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A Brisbane-based Software-as-a-Service (SaaS) company that helps customers streamline competitive bids for contracts has been acquired by AI-powered strategic management software provider Responsive for an undisclosed sum, accelerating the US-based company’s expansion into Australia.
Founded in 2017 by Nyree McKenzie and Aaron Godde, Bidhive was born out of a dissatisfaction with bid management processes and systems, with the platform designed to help reduce reliance on spreadsheets and manual input, saving up to 40 per cent in time and duplicated effort.
The company offers tender search, contract award search, bid opportunity register, bid/no bid thresholds, proposal management and win/loss outcomes. Industries that use Bidhive’s service include logistics, construction, defence, healthcare, humanitarian assistance, workforce management and regulated professions.
Following the acquisition, McKenzie and Godde will join the Responsive team.
“Joining forces with Responsive presents an incredible opportunity for Bidhive customers and our team,” Bidhive co-founder and CEO Nyree McKenzie said.
“Responsive’s innovation in response management aligns with our mission to transform the way organisations approach bids, tenders, and proposals.
“We share a vision of streamlining the response process through innovation, and together, we will deliver more powerful, intelligent solutions across the bid and proposal lifecycle across the Asia-Pacific (APAC) and beyond.”
Based in the Oregon city of Beaverton, Responsive uses AI-powered agents to help draft answers, manage collaborative workflows and deliver responses to requests for information (RFIs), proposals (RFPs), quotations (RFQs) or tenders (RFTs) 80 per cent faster. The platform’s AI can also be used to address due diligence questionnaires and environmental, social and governance (ESG) criteria.
According to the company’s website, it has managed more than $600 billion in opportunities, with 2000-plus customers having used the platform. Of those, more than 20 are Fortune 100 companies.
One example is Microsoft, which estimates it has saved $17 million in four years using AI-powered self-service search of the organisation’s knowledge base – dubbed the Proposal Resource library. Sellers also gained 93,000 additional hours to spend on customer relationships and building pipelines instead of searching for answers and proposal content.
Responsive notes that the latest acquisition will allow it to better serve enterprises across APAC, providing enhanced capabilities to manage bids, tenders, RFPs, RFIs and other strategic responses at scale.
“This acquisition marks a significant milestone in our global growth strategy,” Responsive co-founder and CEO Ganesh Shankar said.
“Bidhive has built a strong reputation in the APAC market, and by combining our technologies and expertise, we’re positioned to deliver even greater value to organisations looking to improve their response processes.
“We’re excited to welcome the Bidhive team and customers into Responsive.”
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