SEC Spends $12.5M on Legal Research Platform Subscription from RELX Inc. via Full and Open Competition

Contract Overview

Contract Amount: $12,535,200 ($12.5M)

Contractor: Relx Inc.

Awarding Agency: Securities and Exchange Commission

Start Date: 2024-08-01

End Date: 2027-07-31

Contract Duration: 1,094 days

Daily Burn Rate: $11.5K/day

Competition Type: FULL AND OPEN COMPETITION

Pricing Type: FIRM FIXED PRICE

Sector: IT

Official Description: SUBSCRIPTION TO A LEGAL RESEARCH PLATFORM INCLUDING FULL TEXT NEWS, A PUBLIC RECORDS DATABASE, COURT DOCKET FILES, AND A DISCLOSURE RESEARCH DATABASE.

Place of Performance

Location: WASHINGTON, DISTRICT OF COLUMBIA County, DISTRICT OF COLUMBIA, 20549

State: District of Columbia Government Spending

Plain-Language Summary

Securities and Exchange Commission obligated $12.5 million to RELX INC. for work described as: SUBSCRIPTION TO A LEGAL RESEARCH PLATFORM INCLUDING FULL TEXT NEWS, A PUBLIC RECORDS DATABASE, COURT DOCKET FILES, AND A DISCLOSURE RESEARCH DATABASE. Key points: 1. The Securities and Exchange Commission (SEC) is acquiring a comprehensive legal research platform. 2. The contract is awarded to RELX Inc. through full and open competition. 3. The primary risk is potential overspending if the platform's features are not fully utilized. 4. The sector is Information Technology, specifically Web Search Portals and Information Services.

Value Assessment

Rating: good

The annual cost of $4,178,400 for the legal research platform appears reasonable given the breadth of services offered, including full-text news, public records, court dockets, and disclosure research. Benchmarking against similar comprehensive legal research subscriptions suggests this pricing is competitive.

Cost Per Unit: N/A

Competition Analysis

Competition Level: full-and-open

The contract was awarded under full and open competition, indicating that multiple vendors had the opportunity to bid. This competitive process likely contributed to achieving a fair market price for the subscription services.

Taxpayer Impact: Taxpayers benefit from a competitive bidding process that aims to secure the best value for essential legal research tools for the SEC.

Public Impact

Ensures SEC staff have access to critical legal and public information for regulatory and enforcement activities. Supports informed decision-making and efficient case processing. Provides a centralized resource for diverse research needs, potentially improving productivity.

Waste & Efficiency Indicators

Waste Risk Score: 50 / 10

Warning Flags

Potential for underutilization of advanced features
Reliance on a single vendor for critical research data

Positive Signals

Full and open competition ensures market-tested pricing
Comprehensive platform meets diverse SEC research needs
Long-term subscription provides stable access

Sector Analysis

The IT sector, particularly information services, is crucial for government agencies. This spending aligns with the need for robust data access and analysis tools to support regulatory functions. Benchmarks for similar enterprise-level information subscriptions vary widely but often fall in the multi-million dollar range annually.

Small Business Impact

While this contract was awarded through full and open competition, it is unlikely that small businesses were primary bidders for such a large-scale, comprehensive legal research platform. The nature of the service typically favors established, large providers.

Oversight & Accountability

The SEC's procurement process, including full and open competition, suggests a degree of oversight. However, ongoing monitoring of usage and cost-effectiveness is essential to ensure continued value.

Related Government Programs

Web Search Portals and All Other Information Services
Securities and Exchange Commission Contracting
Securities and Exchange Commission Programs

Risk Flags

Potential for underutilization of features
Long-term contract commitment
Reliance on a single vendor for critical data
Cost escalation in future renewals

Frequently Asked Questions

What is this federal contract paying for?

Securities and Exchange Commission awarded $12.5 million to RELX INC.. SUBSCRIPTION TO A LEGAL RESEARCH PLATFORM INCLUDING FULL TEXT NEWS, A PUBLIC RECORDS DATABASE, COURT DOCKET FILES, AND A DISCLOSURE RESEARCH DATABASE.

Who is the contractor on this award?

The obligated recipient is RELX INC..

Which agency awarded this contract?

Awarding agency: Securities and Exchange Commission (Securities and Exchange Commission).

What is the total obligated amount?

The obligated amount is $12.5 million.

What is the period of performance?

Start: 2024-08-01. End: 2027-07-31.

How will the SEC ensure the platform's features are fully utilized to maximize the value of the $12.5 million investment?

The SEC should implement a comprehensive training program for all relevant personnel and establish clear usage metrics. Regular reviews of platform analytics can identify underutilized modules, allowing for targeted outreach and training to ensure staff leverage the full capabilities, thereby maximizing the return on investment and justifying the significant expenditure.

What is the risk of vendor lock-in with RELX Inc. for critical legal research data?

While the current contract is for a defined period, the reliance on a single vendor for such extensive data presents a risk of vendor lock-in. The SEC should periodically assess alternative providers and market trends to ensure competitive pricing and access to the best available resources upon contract renewal.

How does this subscription contribute to the SEC's overall effectiveness in its mission?

This subscription directly enhances the SEC's effectiveness by providing essential tools for market surveillance, enforcement investigations, and regulatory analysis. Access to comprehensive legal and public records databases empowers staff to identify potential violations, gather evidence, and make informed decisions, ultimately strengthening investor protection and market integrity.

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 - PLATFORM

Competition & Pricing

Extent Competed: FULL AND OPEN COMPETITION

Solicitation Procedures: NEGOTIATED PROPOSAL/QUOTE

Solicitation ID: 50310224Q0075

Pricing Type: FIRM FIXED PRICE (J)

Evaluated Preference: NONE

Contractor Details

Parent Company: Relx PLC

Address: 9443 SPRINGBORO PIKE, MIAMISBURG, OH, 45342

Business Categories: Category Business, Corporate Entity Not Tax Exempt, Not Designated a Small Business, Special Designations, U.S.-Owned Business

Financial Breakdown

Contract Ceiling: $21,527,468

Exercised Options: $12,535,200

Current Obligation: $12,535,200

Actual Outlays: $5,770,801

Contract Characteristics

Commercial Item: COMMERCIAL PRODUCTS/SERVICES

Cost or Pricing Data: NO

Parent Contract

Parent Award PIID: 03310323D0035

IDV Type: IDC

Timeline