GAO awards $549K contract for electronic financial data access to Bloomberg Finance LP

Contract Overview

Contract Amount: $549,200 ($549.2K)

Contractor: Bloomberg Finance LP

Awarding Agency: Government Accountability Office

Start Date: 2024-09-22

End Date: 2026-09-21

Contract Duration: 729 days

Daily Burn Rate: $753/day

Competition Type: COMPETED UNDER SAP

Number of Offers Received: 2

Pricing Type: FIRM FIXED PRICE

Sector: Other

Official Description: THE GOVERNMENT ACCOUNTABILITY OFFICE (GAO) REQUIRES ELECTRONIC ACCESS TO FINANCIAL DATA FOR TEN (10) USERS.

Place of Performance

Location: NEW YORK, NEW YORK County, NEW YORK, 10022

State: New York Government Spending

Plain-Language Summary

Government Accountability Office obligated $549,200 to BLOOMBERG FINANCE LP for work described as: THE GOVERNMENT ACCOUNTABILITY OFFICE (GAO) REQUIRES ELECTRONIC ACCESS TO FINANCIAL DATA FOR TEN (10) USERS. Key points: 1. Contract awarded for essential financial data access for 10 users. 2. Bloomberg Finance LP selected for this critical service. 3. Contract duration is 729 days, ending September 21, 2026. 4. Firm Fixed Price contract type suggests predictable costs. 5. Awarded under Simplified Acquisition Procedures (SAP), indicating a focus on efficiency for smaller procurements. 6. The service falls under Web Search Portals and Information Services. 7. This procurement supports the Government Accountability Office's (GAO) operational needs.

Value Assessment

Rating: good

The contract value of $549,200 for 10 users over two years appears reasonable for specialized financial data access. Benchmarking against similar government contracts for data subscriptions is challenging without specific service level agreements, but Bloomberg is a known provider in this space. The firm fixed-price structure helps manage cost predictability for the GAO.

Cost Per Unit: Approximately $27,460 per user per year, which is competitive for premium financial data services.

Competition Analysis

Competition Level: full-and-open

The contract was competed under Simplified Acquisition Procedures (SAP), which allows for a broader range of competition than micro-purchases but is less formal than full and open competition for larger contracts. The specific number of bidders is not detailed, but SAP generally encourages multiple offers, leading to better price discovery and value for the government.

Taxpayer Impact: Competition under SAP aims to secure competitive pricing and ensure the government receives good value for its investment, even on smaller procurements.

Public Impact

Provides essential financial data to 10 users within the Government Accountability Office (GAO). Supports GAO's oversight and auditing functions by enabling access to critical financial information. The service is delivered electronically, ensuring timely and efficient data retrieval. Impacts GAO analysts and auditors who rely on this data for their work.

Waste & Efficiency Indicators

Waste Risk Score: 50 / 10

Warning Flags

Potential for vendor lock-in if alternative data sources are not explored.
Reliance on a single vendor for critical financial data could pose a risk if service is interrupted.

Positive Signals

Award to a well-established financial data provider (Bloomberg Finance LP).
Firm Fixed Price contract provides cost certainty.
Competition under SAP suggests an effort to obtain best value.
Clear end date for the contract limits long-term commitment.

Sector Analysis

This contract falls within the Information Services sector, specifically related to data provision and financial analytics. The market for financial data terminals and services is dominated by a few key players, including Bloomberg, Refinitiv, and FactSet. Government agencies frequently procure such services to support research, analysis, and decision-making. Spending benchmarks for similar data subscriptions can vary widely based on the breadth of data, number of users, and analytical tools included.

Small Business Impact

This contract does not appear to have a specific small business set-aside. Given the nature of the service (specialized financial data) and the provider (Bloomberg Finance LP), it is unlikely that small businesses would be primary competitors for this specific requirement. Subcontracting opportunities are not explicitly mentioned but are generally limited for such data subscription services.

Oversight & Accountability

The Government Accountability Office (GAO) itself is an oversight body, suggesting a high level of internal accountability. The contract is a Purchase Order, which typically includes terms and conditions that outline performance expectations and remedies. Transparency is facilitated by the public nature of contract awards, though specific performance metrics are not detailed here.

Related Government Programs

Financial Data Services
Information Technology Services
Data Analytics Platforms
Government Oversight Tools

Risk Flags

Vendor Lock-in
Service Interruption Risk
Data Security Compliance

Frequently Asked Questions

What is this federal contract paying for?

