IronPlanet – founded in 1999 – complements Ritchie Bros’ primarily end-user customer base, as it focuses largely on the needs of corporate accounts, equipment manufacturers, dealers and government entities in equipment disposition solutions.
In 2015, US-based IronPlanet sold approximately $787m of Gross Merchandise Value (GMV) through its sales channels.
Ravi Saligram, chief executive officer of Ritchie Bros: “Together with IronPlanet, we will create a combined company of trusted brands with the ability to provide customers around the world with a greater number of choices and platforms to sell, buy and list equipment when, where and how they want – whether onsite or online. Our commitment to diversifying our offerings is directly in line with customer demand for multiple selling and buying solutions.
"This acquisition will help accelerate our growth in revenue and earnings and add shareholder value by continuing to expand our capabilities in new channels, sectors, regions and customer segments.”
