Bid Ocean and North America Procurement council

Minneapolis, Minnesota – Quazar is pleased to announce Bid Ocean, Inc. (“Bid Ocean”) and North America Procurement Council, Inc. PBC (“NAPC,” together with Bid Ocean, the “Companies”) have been acquired by BCI Central (“BCI”), a US-based operating subsidiary of Byggfakta Group (OM: BFG) (“Byggfakta”), a publicly traded software company headquartered in Ljusdal, Sweden. Quazar acted as the Companies’ exclusive financial advisor in the transaction, and Winthrop & Weinstine served as legal counsel. The transaction closed on November 18, 2022, and terms of the transaction were not disclosed.

Operating as a Government to Business (G2B) and Business to Business (B2B) bid sourcing and tender solicitation platform, the Companies provide general contractors, subcontractors, and material & equipment suppliers real-time access to locate and obtain vital information on public construction projects. Uploading organized data on over 800,000 projects annually across North America, Bid Ocean and NAPC provide project details to bidders such as a scope of work, planholder lists, project addenda, and bid tabulations.

Tim Loncarich, founder and CEO of Bid Ocean and NAPC stated, “We have built a complex software solution over the last 20 years with a main focus of providing curated data on public works projects to the vast array of members within the construction bidding community. We couldn’t be more thrilled to have found a partner that not only understands and appreciates the intricate nature of our software offering, but also can continue to provide a best-in-class service to our customers. Quazar played a fundamental role in introducing us to the buyer group and provided guidance to us throughout every step of the transaction.”

“We are happy to have acquired Bid Ocean and NAPC. The acquired platforms have similarities to what we offer via our recently acquired platform Quest, and we see great potential for commercial synergies between our expanding operation. Furthermore, the acquisition will strengthen our combined offering in North America and increase the quality on our government bidding information as well as general construction projects.” according to Damian Eastman, CO-CEO APAC, US and Canada Byggfakta Group.

Bid Ocean (bidocean.com) was founded in 2001 as a premier digital bid sourcing and solicitation platform. The company allows subscribers to find active opportunities to participate in the solicitation phase of public works projects.

NAPC (napc.pro) was founded in 2015 as a sister company and complementary software service offering to Bid Ocean. NAPC has over 120 unique business portals for subscribers to access market specific and regionalized bid lead opportunities, including portals for all 50 states and project categories such as horizontal boring and the energy market.

BCI Central (bcicentral.com), formerly known as BCI Media Group, is primarily a US and Australian-based SaaS building and construction information management company. BCI offers a range of software solutions for various stages of a construction project, including concept and design, planning, bid lead, bid advertisement, tender, and contract procurement. As of October 2021, BCI Central operates as a subsidiary of Byggfakta Group.

Byggfakta Group (byggfaktagroup.com) is headquartered in Ljusdal, Sweden, and is a leading digital platform providing solutions connecting construction value-chain participants, maximizing sales and improving efficiency for its customers. The Company’s core offering lies across four product segments, targeting different stakeholders in the construction value chain, namely (i) Project Information – a business intelligence sales lead platform; (ii) Specification – specification software digitalizing the specification writing process; (iii) Product Information – an online platform that allows suppliers to showcase their products online and provides buyers with a comprehensive catalogue of curated construction products; and (iv) e-Tendering – eSourcing and eProcurement software. Byggfakta Group is publicly traded on the Nasdaq Stockholm AB.

Quazar (quazarinc.com) is a Minneapolis-based Investment Bank founded in 1990. Quazar specializes in working with privately-held businesses within various industries, including: manufacturing, distribution, business services, technology, and consumer. Quazar provides both sell-side and buy-side advisory services to companies in the lower middle and middle-market.