Ritchie Bros. announced the purchase of a controlling stake in VeriTread, a market leader in transportation technology and services.
This purchase will advance the marketplace strategy of Ritchie Bros., which integrates services, data, and transaction solutions to enhance the entire customer experience. VeriTread was established in 2013, bringing a legacy of expertise in constructing heavy-haul transportation platforms and solutions for industrial equipment, cars, and other assets.
Ritchie Bros. CEO, Ann Fandozzi, said, "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."
VeriTread is designed to be an effective and dependable solution for open deck transport, connecting shippers and service providers via a simple and robust system. The company's solutions include a marketplace for listing and pricing shipments, an in-house brokerage to manage complicated and urgent freight deliveries, complete equipment specs and unique freight estimator tools, and much more.
Founder, President & CEO of VeriTread, Jeff Cox, said, "VeriTread is thrilled to become a bigger part of the Ritchie Bros. marketplace, helping customers and the company transport equipment more efficiently." He also stated, "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!"
Source – Cision PR Newswire
Earlier, Ritchie Bros. owned 11% of VeriTread. With this purchase, it has increased its stake to 75%.
About Ritchie Bros.
Ritchie Bros., founded in 1958, is a worldwide asset management and disposal firm that provides clients with end-to-end solutions for purchasing and selling trucks, old heavy equipment, and other assets. It operates in various industries, such as transportation, construction, agriculture, oil and gas, mining, energy, and forestry. The firm's selling channels include - Ritchie Bros. Auctioneers, the world's largest industrial auctioneer, which offers live auctions with online bidding, and IronPlanet, an online marketplace with once-a-week featured auctions that provide exclusive IronClad Assurance® equipment condition certification.