The Firm represented Enverus, an energy SaaS company, in its acquisition of BidOut Inc., an AI-powered procurement platform specializing in requests for anything (RFx). Financial terms of the transaction were not disclosed.
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. Enverus is a leading energy-dedicated SaaS platform, offering real-time access to analytics, insights and benchmark cost and revenue data, sourced from its partnerships to 98% of U.S. energy producers and more than 35,000 suppliers.
The Simpson Thacher team included Michael Kaplan, Ted Schneider and Millen Trujillo (M&A); Sophie Staples and Lina Pan (Tax); Ron Ben-Yehuda (IP); Harry Hudesman and Josh Stephens (ECEB).