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Periscope Acquires BidSync to Form Public Procurement Powerhouse

Austin, TX, December 10, 2014 – Periscope Holdings has acquired BidSync, an industry leader in developing cloud-based procurement and bid notification 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 transaction closed on Monday, December 8, 2014.

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 eProcurement, 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.

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 it continues to offer the industry’s leading eProcurement and bid notification solutions. Parthenon’s investment recognizes Periscope’s strong history of thought leadership, consistent growth and profitability, and commitment to transforming public procurement. In addition, it will support the combined company’s future operational and product development plans and its drive to remain the leaders in purpose-based procurement.

“Our acquisition of BidSync is incredibly exciting and we are thrilled to bring these two public procurement industry leaders together,” said President and CEO of Periscope Holdings, Brian Utley, who will lead the merged company. “We look forward to continuing to deliver on the promise of purpose-based procurement, which has always been Periscope’s value proposition and reason for existence. I am particularly grateful for our partnership with Parthenon Capital Partners, which allowed us to form a new public procurement powerhouse.“

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. The company’s commitment to innovation and thought leadership will only grow, with a firm resolve to provide the market with the most advanced and comprehensive solutions that transform public and higher education procurement and enhance visibility for the vendor community.

“We are enthusiastic about joining the Periscope team,” said Fred Tillman, BidSync CIO and interim CEO, who becomes the combined company’s CIO. “The combination of these two eProcurement pioneers will have tremendous benefits to our customers and the eProcurement industry as a whole. Not only will this transaction bring together the two industry-leading eProcurement products for the public sector and higher education, but it also will enable BidSync and Periscope to drive further innovations that enable better purchase interactions between agencies and vendors.”

Brian Golson, Managing Partner at Parthenon Capital Partners, said, “We’re thrilled to partner with Brian Utley and the Periscope/BidSync executive team to aggressively grow the company. Periscope is poised to continue to build upon its leadership position in the government and education procurement industry.” Zach Sadek, Principal at the firm, remarked, “We are impressed with the Periscope team and their commitment to their mission of eradicating waste and providing value to every dollar spent. We’re looking forward to assisting the company as it continues to innovate and offer the industry’s leading procurement solutions.”

With the completion of the transaction, BidSync employees join the Periscope Holdings team led by Brian Utley. Periscope is headquartered in Austin, Texas, and BidSync will retain its location in American Fork, Utah.

Stephens Inc. served as exclusive financial advisor to Periscope Holdings on the transaction, and Piper Jaffray & Co. served as exclusive financial advisor to BidSync. Kirkland & Ellis LLP acted as legal advisor to Parthenon Capital Partners in connection with the transaction.

ABOUT PERISCOPE HOLDINGS, INC.
Periscope Holdings, Inc. (http://www.periscopeholdings.com), headquartered in Austin, Texas, is the leader in purpose-based procurement. Periscope eradicates waste and maximizes the value of every dollar spent by our public sector and higher education clients with procurement transformation solutions and services.

Periscope offers an eProcurement software suite, BuySpeed™, holds the exclusive license to maintain, enhance, and market the NIGP Commodity/Services Code, and manages the NIGP Consulting Program, which provides a wide range of procurement transformation services, including procurement strategy development, organizational assessments, relevant benchmarking, process reviews, and strategic sourcing services. Our solutions streamline processes, increase efficiency, decrease expenditures, and create transparency, allowing our clients to focus on achieving their purpose.

ABOUT BIDSYNC
BidSync (www.bidsync.com) offers cloud-based, end-to-end e-procurement solutions that help public sector agencies streamline their procurement process, maintain compliance, reduce costs, enable transparency and save time. The comprehensive solutions deliver cross-functionality through the entire procurement process from request to settle. BidSync also delivers bid notification services to 800,000 vendors nationwide. BidSync has 15 years of experience and its award-winning solutions have been relied on by more than 1,000 public sector agencies nationwide.

ABOUT PARTHENON CAPITAL PARTNERS
Parthenon Capital Partners (www.parthenoncapitalpartners.com) is a leading mid-market private equity firm based in Boston and San Francisco. Parthenon utilizes niche industry expertise and a deep execution team to invest in growth companies in service industries. Parthenon seeks to be an active and aligned partner to management, either through recapitalization transactions or by backing new executives. Parthenon has particular expertise in business services, financial and insurance services and healthcare, but seeks any service, technology or delivery business with a strong value proposition and proprietary know-how. Parthenon’s investment team has deep experience in corporate strategy, human capital, capital markets and operations, thereby enabling the firm to pursue complex, multi-faceted value creation opportunities.

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Periscope Holdings Ranked #12 in Austin Business Journal’s Fast 50

Austin, TX, October 23, 2014 – Periscope Holdings, the leader in purpose-based procurement, announced today that it has received the Austin Business Journal’s (ABJ) Fast 50 Award, which recognizes the fastest-growing private companies in Central Texas. Periscope ranked 12th in the $10 million and above revenue category with a 56.3% annual compounded growth rate between 2011-2013.