Government Accountability Office awarded $549,200 to BLOOMBERG FINANCE LP. THE GOVERNMENT ACCOUNTABILITY OFFICE (GAO) REQUIRES ELECTRONIC ACCESS TO FINANCIAL DATA FOR TEN (10) USERS.

Who is the contractor on this award?

The obligated recipient is BLOOMBERG FINANCE LP.

Which agency awarded this contract?

Awarding agency: Government Accountability Office (GAO, Except Comptroller General).

What is the total obligated amount?

The obligated amount is $549,200.

What is the period of performance?

Start: 2024-09-22. End: 2026-09-21.

What is the track record of Bloomberg Finance LP in providing similar data services to government agencies?

Bloomberg Finance LP is a globally recognized leader in financial data and analytics, serving a wide range of clients including government agencies, financial institutions, and corporations. They are known for providing comprehensive real-time and historical financial market data, news, analytics, and trading tools through their flagship Bloomberg Terminal. Many government entities, including financial regulators and economic research bodies, utilize Bloomberg services for market surveillance, economic analysis, and policy development. GAO's selection of Bloomberg suggests confidence in their ability to meet stringent government requirements for data accuracy, security, and reliability.

How does the cost of this contract compare to similar government procurements for financial data?

The contract value of $549,200 for 10 users over two years equates to approximately $27,460 per user annually. This figure is generally in line with, or potentially below, the typical subscription costs for premium financial data terminals like the Bloomberg Terminal, especially when considering the comprehensive nature of the service. Government agencies often negotiate enterprise-level agreements that can offer volume discounts. Without specific details on the exact data sets and features licensed, a precise comparison is difficult, but the price appears competitive for the market.

What are the primary risks associated with this contract for the GAO?

The primary risks for the GAO include potential vendor lock-in, where transitioning away from Bloomberg in the future might be costly or disruptive due to specialized workflows and data integration. Another risk is service interruption; while Bloomberg has robust infrastructure, any downtime could impede critical GAO functions. Dependence on a single provider for essential financial data also presents a concentration risk. Ensuring data security and compliance with government regulations is paramount, and any breach could have significant repercussions.

How effective is this contract in supporting the GAO's mission?

This contract is likely highly effective in supporting the GAO's mission. The GAO's role involves auditing federal agencies, reviewing government programs, and providing objective analysis to Congress and the public. Access to comprehensive, real-time, and historical financial market data is crucial for conducting thorough audits, identifying financial irregularities, assessing economic trends, and informing policy recommendations. By providing this essential data tool, the contract directly enables GAO staff to perform their oversight and investigative duties more efficiently and effectively.

What are historical spending patterns for financial data services at the GAO or similar agencies?

Historical spending on financial data services by agencies like the GAO typically shows a consistent need for such resources, often involving multi-year contracts with major providers like Bloomberg, Refinitiv, or S&P Capital IQ. Spending levels can fluctuate based on the number of users, the specific data modules required, and the overall budget allocated for information resources. Agencies often consolidate these services to leverage economies of scale and streamline procurement. The current award of $549,200 for two years appears consistent with typical expenditures for a dedicated team requiring advanced financial intelligence.

Industry Classification

NAICS: Information › Web Search Portals, Libraries, Archives, and Other Information Services › Web Search Portals and All Other Information Services

Product/Service Code: IT AND TELECOM - INFORMATION TECHNOLOGY AND TELECOMMUNICATIONS › IT AND TELECOM - PLATFORM

Competition & Pricing

Extent Competed: COMPETED UNDER SAP

Solicitation Procedures: SIMPLIFIED ACQUISITION

Solicitation ID: 05GA0A24Q0007

Offers Received: 2

Pricing Type: FIRM FIXED PRICE (J)

Evaluated Preference: NONE

Contractor Details

Address: 731 LEXINGTON AVE, NEW YORK, NY, 10022

Business Categories: Category Business, Not Designated a Small Business, Partnership or Limited Liability Partnership, Special Designations, U.S.-Owned Business

Financial Breakdown

Contract Ceiling: $1,455,200

Exercised Options: $549,200

Current Obligation: $549,200

Actual Outlays: $538,631

Contract Characteristics

Commercial Item: COMMERCIAL PRODUCTS/SERVICES

Timeline