USDA Agrees to $1.45M for Fastmarkets Global Data Subscription Over 3 Years

Contract Overview

Contract Amount: $145,138 ($145.1K)

Contractor: Fastmarkets Global Limited

Awarding Agency: Department of Agriculture

Start Date: 2024-09-30

End Date: 2027-09-29

Contract Duration: 1,094 days

Daily Burn Rate: $133/day

Competition Type: NOT COMPETED

Number of Offers Received: 1

Pricing Type: FIRM FIXED PRICE

Sector: IT

Official Description: FASTMARKETS GLOBAL LIMITED DATA SUBSCRIPTION/LICENSE: NEWS, PRICES, AND APPLICATION PROGRAMMING INTERFACE (API) FEED FOR 30 USERS IN ACCORDANCE WITH STATEMENT OF WORK.

Place of Performance

Location: WASHINGTON, DISTRICT OF COLUMBIA County, DISTRICT OF COLUMBIA, 20024

State: District of Columbia Government Spending

Plain-Language Summary

Department of Agriculture obligated $145,138 to FASTMARKETS GLOBAL LIMITED for work described as: FASTMARKETS GLOBAL LIMITED DATA SUBSCRIPTION/LICENSE: NEWS, PRICES, AND APPLICATION PROGRAMMING INTERFACE (API) FEED FOR 30 USERS IN ACCORDANCE WITH STATEMENT OF WORK. Key points: 1. The Department of Agriculture is acquiring a data subscription for 30 users. 2. The contract is a firm fixed price, with a total value of $1,451,380. 3. This is a sole-source acquisition, raising potential concerns about price discovery. 4. The sector is IT services, specifically data provision.

Value Assessment

Rating: questionable

The contract value of $1,451,380 over three years for 30 users is high. Without competitive bidding, it's difficult to benchmark against similar data subscriptions.

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 than if multiple vendors were considered.

Taxpayer Impact: Taxpayers may be overpaying due to the lack of competition for this essential data service.

Public Impact

Access to critical market data for agricultural research. Potential for higher costs due to non-competitive award. Ensuring data accuracy and reliability for informed decision-making.

Waste & Efficiency Indicators

Waste Risk Score: 50 / 10

Warning Flags

Sole-source award limits competition and price negotiation.
High per-user cost without competitive benchmark.
Long-term commitment without demonstrated value for money.

Positive Signals

Provides essential data for agricultural research.
Firm fixed price contract offers budget certainty.

Sector Analysis

This contract falls within the IT sector, specifically data services. Benchmarking is difficult without competitive data, but the price per user appears substantial for a data subscription.

Small Business Impact

There is no indication that small businesses were considered or involved in this sole-source acquisition.

Oversight & Accountability

The lack of competition raises questions about the oversight applied to ensure fair pricing and value for taxpayer dollars. Further justification for the sole-source award is needed.

Related Government Programs

Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services
Department of Agriculture Contracting
Agricultural Research Service Programs

Risk Flags

Lack of competition
Potential for overpayment
Limited vendor options
High cost per user

Frequently Asked Questions

What is this federal contract paying for?

Department of Agriculture awarded $145,138 to FASTMARKETS GLOBAL LIMITED. FASTMARKETS GLOBAL LIMITED DATA SUBSCRIPTION/LICENSE: NEWS, PRICES, AND APPLICATION PROGRAMMING INTERFACE (API) FEED FOR 30 USERS IN ACCORDANCE WITH STATEMENT OF WORK.

Who is the contractor on this award?

The obligated recipient is FASTMARKETS GLOBAL LIMITED.

Which agency awarded this contract?

Awarding agency: Department of Agriculture (Agricultural Research Service).

What is the total obligated amount?

The obligated amount is $145,138.

What is the period of performance?

Start: 2024-09-30. End: 2027-09-29.

What is the specific value proposition of Fastmarkets Global data that justifies a sole-source acquisition at this price point?

The value proposition likely centers on the unique, real-time market data, news, and API access provided by Fastmarkets Global, which may be considered indispensable for the Agricultural Research Service's specific needs. However, without competitive bidding, it's challenging to independently verify if this unique value justifies the $1.45 million cost over three years for 30 users.

What are the risks associated with a sole-source award for critical data services?

The primary risk of a sole-source award is the lack of price competition, potentially leading to inflated costs for the government. It also reduces the incentive for the vendor to offer competitive pricing or superior service. Furthermore, it limits the government's ability to explore alternative solutions or vendors that might offer better value or features.

How will the effectiveness of this data subscription be measured to ensure it meets the Agricultural Research Service's needs?

Effectiveness will likely be measured by the continued availability and reliability of the data feeds, user adoption rates, and whether the data supports the intended research and decision-making processes. Performance metrics within the Statement of Work, if detailed, would provide a framework for assessing effectiveness against specific objectives.

Industry Classification

NAICS: Information › Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services › Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services

Product/Service Code: SUPPORT SVCS (PROF, ADMIN, MGMT) › MANAGEMENT SUPPORT SERVICES

Competition & Pricing

Extent Competed: NOT COMPETED

Solicitation Procedures: ONLY ONE SOURCE

Solicitation ID: 1137213

Offers Received: 1

Pricing Type: FIRM FIXED PRICE (J)

Evaluated Preference: NONE

Contractor Details

Parent Company: Euromoney Institutional Investor PLC

Address: 8 BOUVERIE ST, LONDON

Business Categories: Category Business, Corporate Entity Not Tax Exempt, Foreign Owned, Not Designated a Small Business, Special Designations

Financial Breakdown

Contract Ceiling: $145,138

Exercised Options: $145,138

Current Obligation: $145,138

Contract Characteristics

Commercial Item: COMMERCIAL PRODUCTS/SERVICES

Timeline