Ritchie Bros. to acquire tech provider SmartEquip for US$175M
September 27, 2021 By Crane & Hoist Canada Staff
Ritchie Bros. Auctioneers will acquire technology provider SmartEquip for approximately US$175 million.
SmartEquip is a multi-manufacturer platform that provides customers with real-time service and diagnostic support, customized via serial number to each asset in their fleet. It also enables the electronic procurement of parts from OEMs and their dealers.
The company supports approximately $1 billion in annual transaction volume with more than 600 OEM brands, on behalf of fleet locations across North America, Europe and the Asia Pacific.
SmartEquip has 60 employees and will continue to operate as a standalone business and maintain its physical presence in Norwalk, Conn.
“This acquisition furthers our goal of providing the best experience for our customers as we continue our transition from a traditional auctioneer to a marketplace for insights, services, and transaction solutions for commercial assets,” says Ann Fandozzi, chief executive officer of Ritchie Bros. in a statement.
“SmartEquip will enable us to offer asset-specific, full-lifecycle parts and service support on behalf of our dealer and OEM partners to our buyers.”
SmartEquip will also deepen IMS (inventory management system) connectivity for Ritchie Bros. to continue providing digital solutions at scale around inspections and ancillary services, while enabling better optimization of search and advertising revenue streams.
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