June 11, 2007—Co-exprise, Inc., a technology and strategic sourcing company, helped generate a cost savings of more than $10 million (a 30% price reduction from current rates) for the District of Columbia and the 25 other participating member jurisdictions of the Metropolitan Washington Council of Governments (MWCOG). MWCOG is a consortium of 25 government entities throughout DC, Maryland and Virginia. This bid event and the ensuing contracts that were awarded represent the largest multi-state government consortium purchase of natural gas in history.
Co-exprise’s MarketPlace business unit worked with the Office of Contracting and Procurement for the District of Columbia and the MWCOG to conduct an online reverse auction to provide the best market price for 4.1 million decatherms (Dth) of natural gas that includes natural gas delivery to the burner-tip for the next three years.
An online reverse auction is a real-time bidding process in which each bidder is given a generic identifier and can see competitors’ bids but not their names as they continue lowering bid prices until best market price is achieved. Co-exprise used its sourcing technology to validate the capability of the bidders in advance and assure total transparency of the process.
Co-exprise, Inc., designs and leverages technology to accelerate and enhance the way organizations source everything from complex, direct materials to everyday commodities. For more information, see the Web site.
