Treasury's $275M Web Portal Contract Awarded to Refinitiv US LLC
Contract Overview
Contract Amount: $275,781 ($275.8K)
Contractor: Refinitiv US LLC
Awarding Agency: Department of the Treasury
Start Date: 2024-05-14
End Date: 2027-05-13
Contract Duration: 1,094 days
Daily Burn Rate: $252/day
Competition Type: NOT COMPETED
Number of Offers Received: 1
Pricing Type: FIRM FIXED PRICE
Sector: IT
Official Description: THESYS CROSS-MARKET INTELLIGENCE
Place of Performance
Location: NEW YORK, NEW YORK County, NEW YORK, 10001
State: New York Government Spending
Plain-Language Summary
Department of the Treasury obligated $275,781 to REFINITIV US LLC for work described as: THESYS CROSS-MARKET INTELLIGENCE Key points: 1. Significant contract value of $275.78 million over 3 years. 2. Sole-source award to Refinitiv US LLC raises competition concerns. 3. Potential risk associated with limited competition and price discovery. 4. Contract falls under the 'Web Search Portals and All Other Information Services' NAICS code.
Value Assessment
Rating: questionable
The contract value of $275.78 million for a 3-year period for web portal services appears high without competitive benchmarking. Further analysis is needed to determine if this pricing is reasonable compared to similar government or commercial contracts for comparable services.
Cost Per Unit: N/A
Competition Analysis
Competition Level: sole-source
The contract was not competed, indicating a sole-source award. This limits price discovery and may result in a higher cost to the government than if multiple vendors had competed for the contract.
Taxpayer Impact: The lack of competition could lead to taxpayers paying a premium for these web portal services.
Public Impact
Citizens rely on Treasury's web portals for access to financial information and services. The chosen vendor's performance will directly impact the usability and reliability of these public-facing platforms. A sole-source award may limit innovation and the adoption of newer, potentially more efficient technologies.
Waste & Efficiency Indicators
Waste Risk Score: 50 / 10
Warning Flags
- Sole-source award
- Lack of competition
- High contract value
Positive Signals
- Definitive contract awarded
- Firm fixed price contract
Sector Analysis
The IT sector, particularly web portal services, is highly competitive. Government contracts in this space often involve extensive competition to ensure best value and pricing. Benchmarks for similar services can vary widely based on scope and features.
Small Business Impact
There is no indication that small businesses were involved in this sole-source award, suggesting a missed opportunity for small business participation.
Oversight & Accountability
Oversight will be crucial to ensure Refinitiv US LLC delivers the contracted services effectively and that the Treasury Department justifies the sole-source nature of this award in the future.
Related Government Programs
- Web Search Portals and All Other Information Services
- Department of the Treasury Contracting
- Bureau of the Fiscal Service Programs
Risk Flags
- Sole-source award limits competition.
- Potential for overpayment due to lack of competitive bidding.
- Risk of vendor lock-in.
- Limited transparency on specific service requirements.
- No apparent small business participation.
Tags
web-search-portals-and-all-other-informa, department-of-the-treasury, ny, definitive-contract, 100k-plus
Frequently Asked Questions
What is this federal contract paying for?
Department of the Treasury awarded $275,781 to REFINITIV US LLC. THESYS CROSS-MARKET INTELLIGENCE
Who is the contractor on this award?
The obligated recipient is REFINITIV US LLC.
Which agency awarded this contract?
Awarding agency: Department of the Treasury (Bureau of the Fiscal Service).
What is the total obligated amount?
The obligated amount is $275,781.
What is the period of performance?
Start: 2024-05-14. End: 2027-05-13.
What specific functionalities and data access does this contract provide that necessitate a sole-source award?
The contract is for 'Web Search Portals and All Other Information Services.' Without further details on the specific requirements, it's difficult to ascertain why a sole-source award was deemed necessary. Typically, such services could be procured through competitive means, suggesting a potential gap in justification or a unique, proprietary aspect of the service provided by Refinitiv.
What is the risk of vendor lock-in and potential cost escalation given the sole-source nature of this contract?
Sole-source contracts inherently carry a risk of vendor lock-in, as the government has not explored alternative solutions or pricing. This can lead to cost escalation in future contract renewals or modifications if competitive pressures are absent. The Treasury should actively monitor performance and market trends to mitigate this risk.
How does the performance of Refinitiv US LLC on this contract compare to industry standards for web portal services?
Assessing performance against industry standards requires specific metrics and benchmarks related to uptime, user experience, data accuracy, and security. Without access to performance reports and comparative data, it is challenging to evaluate Refinitiv's effectiveness. The Treasury's internal oversight should include such comparisons.
Industry Classification
NAICS: Information › Web Search Portals, Libraries, Archives, and Other Information Services › Web Search Portals and All Other Information Services
Product/Service Code: BOOKS, MAPS, OTHER PUBLICATIONS
Competition & Pricing
Extent Competed: NOT COMPETED
Solicitation Procedures: ONLY ONE SOURCE
Solicitation ID: SSOFR24062
Offers Received: 1
Pricing Type: FIRM FIXED PRICE (J)
Evaluated Preference: NONE
Contractor Details
Address: 28 LIBERTY STREET, 58TH FLOOR, NEW YORK, NY, 10005
Business Categories: Category Business, Corporate Entity Not Tax Exempt, Limited Liability Corporation, Not Designated a Small Business, Special Designations, U.S.-Owned Business
Financial Breakdown
Contract Ceiling: $409,426
Exercised Options: $275,781
Current Obligation: $275,781
Actual Outlays: $179,334
Contract Characteristics
Commercial Item: COMMERCIAL PRODUCTS/SERVICES
Cost or Pricing Data: NO
Timeline
Start Date: 2024-05-14
Current End Date: 2027-05-13
Potential End Date: 2028-05-13 00:00:00
Last Modified: 2026-04-10
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