News Release

Enverus Acquires BidOut, energy’s leading AI-powered procurement platform provider

Industry-leading RFx platform complements Enverus’ existing Source-to-Pay offering, accelerating Business Automation solutions

byEnverus

AUSTIN, Texas (Aug. 6, 2024) — Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, announced today it has acquired BidOut, the industry’s premier AI-powered procurement platform specializing in requests for anything (RFx). Today’s announcement marks a significant milestone for Enverus’ suite of Business Automation solutions.

BidOut, founded in 2020 and headquartered in Houston, empowers buyers to easily source bids from multiple suppliers by streamlining the RFx creation process, a process that has traditionally taken multiple days to accomplish. By directly connecting service providers with buyers, BidOut has rapidly expanded its customer base and their innovative technology and customer centric approach has already positioned them as a key player in the energy sector.

The synergy between BidOut’s RFx platform and Enverus’ existing Source-to-Pay solution presents an exciting opportunity for the energy industry. By connecting BidOut’s sourcing capabilities with Enverus’ solutions, users can now manage their entire procurement process in our single Source-to-Pay platform. The integrated offering will enhance decision-making, save costs and time, and improve compliance and supplier management, ultimately optimizing procurement and enhancing supplier relationships.

“The acquisition of BidOut marks a transformative milestone in accelerating Enverus’ vision to become the foremost end-to-end provider of business automation solutions for the energy industry,” stated Manuj Nikhanj, CEO of Enverus. “Currently, Enverus partners with more than 450 buyers and 40,000 suppliers, facilitating more than $250 billion annually in digital invoicing for our customers. By integrating BidOut’s cutting-edge technology into our expansive network, we will immediately enhance value for our clients with our complete Source-to-Pay solution. This strategic acquisition underscores Enverus’ commitment to driving efficiency and technological advancements across the energy sector.

“As Enverus integrates BidOut’s products and services into our existing suite, we anticipate customers across all the verticals we serve will truly benefit. This investment will not only accelerate product development and innovation, but these enhanced offerings will help define some of our customers’ futures,” said Jeff White, general manager of Business Automation at Enverus. White will lead the integration of BidOut into Enverus’ platform.

“BidOut is very user friendly and straightforward. We use it for 90% of the bids we do,” added Brittney Pool, senior supply chain specialist at SM Energy.“ The supplier directory is valuable because it helps us connect with new suppliers. This is especially helpful when we need bids in regions where we aren’t as familiar with the available supplier network.” Neither SM Energy nor their employees were compensated for this statement.

Learn more about Enverus’ Business Automation solutions at Enverus.com/business-automation.

About Enverus
Enverus is the most trusted energy-dedicated SaaS company, with a platform built to maximize value from generative AI, offering anytime, anywhere access to analytics and insights. These include benchmark cost and revenue data sourced from more than 95% of U.S. energy producers and more than 40,000 suppliers. Our platform, with intelligent connections, drives more efficient production and distribution, capital allocation, renewable energy development, investment, and sourcing. Our experienced industry experts support our customers through thought leadership, consulting, and technology innovations. We provide intelligence across the energy ecosystem: renewables, oil and gas, financial institutions, and power and utilities, with more than 6,000 customers in 50 countries. Learn more at Enverus.com.

About BidOut
BidOut is the leading procurement platform in the energy industry. BidOut was formed out of the basic need for one platform that streamlines the procurement process and connects service providers directly to the buyers. BidOut’s mission is to put more control in the hands of the suppliers and streamline the bidding process for engineering, supply chain and procurement on one easy-to-use platform. BidOut was formed in 2020 by co-founders Rodney D. Giles & Tyler Cherry and is backed many industry veterans and investors. BidOut is focused on all-things-procurement for the oil and gas industry. Learn more at BidOut.app.

Media Contact: Jon Haubert | 303.396.5996

Picture of Enverus

Enverus

Energy’s most trusted SaaS platform — creating intelligent connections that uncover insights and opportunities to deliver extraordinary outcomes.

Related News

Enverus Press Release - DUC Hunt: What the 2025 drawdown means
News Release
ByEnverus

Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, is releasing a report that analyzes recent inventories of drilling uncompleted wells (DUCs) and the implications for 2025 budgets.

Enverus Press Release - Class VI wave expected to hit US
News Release
ByEnverus

Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, has released a report and overview focused on recent changes and additions to the growing list of Class VI...

Enverus Press Release - E&Ps with natural gas + CCS pave way for model data center development
News Release
ByEnverus

Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, has developed new capabilities to help site data centers using data sets focused on onshore fiber cables, substation withdrawal...

Enverus Press Release - Lessons learned from Eaton and the risk of wildfires spread by transmission lines
News Release
ByEnverus

With the devastating wildfires near Los Angeles nearly 100% contained, Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, has released a report analyzing wildfire risk levels across...

Enverus Press Release - Enverus PRISM® now available for Europe
News Release
ByEnverus

Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, is expanding PRISM, its hallmark energy decision-making platform to customers in Europe.

Enverus Press Release - Upstream M&A climbs to $105 billion in 2024
News Release
ByEnverus

Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, is releasing its summary of Q4 and full-year 2024 upstream M&A activity.

Enverus Press Release - Volatile oil prices and counter-consensus natural gas supply growth leaves EIR a touch bearish
News Release
ByEnverus

Enverus Intelligence® Research (EIR), a subsidiary of Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, has released its latest Fundamental Edge report, which focuses on global drivers for oil and gas prices through 2030,...

Enverus Press Release - Enverus releases 2025 Global Energy Outlook
News Release
ByEnverus

Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, is releasing its 2025 Global Energy Outlook, an e-book focused on pivotal North American and international energy landscape trends and opportunities expected this year.  

Enverus Press Release - RatedPower’s custom Layout Editor ushers in new era of smart energy flow
News Release
ByEnverus

RatedPower, a part of Enverus, the most trusted energy-dedicated SaaS company that leverages generative AI across its solutions, is releasing its new Layout Editor, a tool that empowers users to design, customize and optimize solar layouts — all within one...

Find Out How Enverus Can Help Your Business

Subscribe to the Energy Blog

A weekly update on the latest “no-fluff” insight and analysis of the energy industry.

Let’s get started!

We’ll follow up right away to show you a quick product tour.

Let’s get started!

We’ll follow up right away to show you a quick product tour.

Get Started

Register Today

Sign Up

Power Your Insights

Connect with an Expert

Access Product Tour

Speak to an Expert