Ritchie Bros completes SmartEquip acquisition
By Belinda Smart03 November 2021
Ritchie Bros has finalised its acquisition of SmartEquip, buying 100% of the equity of the technology platform for approximately US$175 million, subject to adjustment.
SmartEquip is a parts e-procurement platform that enables customers to manage the equipment lifecycle and integrates with OEMs and dealers.
Ann Fandozzi, Chief Executive Officer, Ritchie Bros. said the acquisition, first announced in late September, would enable the company “to offer asset-specific, full-lifecycle parts and service support to customers on behalf of our dealer and OEM partners.”
“This acquisition expands our solution set and furthers our goal of providing the best customer experience as we transition from a traditional auctioneer to a global marketplace for insights, services, and transaction solutions,” she said.
SmartEquip is a multi-manufacturer platform that provides customers with real-time service and diagnostic support, dynamically customised, via serial number, to each asset in their fleet, as well as enabling 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, Conneticut, for the foreseeable future.
Bryan Rich, SmartEquip’s Executive Chairman. “Through Ritchie Bros.’ global customer base, this merger will accelerate SmartEquip’s ability to support its rapidly growing footprint across our joint global marketplaces and customer base.”