“Periscope is honored to be recognized by the Austin Business Journal for our revenue growth,” said Brian Utley, President and CEO of Periscope Holdings. “I attribute our rapid growth over the last three years to our steadfast focus on our purpose, which is to eradicate waste and maximize the value of every dollar spent by our public sector and higher education clients. The other unequivocal key to our growth is that we hire the best of the best. Periscope’s team is committed and smart, and they embrace our purpose and values. This recognition is a direct result of the hard work and commitment of each and every member of the Periscope team.”

In order to qualify for the ABJ Fast 50, companies must show dramatic revenue growth over the past three years. Revenue numbers are verified by local accounting firm, Maxwell Locke and Ritter. The rankings were announced by the Austin Business Journal at the ABJ Fast 50 Reception and Awards Presentation on October 16, 2014, at the AT&T Conference Center.

ABOUT PERISCOPE HOLDINGS, INC.
Periscope Holdings, Inc. (http://www.periscopeholdings.com), headquartered in Austin, Texas, is the leader in purpose-based procurement. Periscope eradicates waste and maximizes the value of every dollar spent by our public sector and higher education clients with procurement transformation solutions and services.

Periscope offers an eProcurement software suite, BuySpeed™, holds the exclusive license to maintain, enhance, and market the NIGP Commodity/Services Code, and manages the NIGP Consulting Program, which provides a wide range of procurement transformation services, including procurement strategy development, organizational assessments, relevant benchmarking, process reviews, and strategic sourcing services. Our solutions streamline processes, increase efficiency, decrease expenditures, and create transparency, allowing our clients to focus on achieving their purpose.

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New NIGP Codes Added for Higher Ed

The NIGP Commodity/Services Code, the standard classification taxonomy for public purchasing, continues to evolve.  Periscope manages the Code and is deeply committed to making useful additions to the Code to meet the growing needs of Code users.

The latest additions to the NIGP Code were created specifically for our Higher Education Code users. We are excited to share with you that the NIGP Commodity/Services Code has 8 new 3-digit Class Codes for specific purchase categories.

The new Codes cover the following spend categories:
•    Construction and Utilities Services
•    Communications and Technical Services
•    Contracted Services and Rentals
•    Financial Service
•    Grants
•    Professional Services
•    Miscellaneous Expenditures for Higher Education

Each of the new 3-digit Class Codes contains a number of 5-digit Class-Item Codes that are intended to assist college and university Code users with better spend analysis for these categories.

We are grateful to the Texas A&M University System for helping to identify these Code additions; their input was valuable in making the Code an even more useful tool for institutions of higher learning. We welcome and encourage user input to keep the NIGP Code an up-to-date “Living Code.”

These Codes are now available for viewing and downloading from www.nigp.com. For more information, contact NIGP Code Support at 1-800-757-6064 or support<at>nigp.com.


Inclusive eProcurement

In the latest issue of Public CIO, there’s a powerful research report from The Center for Digital Government entitled “Next-Generation Government.” The report includes a section about “Personalizing the Web to Empower Citizens and Businesses.” This is something we’re very passionate about at Periscope. After all, our BuySpeed eProcurement solution was built to empower businesses to sell their products and services to government agencies.

One of the recommendations in the Center for Digital Government Report is to “design for inclusion.” Federal agencies, as well as organizations that receive federal funding, must comply with Section 508 of the Rehabilitation Act of 1973, which requires them to make their electronic and information technology accessible to people with physical, sensory, or cognitive disabilities by providing accessibility alternatives and ensuring compatibility with common assistive technologies. This is a requirement that Periscope takes very seriously, and we work hard to ensure that our BuySpeed eProcurement solution meets the accessibility needs of all users.

At Periscope, we know that Section 508 compliance is a non-negotiable. Purpose-based procurement means procurement that is inclusive. We are committed to transforming public procurement with a focus on inclusivity and accessibility because we understand the needs and requirements of the public sector.

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2 Must-Read GovPro Magazine Articles

The August/September 2014 issue of Government Procurement Magazine is now available online! We’re excited to share two of the must-read articles in this issue.

1. The Hot Topics article entitled “Purpose Transforms Public Procurement” by Matt Walker, Periscope’s President of NIGP Code & Consulting Services on page 4, explores how public procurement has evolved over the years and challenges public procurement professionals to invest time in understanding their organization’s purpose.

2. The Best Practices article entitled “A Good Fit: Working with Potential Bidders Improves Buying Processes and Outcomes” on page 12 was crafted from the content of the NIGP Business Council White Paper, Everybody Wins: Crafting a Bid that Fosters Transparency, Best Value, and Collaborative Partnership. It includes 10 recommendations based on the solicitation review experience of the members of the NIGP Business Council.

Click here to read the entire issue online now!


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