Liquidity Services Inc., a business-to-business marketplace for surplus assets, has acquired Auction Software and Simple Auction Site to form Liquidity Services Software Solutions, Inc., a new private-label and software-as-a-service (SaaS) division focused on auction and marketplace technology.
The acquisition of Auction Software and Simple Auction Site is part of Liquidity Services’ strategy to enhance its software development capabilities and expand services for small and medium-sized businesses, entrepreneurs, and large corporations.
Liquidity Services acquisition of Auction Software
Liquidity Services operates a B2B platform for surplus assets. It reported a gross merchandise volume (GMV) of $1.366 billion for fiscal 2024. That’s a 13.5% increase from $1.203 billion in 2023.
Founded in 2015 by Rajesh Rajaram, Auction Software develops online auction and marketplace technology for a range of industries. Simple Auction Site provides auction services for sectors including sports collectibles and fine wine. The companies have built auction platforms supporting forward, reverse, and hybrid auctions.
“This acquisition supports our mission to provide digital solutions that enable efficient commerce in the Circular Economy,” said Bill Angrick, CEO of Liquidity Services.
As part of the acquisition, Liquidity Services will retain the employees of Auction Software and Simple Auction Site. That includes founders Rajaram and Freedman. They will continue delivering auction software solutions for their clients.
Both companies have built a reputation for providing custom auction software for businesses looking to streamline operations and improve marketplace efficiency. Liquidity Services aims to leverage this expertise to broaden its software offerings and provide more tailored solutions for its growing client base.
The financial terms of the transaction were not disclosed. Liquidity Services indicated that the deal is not expected to have a material impact on its overall financial results.
Sign up
Sign up for a complimentary subscription to Digital Commerce 360 B2B News. It covers technology and business trends in the growing B2B ecommerce industry. Contact Mark Brohan, senior vice president of B2B and Market Research, at mark@digitalcommerce360.com. Follow him on Twitter @markbrohan. Follow us on LinkedIn, X (formerly Twitter), Facebook and YouTube.
FavoriteThe post Liquidity Services acquires Auction Software to expand SaaS offerings appeared first on Digital Commerce 360.
from Digital Commerce 360 https://ift.tt/nEX8kwU
0 Comments