and offer more to our customers.

Click here to see the press release regarding this acquisition.