Ritchie Bros. completes acquisition of SmartEquip, aims to simplify equipment parts procurement
Ritchie Bros. has completed its acquisition of SmartEquip, an innovative technology platform that supports customers' management of the equipment lifecycle and integrates parts procurement with both OEMs and dealers.
"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," said Ann Fandozzi, Chief Executive Officer, Ritchie Bros. "SmartEquip will enable us to offer asset-specific, full-lifecycle parts and service support to customers on behalf of our dealer and OEM partners."
SmartEquip is a multi-manufacturer platform that provides customers with real-time service and diagnostic support, dynamically customized, 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.
Under the terms of the transaction, Ritchie Bros. has acquired 100% of the equity of SmartEquip for approximately US$175 million subject to adjustment.