This acquisition will accelerate Ritchie Bros.' marketplace
strategy and improve customer experience
VANCOUVER, BC, Jan. 9, 2023
/PRNewswire/ - Ritchie Bros. is excited to announce that it has
acquired a controlling stake in VeriTread, a leading transportation
technology and services company. This acquisition will accelerate
Ritchie Bros.' marketplace strategy, which brings services,
insights, and transaction solutions together to improve the overall
customer experience. VeriTread, founded in 2013, brings a legacy of
experience in building heavy haul transportation platforms and
solutions for industrial equipment, vehicles, and other assets.
"VeriTread adds to our suite of services supporting the needs of
equipment owners throughout the equipment lifecycle. At the
same time, it also helps create a more efficient global marketplace
by integrating transportation solutions directly into our new
marketplace technology," said Ann
Fandozzi, Ritchie Bros. CEO. "VeriTread, in combination with
our satellite yards, will allow us to further scale and accelerate
our hybrid marketplace model through increased capacity
optimization and seamless customer experiences."
VeriTread is designed to be an efficient and reliable solution
for open deck transport, connecting shippers and service providers
with simple yet powerful technology. The company's products include
a marketplace for listing and quoting shipments, an in-house
brokerage to handle complex and urgent freight deliveries, detailed
equipment specifications and proprietary freight estimator tools,
and much more.
"VeriTread is thrilled to become a bigger part of the Ritchie
Bros. marketplace, helping customers and the company transport
equipment more efficiently," said Jeff
Cox, Founder, President & CEO of VeriTread. "Together we
are focused on delivering an extraordinary customer experience,
with trustworthy and reliable transportation for heavy equipment,
vehicles, and other industrial assets. We are nimble, flexible, and
can't wait to get started!"
Previously Ritchie Bros. owned 11% of VeriTread. With this
acquisition, it has increased its stake to 75%. For more
information about VeriTread, visit VeriTread.com. For more about
Ritchie Bros, visit RitchieBros.com.
About Ritchie Bros.:
Established in 1958, Ritchie Bros. (NYSE and TSX: RBA) is a
global asset management and disposition company, offering customers
end-to-end solutions for buying and selling used heavy equipment,
trucks and other assets. Operating in a number of sectors,
including construction, transportation, agriculture, energy,
mining, and forestry, the company's selling channels include:
Ritchie Bros. Auctioneers, the world's largest industrial
auctioneer offering live auction events with online bidding;
IronPlanet, an online marketplace with weekly featured auctions and
providing the exclusive IronClad Assurance® equipment condition
certification; Marketplace-E, a controlled marketplace offering
multiple price and timing options; Ritchie
List, a self-serve listing service for North America; Mascus, a leading
European online equipment listing service; Ritchie Bros. Private
Treaty, offering privately negotiated sales; and sector-specific
solutions GovPlanet, TruckPlanet, and Ritchie Bros. Energy. The
Company's suite of solutions also includes Ritchie Bros. Asset
Solutions and Rouse Services LLC, which together provides a
complete end-to-end asset management, data-driven intelligence and
performance benchmarking system; SmartEquip, an innovative
technology platform that supports customers' management of the
equipment lifecycle and integrates parts procurement with both OEMs
and dealers; plus equipment financing and leasing through Ritchie
Bros. Financial Services. For more information about Ritchie Bros.,
visit RitchieBros.com.
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SOURCE Ritchie Bros.